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3 years ago

During the current year, the Town of Salo Alto recorded the following transactions related to its property taxes:

Business

1 answer:

anygoal [31]3 years ago

4 0

Answer:

S/N Account Titles & Explanation Debit Credit

1) Taxes Receivable—Current $3,300,000

Estimated Uncollectible Current Taxes $66,000

Revenues $3,234,00

2) Cash $2,987,500

Tax Receivable-current $2,987,500

3) Cash $28,900

Tax Receivable- Delinquent $26,500

Interest and Penalties Receivable On Taxes $2,400

4) Penalties and Interest Receivable $3,750

Estimated Uncollectible Interest $650

and Penalties

Revenues $3,100

5) Taxes Receivable- Delinquent $312,500

($3300000-$2987500)

Estimated Uncollectible Current Taxes $66,000

Taxes Receivable- Current $312,500

Estimated Uncollectible Delinquent Taxes $66,000

You might be interested in

Why do you think the Federal government taxes long-term capital gains and qualified dividends at a lower rate than earned

shusha [124]

Answer:

The justification for a lower tax rate on capital gains relative to ordinary income is threefold: it is not indexed for inflation, it is a double tax, and it encourages present consumption over future consumption. ... Future personal consumption, in the form of savings, is taxed, while present consumption is not.

Explanation:

8 0

3 years ago

Walt has a $300,000 listing at 8% commission. An agent from another firm sold the listing. Walt has a 70% commission split with

erastovalidia [21]

Answer:

$8,400

Explanation:

total commission = $300,000 x 8% = $24,000

50% co-brokerage split = $24,000 x 50% = $12,000

Walt's commission = $12,000 x 70% = $8,400

the 70% commission split between Walt and his broker means that Walt keeps 70% of the commission and the broker keeps 30%.

total commission is split between the two firms because the Walt's listing was sold by another firm.

4 0

4 years ago

Suppose that the firm pays its workers $46 per day. Each unit of output sells for $12. How many workers should the firm hire

Korolek [52]

Solution :

A firm hires labor till a point where the cost of hiring is equal to the value of the additional revenue it produces.

We know ,

the wage rate = cos of hiring an additional worker

the value of the additional revenue that the firm produces = price x (MPI) marginal product of the labor.

Therefore, the firm will hire when :

Wage = value of the additional revenue it generates

Thus, wage = price x (MPI) marginal product of the labor ...........(i)

Therefore, given :

wage of a worker = $ 45

Price = $ 12

So, 45 = 12 x MPI

MPI = 3.8

So the marginal product of employing three days of labor = 25-18/4-3 = 7

Marginal product of employing four days of labor = 30-25/4-3 = 5

So the 4th day produces less revenue than the cost that it generates.

So, the firm should hire 3 workers.

8 0

3 years ago

Ben Collins plans to buy a house for $180,000. If the real estate in his area is expected to increase in value by 1 percent each

rjkz [21]

Answer:

The approximate value of the house is 192984

Explanation:

I don't know what you mean by "<em>Use Exhibit 1-A</em>" but you can calculate this as follows

180000 * (1+1%)^7

The general formula of cumulative interest is

A * (1+i)^n

A = Amount

i = interest, in this case 1%

n = number of periods, in this case, 7

6 0

3 years ago

2. A couple would like to take a cruise to Alaska, 15 months from now. They have $1500 in a savings account. The savings account

ivann1987 [24]

Answer:

a.- $ 3,529.82

b.- $ 3,512.11

c.- $ 132,77

Explanation:

In each case, we must calculate the value of their current savings and the additional investment.

The saving are the same for each scenario so let's calculate that first:

$Principal \: (1+ r)^{time} = Amount$

Principal 1,500.00

time 15 years

rate 0.01000

$1500 \: (1+ 0.01)^{15} = Amount$

Amount 1,741.45

Then we add the funds generated from the investment:

a.- 110 annuity due for 15 month:

$C \times \frac{(1+r)^{-time} -1}{rate}(1+r) = FV\\$

C $ 110

time 15 months

rate 0.01

$110 \times \frac{(1+0.01)^{15} -1 }{0.01} = FV\\$

FV $1,788.3651

We add the savings and get a total of: $ 3,529.82

b.- 110 ordinary annuity

$C \times \frac{(1+r)^{time} -1}{rate} = FV\\$

C $ 110

time 15 months

rate 0.01

$110 \times \frac{(1+0.01)^{15} -1}{0.01} = FV\\$

FV $1,770.6585

Plus, original savings of 1,741.45 = 3,512.11

c.-

If they need 3,900 then the fund must cover the difference between these and the savings future value:

3,900 - 1,741.45 = 2,158.55

Now we calculate the PMT, considering the payment are at the beginning:

$FV \div \frac{(1+r)^{time} -1 }{rate}(1+r) = C\\$

FV $ 2,158.55

time 15

rate 0.01

$2158.55 \div \frac{(1+0.01)^{15} -1}{0.01} (1+0.01) = C\\$

C $ 132.770

3 0

4 years ago