A state collects $270,000,000 in withheld and estimated tax payments during the 2022 calendar year and an additional $15,000,000 in withheld and estimated tax payments in January 2023 applicable to its 2022 calendar year. The state also expects to receive $6,000,000 in tax payments and refund claims of $4,500,000 million for 2022 income tax returns filed by April 15, 2023. The state considers payments received with income tax returns filed by April 15 to be available and refund claims received by that date are considered liabilities for 2022. How much revenue should the state report for its year ending December 31, 2022? Select one: a. $286,500,000 b. $285,000,000 c. $291,000,000 d. $270,000,000
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- Asam lects $220 million in withheld and estimated income tax payments during the 2022 calendar year and an additional $20 million in wted and estimated income tax payments in January 2023 applicable to its 2022 calendar year. The state also expects to receive $6 million payments and refunt claims of 15 million for 2022 income tax returns filed by April 15, 2023. The state considers payments received who aretus led by April 15 to be available and refund claims received by that date are considered liabilities for 2022. Now much revenue should the state report for its year ending December 31, 2022? OLXW silionIn 2019, a state government collected income taxes of $8,000,000 for the benefit of one of its cities that imposes an income tax on its residents. The state periodically remitted these collections to the city. The state should account for the $8,000,000 in the a. general fund. b. agency funds. c. internal service funds. d. special assessment funds.Unlike Illinois, the Village of Maple Park is located in a state in which property taxes are levied and collected in the same fiscal year. The information below pertains to the Village’s general fund for the year ended December 31, 2022: $9,819,000 of property tax revenue was included in the estimated revenues budget for 2022; Property taxes were levied in February, 2022, and $171,000 of the levy was expected to be uncollectible; On the two property tax collection dates, a total of $9,600,000 was collected; At December 31, 2022, the Village expected property tax collections during the first 60 days of 2023 to be $38,000. Required: 1. On the December 31, 2022, balance sheet for the Village’s general fund, what is the amount reported under assets for property taxes receivable(net)? 2. On the Village’s general fund statement of revenues, expenditures, and changes in fund balance for the year ended December 31, 2022, what is the amount reported for property…
- A state whose fiscal year ends June 30, 2022, had the following transactions and events. For each item, compute how much total expenditures the state will report in the General Fund Statement of revenues, expenditures, and changes in fund balance for the year ended June 30, 2022. 1. During the year, the state paid salaries of $4,140,000. Its employees also earned $172,500 during the period June 23 to June 30, but the payroll for that period will be paid on July 12. 2. The state permits its employees to accumulate up to 30 days of vacation leave. The employees are entitled to be paid on termination or retirement for any unused vacation days. At the beginning of the fiscal year, the state's liability for unused vacation pay was $828,000. By the end of the fiscal year, the vacation pay liability had increased to $931,500. The latter amount includes $18,400 owed to employees who retired as of June 30, 2022 with unused vacation pay. That amount will be paid on July 12, 2022. 3. At the…In 2020 Metro City received $250,000 of tax underpayments and paid $80,000 in refunds based on taxpayers filing their 2019 returns in 2020. In addition, in 2020 the city received $700,000 in withholding and estimated tax payments for 2020. The city conducted audits in 2019 and assessed and billed tax deficiencies of $30,000 of which it collected $25,000 in 2019 and $5,000 in 2020. The city conducted audits in 2020 and assessed and billed tax deficiencies of $40,000 of which it collected $36,000 in 2020. Required; Calculate the amount of Income Tax Revenue that Metro City should report on its 2020 Fund Financial Statements.The government charges OMR 400,000 general property taxes for the year 2019. The amount collected till the year end accounted to OMR 360,000. It expects to collect the balance shortly after year-end. These taxes are accounted as unrestricted resources to be used for financing of operating activities that would contribute towards public welfare. During the year, the government incurred OMR 330,000 in general operating expenditures of which it actually paid OMR 310,000. To cover up the capital project fund deficit of 2018, the government had borrowed funds by issuing long term notes amounting to RO 50,000. A debt service fund was created and an amount of OMR 40,000 is transferred from the general fund to service the debt. Based on the above case, which among the following statements are true? a. The unrestricted resources are accounted in the General fund and the cash balance in the fund statement amounts to RO OMR 10,000 b. The unrestricted resources are accounted in the Debt service…
- In 2021, Bartley Corporation's federal income tax due was $147,000. Compute the required installment payments of 2022 tax in each of the following cases: Required: Bartley's 2022 taxable income is $440,000. Bartley's 2022 taxable income is $975,000. Bartley's 2022 taxable income is $2,100,000.In 2022, NB, Incorporated's federal taxable income was $242,000. Compute the required installment payments of 2023 tax in each of the following cases: Required: a. NB's 2023 taxable income is $593,000. b. NB's 2023 taxable income is $950,000. c. NB's 2023 taxable income is $1,400,000. a. Total installment payments b. Total installment payments c. Total installment payments AmountFor its fiscal year ending December 31, 2020, Twin City levied $500 million in property taxes. It collected taxes applicable to fiscal 2020 as follows (in millions): December 15, 2019 $20M January 20, 2020 $440M February 2, 2021 $15M April 5, 2021 $25M For the fiscal year ending December 31, 2020, how much should Twin City recognize in property tax revenue (in millions) in its general fund? A. $455M. B. $440M. C. $500M. D. $475M.
- 1. At the beginning of 2020, the balance sheet of a county general fund reports $500,000 in property taxes receivable from 2019, of which $350,000 are considered uncollectible. During 2020 the county sends out tax bills in the amount of $10,000,000, of which $600,000 are expected to be uncollectible. Cash collections on 2019 taxes are $140,000, and the remaining uncollected taxes are written off. Cash collections on 2020 taxes are $9,500,000. Of the $500,000 uncollected at the end of 2020, $100,000 are expected to be collected within 60 days, $65,000 are expected to be collected more than 60 days after year-end, and the rest are uncollectible.The general fund's balance sheet at the end of 2020 will include: Select one: A. Property taxes receivable, net of uncollectibles, of $100,000 B. Deferred inflows of $65,000 C. Property taxes receivable, net of uncollectibles, of $500,000 D. Deferred inflows of $165,000 2. Below is the preclosing trial balance of a town's general fund at…In 2022, the enacted tax rate is 25% for all current and future years, and Hynde Corp., in its first year of operations, reports $502,000 of pretax financial income and $469,000 of taxable income. In 2023, an enacted law changes the tax rate for all current and future years to 20%, and Hynde has $520,000 of pretax financial income and $567,500 of taxable income. All book-tax differences are due to one temporary difference for depreciation. What deferred tax asset (enter as a positive number) or deferred tax liability (enter as a negative number) will Hynde report on its December 31, 2023 balance sheet?(One Temporary Difference, Future Taxable Amounts, One Rate, No Beginning Deferred Taxes) South Carolina Corporation has one temporary difference at the end of 2025 that will reverse and cause taxable amounts of $55,000 in 2026, $60,000 in 2027, and $65,000 in 2028. South Carolina's pretax financial income for 2025 is $300,000, and the tax rate is 30% for all years. There are no deferred taxes at the beginning of 2025. Instructions Compute taxable income and income taxes payable for 2025. Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2025. Prepare the income tax expense section of the income statement for 2025, beginning with the line "Income before income taxes."