1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
julsineya [31]
4 years ago
5

The Edward City Council approved and adopted the budget for its general fund for the fiscal year beginning on January 1, Year 2.

The budget contained the following amounts:
Estimated revenues $4,900,000
Appropriations 4,780,000

On November 1, Year 1, Edward City levied property taxes of $4,150,000 for the fiscal year beginning January 1, Year 2. It estimated that $25,000 will be uncollectible. Any payment of property taxes received during the discount period receives a 20% discount. During the discount period between the levy (October 15, Year 1) and the date (December 1, Year 1) that the levy became a legally enforceable claim, the city received $120,000 from property owners.

For each date below, select from the list provided the general fund accounts debited and credited for the journal entries for this property tax levy.
To prepare each required journal entry:

a. What is the journal entries for November 1, Year 1, if any?
b.What is the journal entries for November 30, Year 1, if any?
c. What is the journal entries for December 1, Year 1, if any?
d. What is the journal entries for January 1, Year 2, if any?
Business
1 answer:
Gala2k [10]4 years ago
4 0

Answer:

A.No entry is required

B.No entry is required

C.No entry is required

D.No entry is required

Explanation:

The Edward City Council

1. Record the journal entries for November 1, Year 1, if any.

No Entry Required

2. Record the journal entries for November 30, Year 1, if any.

No Entry Required

3. Record the journal entries for December 1, Year 1, if any.

No Entry Required

4. Record the journal entries for January 1, Year 2, if any.

No Entry Required

You might be interested in
Which describes a type of tax that people pay on money they earn?
garri49 [273]

There are multiple, but the main one would be income tax, because the government will take money from your paycheck, which is money you earn, hope this helps!

4 0
4 years ago
Read 2 more answers
Fabio makes a living by farming near Gastric Combustibles, Inc., which has discharged pollutants into the area's air and water.
just olya [345]

Answer:

if they are the core of the local economy

Explanation:

Based on the information provided within the question it can be said that the court is most likely to rule in Gastric's favor if they are the core of the local economy. If this were to be the case, then bringing an injunction against Gastric Combustibles may hurt the local economy and cause instability due to job loss and other factors. Therefore in this scenario the court would all but certainly rule in Gastric's favor.

4 0
3 years ago
________________ economy is an economy in which most economic decisions result from the interaction of buyers and sellers in mar
ikadub [295]

Answer:

The correct answer to the following question will be "Mixed economy".

Explanation:

A Mixed economy is described in different ways as an economic structure that combines elements of markets along with the elements of socialist economies, free markets with state expansionism, or private enterprise with the social sector.

The key characteristics of the mixed economy are as follows:

  • The co-existence of the public and private sectors.
  • Private Sector Policy.
  • Reduction of wealth and income inequalities.
  • The motive of concern for business.

It's an economy where most decisions related to economic derive from the engagement between sellers and buyers in markets, but for which the government plays an important role throughout the distribution of resources.

Therefore, a Mixed economy is the right answer.

5 0
3 years ago
How does increasing the skater's mass change the skater's:
Aliun [14]
If the skaters weight changes he will get heavier or lighter. He wouldn’t move as fast or as slow
3 0
3 years ago
Read 2 more answers
The Guitar Shoppe reports the following sales forecast: August, $150,000; September, $170,000. Total sales includes 40% cash sal
spayn [35]

Answer:

Cash Receipt Budget

Cash receipt budget shows the sales of cash and credit. It also shows the frequency of the payment of credit sales by the customer.

5% of noncollectable will not be recorded in the cash receipt. Calculate GS's scheduled cash receipts for the month of September as shown below:

GS Cash receipt Budget For September month  

Sales = $170,000

Cash sales (0.4 × $170,000) = 68,000

Collections of prior month's Receivables  ($150,000 x 0.55) = 82,500

Total cash receipts = $150,500

Working Notes

Cash sales are 40 percent of total sales.

55 percent of previous month receivables are received in the current month. As such, receivables pertaining to August is received in September.

Therefore, GS's budgeted cash receipts for the month of September is computed as $150,500

4 0
3 years ago
Other questions:
  • Monopoly power runs counter to the public interest because it leads to high prices, resource misallocation, and inefficiency. An
    6·1 answer
  • On March 15, American Eagle declares a quarterly cash dividend of $0.060 per share payable on April 13 to all stockholders of re
    14·1 answer
  • One major benefit of using the Bank Feeds feature in QuickBooks Online is that as you _________________ or __________________ tr
    15·1 answer
  • According to the Investment Advisers Act of 1940, which of the following statements is true regarding the information that an SE
    6·1 answer
  • What is a cancelled check?
    5·1 answer
  • PLEASE HELP!!! ONLY GOOD ANSWERS,
    13·1 answer
  • As of December 31, 2015, Juneau Company had total cash of $155,000, notes payable of $85,600, and common stock of $52,400. Durin
    15·1 answer
  • At January 1, 2017, Benny Enterprises reported a balance in the Equipment account of $45,000. During the year the company purcha
    5·1 answer
  • BobCat Inc. will deposit $20,000 in an 8% fund at the end of each year for 8 years beginning December 31, Year 1. What amount wi
    12·1 answer
  • when collins inc. uses the proceeds from issuing bonds to purchase equipment needed to start a new product line, this is an exam
    5·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!