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ludmilkaskok [199]
3 years ago
5

The General Fund levies property taxes in the amount of $1,000,000 for calendar year 2019. It expects to collect $950,000 during

the year, $30,000 in the first 60 days of the next year, and $15,000 during the rest of the next year. It does not expect to collect the remaining $5,000. How much property tax revenue should it recognize for the year 2019?
Business
1 answer:
Musya8 [376]3 years ago
8 0

Answer:

Under the accrual basis, it should recognize $1,000,000 as property tax revenue for the year 2019.  The remaining $45,000 that it does not collect in year 2019 will be accounted for as Property Tax Receivable while the $5,000 will be recorded as Uncollectible Expense in 2019.

Explanation:

The accrual concept or basis of accounting requires that all revenues and expenses relating to a fiscal year be recognized in that accounting year.  It is not only the actual cash receipts and payments that should be recognized.  This means that any revenue that is due but not yet received will be accounted for in the year that the revenue arises.  And all the related expenses for raising the revenue will also be accounted for in the same year.

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Answer:

maturity

Explanation:

Based on the scenario being described within the question it can be said that the mobile phones are in the maturity stage of the product life cycle. This stage is classified as having past the drastic growth phase in which sales begin to slow down until full maturity is met and sales ultimately begin to die down. Leading to the decline stage.

5 0
4 years ago
Read 2 more answers
Gary had developed an extremely successful advertising and promotion campaign for a client in the United States. The client want
evablogger [386]

Answer:

differences in languages, customs, and culture might make the campaign meaningless and ineffective in some markets.

Explanation:

Cultural uniqueness should be considered by the client before the campaign is rolled out globally.

Due to culture shock the content that will be effective in attracting clients in the United States may have an opposite effect in another country.

So before global rollout, the campaigns should be customised to each culture that it is targeting to reduce rejection rate due to culturally unaccepted content.

5 0
4 years ago
If product costs are misclassified as selling costs, the average cost per unit will be understated.a. Trueb. False
gladu [14]

Answer:

Product costs are mostly prime costs (Variable cost). Now lets check where this misclassification occurs.

There are 3 stages of absorption costing.

Stage 1: Allocation

Stage 2: Apportionment

Stage 3: Absorption

Misclassification of product cost of product A occurs at Stage 1.

This means that the share of product cost of A, which is misclassified as selling cost will be equally shared with other products in the stage 2. This sharing of cost will lower the average cost per unit of product A and increase the average  cost per unit of other products. Hence, Its true.

5 0
3 years ago
A natural resource, such as fishing territories, is considered an example of :
MrMuchimi

Answer: Option C

           

Explanation: In simple words, land refers to the place where the core operations of the business have to happen initially such as manufacturing, administration  etc.

Capital refers to the resources that are invested by owners with the objective of operating business. And labor refers to the man force employed in business for operations.

Hence fishing territory is a land as it is not invested by any owner and without any employment of workforce it does not have any utility.

8 0
3 years ago
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Bezzdna [24]

Answer:

ADDITIONAL REVENUE & ADDITIONAL COST

Explanation:

If Korey has made the decision to bring on an extra hand to help run the store in the afternoons and the new employee will make $435 per month; then there are 2 changes that will happen to the monthly net income

1. Increased Revenue: Since the new employee will be bringing in additional revenue of $435, then the direct impact of that is an increment in the revenue line of the income statement

2. Increased Costs: Secondly, this change will affect Korey's monthly net income in the area of cost because he has to pay the extra hand some sort of monthly salaries which will have a reducing effect on profit.

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4 years ago
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