Calculate the property tax rate required to meet the budgetary demands of the community. Note: When calculating budgetarydemands, always round up. (Round your answers to two decimal places.)Property Tax RateTotal AssessedTotalCommunityPropertyValuationTaxesPer $100(in $)Per $1,000(in $)RequiredPercentMills0.0049085 X$ 0.0049085$ 0.0490850.049085Morningside$656,000,000$32,200,000%

Based on the given info in the problem , we will calculate Property Tax…

Answered: Calculate the property tax rate…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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r 0 Chesterfield County had the following transactions. a. A budget is passed for all ongoing activities. Revenue is anticipated to be $1,023,250, with approved spending of $611,000 and operating transfers out of $336,000. Check my work mode: This shows what is correct or incorrect for the work you have completed so far. It does b. A contract is signed with a construction company to build a new central office building for the government at a cost of $9,000,000. The county previously recorded the budget for this project. c. Bonds are issued for $9,000,000 (face value) to finance construction of the new office building. d. The new building is completed. An invoice for $9,000,000 is received by the county and paid. e. Previously unrestricted cash of $1,600,000 is set aside by county officials to begin paying the bonds issued in (c). f. A portion of the bonds comes due, and $1,600,000 is paid. Of this total, $115,000 represents interest. The interest had not been previously accrued. g.…
Bemidji, Minnesota, needs $3,055,000 for its 2019 budget. Total assessed value of property in Bemidji is $254,583,333. What is the tax rate expressed as a percent, per $100, per $1,000, and in mills?
Problem #11: Suppose that on January 1, 2021 the balance on a fund is $14940. Suppose that there are contributions to the fund of $5920, $2954, and $5916 made, respectively, on the first day of March, September, and November 2021. In addition, suppose that there are withdrawals from the fund of $5099 and $9068 made, respectively, on the first day of May and September. Finally, suppose that the balance of the fund on the last day of February, April, August, October, and December 2021 is, respectively, $28739, $36236, $32115, $30305, and $16445. (a) Find the dollar-weighted rate of return for the year. (b) Find the time-weighted rate of return for the year. (A) 5.2% (B) 5.59% (C) 5.33% (D) 5.72% (E) 5.46% Problem #11(a): Select v (A) 9.64% (B) 9.77% (C) 9.25% (D) 9.51% (E) 9.38% Problem #11(b): Select v
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Calculate the property tax rate required to meet the budgetary demands of the community. Note: When calculating budgetary demands, always round up. (Round your answers to two decimal places.) Community Ellingham Total Assessed Property Valuation $56,000,000 Total Taxes Required $2,600,000 Percent X % Property Tax Rate Per $100 (in $) $4.64 X Per $1,000 (in $) $ 46.43 Mills 46.43
Scenario and General Fund budgetary journal entries The scenario: Croton City maintains four governmental-type funds: a General Fund, a Library Special Revenue Fund, a Capital Projects Fund, and a Debt Service Fund. Croton City started its calendar year 2019 with the following General Fund balances (all numbers are in thousands of dollars). Debits Credits Cash $1,800 Property taxes receivable 800 Salaries payable $700 Deferred property tax revenues 300 Unassigned fund balance - 1,600 Totals $2,600 $2,600 Croton has adopted the following budgetary and accounting policies: Encumbrance accounting is used only for the acquisition of supplies and for the award of contracts for construction and construction-related activities. Open encumbrances lapse at the end of the year, but are considered in developing the next year's budget. Because final income tax returns are not required to be filed until April 15 of the year following the end of a calendar…
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Calculate the property tax rate required to meet the budgetary demands of the community. Note: When calculating budgetary demands, always round up. (Round your a two decimal places.) Community Total Assessed Property Valuation Total Taxes Required Ellingham Submit Answer $55,000,000 $2,400,000 43 Property Tax Rate Percent Per $100 (in 5) Per $1,000 (in $) Mills X% $43 x $ 43.64 ✓ 0.000044 x
A community public works project will cost $92,000 and will benefit five different individuals. Individual Individual Benefit ($) Individual Cost ($) 1 4,500 6,000 2 18,500 15,000 3 19,000 17,000 4 30,000 24,000 5 29,000 30,000 Is this project economically feasible? Please show work in an Excel spreadsheet that lists the benefit for each individual. Would this project be approved by a majority at a community referendum?
16 The Town of Heartland levied property taxes in the amount of $1,600,000. The town estimates that 1 percent will be uncollectible. The journal entry to record the tax levy in the General Fund will include: Multiple Choice A debit to Cash for $1,584,000. A credit to Revenues for $1,584,000. A debit to Allowance for Uncollectible Current Taxes for $16,000. A debit to Estimated Revenues for $1,600,000.
Godo

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