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Misha Larkins [42]
3 years ago
7

John wants his assessment reduced by 30% since his property is located next to a power plant. The SCAR hearing officer granted J

ohn a 20% reduction, which is the maximum allowed in the State of New York. What should John do to get the full 30% reduction he desire?
Business
1 answer:
Ray Of Light [21]3 years ago
5 0

Answer:

John must first complete a process that starts with Form RP-524. Since the problem states that he already had a SCAR hearing, the only option left is the Tax Certiorari Proceeding which is a legal lawsuit filed in the New York State Supreme Court.

Explanation:

The compete process is as follows:

John must first file a grievance form, if he lives outside of New York City and Nassau County, he can use Form RP-524 "Complaint on Real Property  Assessment" and file it with the assessor or the board of assessment review (BAR) in John's city. New York City residents and Nassau Country residents must contact directly their tax or review commissions by telephone. The grievance forms must be filed before Grievance Day in John's city (it varies depending on the city).

Then John will have to appear before the BAR and present his claim. The BAR is made up of 5 members and it cannot include the assessor or any member from the assessor's office.

If the BAR's decision doesn't satisfy John, then he can proceed with a Small Claims Assessment Review (SCAR). Since John was granted only a 20% reduction by the SCAR hearing officer, the only option left is the Tax Certiorari Proceeding which is a legal lawsuit filed in the New York State Supreme Court.

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Answer:

a. Dr Inventory 68,894

Cr Accounts Payable 68,894

b.Dr Accounts Payable 8,820

Cr Inventory 8,820

c. Dr Accounts payable 60,074

Cr cash 60,074

d.

d1. Dr Inventory 1,201

Cr Accounts payable 1,201

d2. Dr Accounts payable 58,872

Cr Cash 58,872

Explanation:

Preparation of Journal entries

a. The purchase Journal entry

Dr Inventory 68,894

Cr Accounts Payable 68,894

[70,300(1-.02)]

[To record inventory net of discount if payment made within discount period amounting to 2% recorded]

b.The merchandise return Journal entry

Dr Accounts Payable 8,820

Cr Inventory 8,820

[9,000(1-.02)]

c. Journal entry to record the Payment within the discount period of 10 days

Dr Accounts payable 60,074

Cr cash 60,074

(68,894-8,820 = 60,074)

[To record payment to accounts payable due made within discount period]

d. Journal entry to record the payment that was made beyond the discount period of 10 days.

d1. Dr Inventory 1,201

Cr Accounts payable 1,201

[To record discount forfeited ]

d2. Dr Accounts payable 58,872

Cr Cash 58,872

Calculation for Net amount due for payment =68,894-8,820 = 60,074)

Gross amount = 60,074/(1-.02) = 58,872

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Discount forfeited= 60,074 *2%

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6 0
3 years ago
Gray is a 50% partner in Fabco Partnership. Gray's tax basis in Fabco on January 1, year 4, was $5,000. Fabco made no distributi
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Answer:

$21000

Explanation:

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Gray’s 50% distributive share of ordinary  income = 50% × $20000 = $10000

Gray’s 50% tax-exempt income= 50% × $8000 = $4,000 and  

portfolio income = 50% × $4000  = $2,000

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The Bakery produces organic bread that is sold by the loaf. Each loaf requires 1/2 of a pound of flour. The bakery pays $2.50 pe
AleksandrR [38]

Answer:

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<u>Cost per unit                            $2.50        $2.50        $2.50              $2.50</u>

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The Bennett Company uses a​ job-costing system at its​Dover, Delaware, plant. The plant has a machining department and a finishi
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Answer:

Explanation:

1) is attached below

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In Finishing Department = Manufacturing overhead cost / Direct Manufacturing labor cost  

= $8,058000 / $3950,000 = 2.04    

3)  Machining Department overhead = $20 per machine hr * 100 hrs

= $2000    

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Total manufacturing overhead = $4856    

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Direct manufacturing labor - Machining Department = $800    

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Manufacturing overhead = $4856    

Total Cost = $25556    

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5)    

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Manufacturing overhead allocated      $11,760,000       $9,384,000  

                                                                    ($49×240,000) (204%×4600,000)  

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(12,010,000+$9184,000)-(11760,000+$9384,000)    

50000 Under applied.    

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6 0
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Answer:

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