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GuDViN [60]
3 years ago
13

n July 1, 2020, the beginning of its fiscal year, Ridgedale County recorded gross property tax levies of $4,200,000. The county

estimated that 2 percent of the taxes levied would be uncollectible. As of April 30, 2021, the due date for all property taxes, the county had collected $3,900,000 in taxes. During the current fiscal year, the county collected $53,000 in delinquent taxes and $4,800 in interest and penalties on the delinquent taxes. The county imposed penalties and interest in the amount of $14,500 but only expects to collect $12,800 of that amount. At the end of the fiscal year (June 30, 2021), uncollected taxes, interest, and penalties are reclassified. They are not expected to be collected within the first 60 days for the following fiscal year. Required Record entries for the above transactions as stated in the individual statements below, and post corresponding information into the Revenues ledger as appropriate. Prepare journal entries to record the tax levy on July 1, 2020, in the General Fund. (Ignore all entries in the governmental activities journal.) Prepare a summary journal entry to record the collection of current taxes as of April 30. Prepare a summary journal entry to record the collection of delinquent taxes, interest, and penalties. (You may assume that these amounts had been designated Deferred Inflows of Resources.)
Business
1 answer:
Alexus [3.1K]3 years ago
6 0

Answer:

Prepare journal entries to record the tax levy on July 1, 2020, in the General Fund. (Ignore all entries in the governmental activities journal.)

Dr Taxes receivable - current 4,200,000

    Cr Allowance for uncollectible current taxes 84,000

    Cr Revenues 4,116,000

Prepare a summary journal entry to record the collection of current taxes as of April 30.

Dr Cash 3,900,000

    Cr Taxes receivable - current 3,900,000

Prepare a summary journal entry to record the collection of delinquent taxes, interest, and penalties.

Dr Cash 57,800

    Cr Taxes receivable - delinquent 53,000

    Cr Interest and penalties receivable 4,800

Dr Deferred inflows of resources 57,800

    Cr Revenue 57,800

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Answer:

$2,740,251.24

Explanation:

Applying power sizing technique or an exponential model to determine the cost of new boiler.

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\frac{C_{A} }{C_{B} } =(\frac{S_{A}}{S_{B}})^{x}

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Cb = Cost of new plant

Sa = capacity of new plant

Sb = capacity of old plant

x = cost capacity factor

Therefore,

\frac{C_{A}}{2,000,000} =(\frac{400,000}{250,000})^{0.67}

C_{A}=2,000,000\times\frac{400,000}{250,000}

               = 2,000,000 × 1.3701

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5 0
3 years ago
For February, sales revenue is $900,000; sales commissions are 5% of sales; the sales manager's salary is $96,000; advertising e
FinnZ [79.3K]

Answer:

Option  A

Total selling expenses for the month of February=$245,600

Explanation:

<em>The selling expenses include all the expenditure incurred in respect of activities revolving around the marketing and distribution of goods to the final consumer.</em>

<em>These expenditures may be fixed or variable in nature</em>

DATA

Sales revenue -  $900,000;

Sales commission - 5%×  900,000 =  45000

Sales manager salaries  -  96,000

Advertising expenses - 80,000

Shipping expenses - 2% × 900,000 = 18000

Miscellaneous selling expenses = 2100 + (1/2× 1%× 900,000) =6600

Total selling expenses for the month of February

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Total selling expenses for the month of February=$245,600

6 0
2 years ago
What does the IS curve​ show? A. It shows equilibrium points in the goods marketlong dashthe combinations of the real interest r
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Answer:

Option (A) is correct.

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Investment spending curve refers to the curve shows various combination of real interest rate and the equilibrium output. There is a negative relationship between the real interest rate and output which means that an increase in the real interest rate will reduce the output of an economy and if there is a fall in the real interest rate then as a result there is an increase in the output.

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3 years ago
In order to determine net cash provided by operating activities, a company must convert net income from an accrual basis to a ca
vichka [17]

Answer:

C-both the direct method and the indirect method.

Explanation:

When you want to calculate net cash flows from operating activities, you only consider cash inflows and outflows. This means that changes in accounts receivable, inventories and other prepaid expenses must be adjusted, as well as accounts payable and any other non-cash expenses like depreciation or amortizations.

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3 years ago
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Answer:

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total cost of raw materials for July

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- beginning inventory 2,000 units

<u>+ desired inventory 2,400 units (20% of August's requirements)</u>

units produced = 10,400

x 5 pounds of raw materials = 52,000 pounds

- beginning inventory of raw materials 5,200

<u>+ ending inventory of raw materials 6,100 (10% of August's requirements)</u>

total raw materials purchased 52,900 pounds

<u>x $2 per pound                     </u>

total raw materials cost for July $105,800

4 0
3 years ago
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