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
agasfer [191]
3 years ago
13

Yorketowne's city council opened a business park on the edge of the city. After five years, they had attracted two new manufactu

rers and four supporting service busi- nesses to the park. The total value of the property of all six businesses was $15,825,500. The compa- nies paid $0.78 per $1,000 of property value each year as property tax. In addition, the businesses employed 328 people at an average salary of $36,000. Each person paid a 1 percent city income tax each year.
Business
1 answer:
oee [108]3 years ago
8 0

Answer:

$130,423.89

Explanation:

This is an incomplete question. Searching online, I got the complete question which is presented below.

To provide additional employment and add to its tax base from businesses, Yorketowne’s city council opened a business park on the edge of the city. After five years, they had attracted two new manufacturers and four supporting service businesses to the park. The total value of the property of all six businesses was $15,825,500. The companies paid $0.78 per $1,000 of property value each year as property tax. In addition, the businesses employed 328 people at an average salary of $36,000. Each person paid a 1 percent city income tax each year.

a. What is the total amount of taxes the city collected as a result of opening the business park?

b. In addition to the tax dollars, what other benefits might the city receive from opening the business park?

Solution A

Total amount of taxes the city collected =

Property tax paid by the companies + income tax by employees

= (Property Tax Rate*Property Value) + (Income Tax Rate*Average Salary*Number Of Employees)\\=(\frac{0.78}{1,000}*15,825,500) + (0.01*36,000*328)

= $12,343.89+$118,080

= $130,423.89 tax income per annum.

Solution B

Other benefits that might accrue to the city from opening the business park include.

  • Attraction of other businesses to the park given the success of existing businesses operating in the park.
  • Increased employment as new businesses continue to be established in the park.
  • Increased development at the edge of city as new homes and amenities are built to accommodate the employees of the city.
You might be interested in
you texpect to receive a payout from a trust fund in 3 years. The payout will be for $11000. You plan to invest the money at an
MrMuchimi

Answer:

11.68 years

Explanation:

For computing the number of years first we have to applied the NPER formula i.e to be shown in the attachment below:

Given that,  

Present value = $11,000

Future value = $19,000

Rate of interest = 6.5%

PMT = $0

The formula is shown below:

= NPER(Rate;PMT;-PV;FV;type)

The present value come in negative

So, after applying the above formula, the number of years is 8.68

Now after 3 years, it would be

= 8.68 + 3

= 11.68 years

3 0
3 years ago
Why do marshmallows taste so good!
aliina [53]
Because they are made out of pig feet
5 0
3 years ago
Read 2 more answers
Cantrell Company is required by law to collect and remit sales taxes to the state. If Cantrell has $6,500 of cash sales that are
Mademuasel [1]

Answer:

Journal Entry

General Ledger                   Dr.          Cr.

Cash                                 $7,085

Sales Tax Payable                           $585

Sales                                                 $6,500

Explanation:

Sales tax is the amount of tax collected by the business on the taxable sales from customers on behalf of government and pay it to government after that. Sales tax will be included in the cash received from the customer and recorded as the payable for the business.

Sales Value = $6,500

Sales Tax = 9%

Sales inclusive of Sales tax = $6,500 x 109% = $6,500 x 1.09 = $7,085

8 0
3 years ago
William owns 1 share of Park stock. He purchased the stock three years ago for $17.50. The stock is currently trading for $40 pe
KIM [24]

Answer:

sim eu também preciso desta respota

6 0
3 years ago
The benefits of adopting abc/abm are higher for companies in competitive markets because:________
taurus [48]

The benefits of adopting ABC/ABM are higher for companies in competitive markets because <u>accurate product cost info is essential and ABM can pinpoint opportunities for cost saving.</u>

A competitive marketplace is a structure in which no single purchaser or manufacturer has the electricity to influence the market. Its response to delivery and demand fluctuates with the supply curve, an illustration of a product's quantity.

The 4 popular styles of market systems encompass the best competition, oligopoly market, monopoly marketplace, and monopolistic competition.

In economics, in particular trendy equilibrium theory, a really competitive marketplace, additionally known as an atomistic marketplace, is defined by way of numerous idealizing situations, together known as perfect opposition, or atomistic opposition.

Learn  more about competitive markets here brainly.com/question/8753703

#SPJ4

7 0
1 year ago
Other questions:
  • The pdca cycle is a powerful approach for problem solving as it provides the foundation for teams to
    10·1 answer
  • Mailing cash to pay bills is encouraged by the United States Post Office officials.
    13·1 answer
  • The balances in Sanchez Accounting Services' office supplies account on February 1 and February 28 were $1,100 and $475, respect
    6·1 answer
  • Recently a series of studies have demonstrated the considerable beneficial health effects of food and drink derived from the ama
    5·1 answer
  • Pet World is considering a project that has the following cash flow data. What is the project's IRR? Note that a project's IRR c
    10·1 answer
  • Proponents of rational expectations theory argued that, in the most extreme case, if policymakers are credibly committed to redu
    5·1 answer
  • The management of Penfold Corporation is considering the purchase of a machine that would cost $270,000, would last for 5 years,
    15·1 answer
  • L.
    11·1 answer
  • According to Adam Smith, a country has an absolute advantage in the production of a product when it _____.
    5·1 answer
  • Harry assigns his rights under a contract with irma to his college roommate, jake. neither harry nor jake notifies irma of the a
    8·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!