On January 2, 2020, real property taxes were levied for the year in the amount of $1,878,700. It was estimated that 2 percent of the levy would be uncollectible. Required: Record this transaction in both the General Fund and governmental activities journal. (Note: Type 4-a-1 as the paragraph number in the [Add description] field for this entry; 4-a-2 for the next transaction, etc. Careful referencing by paragraph number is very helpful should you need to determine where you may have omitted a required journal entry or made an error.) For the General Fund you will be directed to the Detail Journal. Select "Accrued Revenue" in the drop down [Description] menu in the Detail Journal related to the General Fund entry.

Answers

Answer 1
Answer:

Answer:

The Journal entries are as follows:

(i) General fund

Property taxes receivable current A/c             Dr. $1,878,700

To Allowance for uncollectible current taxes                          $37,574

To Revenue                                                                               $1,841,126

(To record general fund)

(ii) Governmental activities

Property taxes receivable current A/c             Dr. $1,878,700

To Allowance for uncollectible current taxes                          $37,574

To Revenue                                                                               $1,841,126

(To record governmental activities)

Workings:

Allowance for uncollectible current taxes:

= Real property taxes × percent of levy uncollectible

= $1,878,700 × 2%

= $37,574


Related Questions

The set of marketing tools a firm uses to implement its marketing strategy is called the ________.
For a competitive market, A. a seller can always increase her profit by raising the price of her product. B. a seller often charges less than the going price to increase sales and profit. C. a single buyer can influence the price of the product but only when purchasing from several sellers in a short period of time. D. if a seller charges more than the going price, buyers will go elsewhere to make their purchases.
Marshall Enterprises charged the following amounts of overhead to jobs during the year: $20,000 to jobs still in process, $60,000 to jobs completed but not sold, and $120,000 to jobs finished and sold. At year-end, Marshall Enterprise's Factory Overhead account has a credit balance of $5,000, which is not a material amount. What entry should Marshall make at year-end?a. No entry is needed. b. Debit Factory Overhead $5,000; credit Cost of Goods Sold $5,000. c. Debit Cost of Goods Sold $5,000; credit Factory Overhead $5,000. d. Debit Factory Overhead $5,000; credit Work in Process Inventory $5,000. e. Debit Factory Overhead $5,000; credit Finished Goods Inventory $5,000.
The office product division in Hyacinth Company reported $11,250 net operating income with $75,000 average operating assets this year. The office product division has a new investment opportunity that would increase net operating income by $4,375 with $35,000 additional investment. 1. Which of the following statements is TRUE given that the company's minimum required rate of return is 10%? Multiple Choice: O Regardless of whether the division is evaluated on the basis of ROI or Residual income, the manager will not accept the new investment because it is bad for the company. O If the division is evaluated on the basis of Residual income, the manager of the office product division would not accept the new investment because it is bad for the company. O If the division is evaluated on the basis of Residual income, the manager of the office product division would accept the new investment because it is good for the division. O If the division is evaluated on the basis of ROI, the manager of the office product division would accept the new investment because it is good for the division. O If the division is evaluated on the basis of ROI, the manager of the office product division would not accept the new investment because it is bad for the company.
You have been asked to estimate the beta for a large South Korean company, with large holdings in steel and financial services. A regression of stock returns against the local market index yields a beta of 1.10, but the firm is 15% of the index. You have collected the average betas for global companies in each of the sectors, as well as the average debt equity ratios in each sector: Setor Average Regression Beta Average D/E ratioSteel 1.18 30% Financial Services 1.14 70% The average tax rate for these industries is 40%. In the most recent period, the company you are analyzing earned 70% of its operating income from steel and 30% from financial services. The firm also had a debt/equity ratio of 150%, and a tax rate of 30%. Estimate the levered beta for the company.

The zero coupon bonds of Mark Enterprises have a market price of $394.47, a face value of $1,000, and a yield to maturity of 6.87 percent based on semiannual compounding. How many years is it until this bond matures? a. 10.49 years b. 13.77 years c. 12.64 years d. 11.08 years e. 15.42 years

Answers

Answer:

13.77 years

Explanation:

The maturity period is the period taken for the Bonds' Market Price equals its Face Value.

Calculation of the maturity period :

PV = - $394.47

PMT = $0

YTM = 6.87 %

P/YR = 2

FV = $1,000

N = ?

Using a financial calculator to input the values as above, the number of periods interest is accrued on the bond (N) is 27.54 thus the number of years will be 13.77 (27.54 ÷ 12) .

Changes in real GDP reflect Group of answer choices only changes in prices. only changes in the amounts being produced. both changes in prices and changes in the amounts being produced. neither changes in prices nor changes in the amounts being produced.

Answers

Answer:

Only changes in the amounts being produced  is the correct answer to this question.

Explanation:

Real GDP is the value of goods and services at base year prices so real GDP changes reflect changes in the amounts produced in the economy.

Effective gross domestic product ( GDP) is an inflation-adjusted indicator representing the cost of the goods and economic resources by a nation in a given year (demonstrated in foundation-year prices) and is often referred to as "current prices," "corrected deflation," or "constant currency" GDP.

Final answer:

Changes in real GDP reflect both changes in prices and changes in the amounts being produced.

Explanation:

Changes in real GDP reflect both changes in prices and changes in the amounts being produced. Real GDP is a measure of the total value of goods and services produced in an economy adjusted for inflation. As prices increase, the value of goods and services produced will also increase, resulting in a higher real GDP. Similarly, when more goods and services are produced, real GDP increases as well.

Learn more about GDP here:

brainly.com/question/33845740

#SPJ6

Hernandez, Inc. signed a ten-year noncancelable lease for a heavy duty drill press. The lease stipulated annual payments of $300,000 starting at the beginning of the first year, with title passing to Hernandez at the expiration of the lease. Hernandez treated this transaction as a operating lease. The drill press has an estimated useful life of 15 years, with no salvage value. Hernandez uses straight-line amortization for all of its plant assets. Aggregate lease payments were determined to have a present value of $1,800,000, based on implicit interest of 10%. What amount of amortization expense should be recorded for 2021?

Answers

Answer: $120,000

Explanation:

Depreciation is to be based on the cost of the asset being depreciated. In this scenario, the cost of the heavy duty drill press will be the Present Value of all the lease payments for the entire 10 years because it is said that the title will pass to Hernandez Inc. afterwards so the lease payments can be considered as payment.

Straight Line Amortisation = (Cost of Asset - Salvage Value)/(Estimated Useful Life)

Straight Line Amortisation = (1,800,000 - 0)/(15)

Straight Line Amortisation = $120,000 per year

Sherry, who is 52 years of age, opened a Roth IRA three years ago. She has contributed a total of $13,200 to the Roth IRA ($4,400 a year). The current value of the roth IRA is $18,350. In the current year, Sherry withdraws $16,000 of the account balance to purchase a car. Assuming Sherry is in a 25 percent marginal tax bracket, how much of the $16,000 withdrawal will she retain after taxes to fund her car purchase?Amount of withdrawal __________ ?Non-taxable amount __________ ?Amount subject to tax __________ ?tax rate ________ ?penalty rate __________ ?tax _________ ?penalty _________ ?after tax withdrawal retained ____________ ?

Answers

Answer

The answer and procedures of the exercise are attached in the following archives.

Explanation  

You will find the procedures, formulas or necessary explanations in the archive attached below. If you have any question ask and I will aclare your doubts kindly.  

Completed Per Day Flower Beds Weeded


Bags of Leaves Raked


Samantha

4


8


Adam

5


25



Samantha and Adam own a gardening business together. They each pull weeds from flower beds and rake up leaves for their neighbors. If each decides to specialize in what they are best at, Samantha will


a.weed and Adam will rake because these are the goods each has a comparative advantage in.


b.rake and Adam will weed because these are the goods each has a comparative advantage in.


c.weed and Adam will rake because these are the goods each has an absolute advantage in.


d.rake and Adam will weed because these are the goods each has an absolute advantage in.

Answers

Answer:

The correct option is A, Samantha weed and Adam will rake because these are the goods each has a comparative advantage in.

Explanation:

The opportunity formula comes handy in this case, which is given below:

opportunity cost formula=what one sacrifices/what one gains

If Samantha were to weed flower beds, opportunity cost is computed thus:

Opportunity cost of Samantha weeding flower beds=8/4= 2 bags of leaves raked

The opportunity of Adam weeding flower beds=25/5 =5 bags of leaves raked.

In a nutshell ,if Samantha weeds flowers they would lose 2 bags of leaves raked while if Adam were to do so same, they would lose 5 bags of leaves raked, conclusively Samantha should weed flower beds since she has lower opportunity, higher comparative advantage

According to the video, what do Financial Analysts analyze? Check all that apply.financial records
travel distances
insurance claims
a company's competitors
fraud

Answers

A-D

-financial records

-a company’s competitors

Answer:

Financial Records

A Company’s Competitors

Explanation:

I got it right on edge 2020 hope this helps!

Other Questions