Following are (a) a condensed summary of a recent General Fund budget adopted by the village of Croton-on-Hudson, New York, and (b) the total assessed value of taxable properties in the village. Estimated revenues and other sources Real property taxes Non-property taxes and other Total estimated revenues Appropriated previously accumulated fund balance Total estimated revenues and other sources Appropriations Police department All other departments and other Employee benefits $14,917,426 9,264,862 24,182,288 552,500 $24,734,788 $4,153,682 11,529,838 5,896,957 Transfer to debt service fund Total appropriations Assessed value of taxable real property Prepare the journal entry to record the budget. Journal Entry Budgetary fund balance To record the budget 3,154,311 $24,734,788 $57,999,738 Debits Credits 0 0x 552,500 0 0 0x 0 0x 0 0x 0 0x 0 0x Compute the property tax rate per $1,000 of taxable assessed value. Note: Round answer to three decimal places.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
Question
Following are (a) a condensed summary of a recent General Fund budget adopted by the village of Croton-on-Hudson, New York, and (b) the total assessed value of taxable properties in the village.
Estimated revenues and other sources
Real property taxes
Non-property taxes and other
Total estimated revenues
Appropriated previously accumulated fund balance
Total estimated revenues and other sources
Appropriations
Police department
All other departments and other
Employee benefits
$14,917,426
9,264,862
24,182,288
552,500
$24,734,788
$4,153,682
11,529,838
5,896,957
Transfer to debt service fund
Total appropriations
Assessed value of taxable real property
Prepare the journal entry to record the budget.
Journal Entry
Budgetary fund balance
To record the budget
3,154,311
$24,734,788
$57,999,738
Debits
Credits
0
0x
552,500
0
0
0x
0
0x
0
0x
0
0x
0
0x
Compute the property tax rate per $1,000 of taxable assessed value.
Note: Round answer to three decimal places.
Transcribed Image Text:Following are (a) a condensed summary of a recent General Fund budget adopted by the village of Croton-on-Hudson, New York, and (b) the total assessed value of taxable properties in the village. Estimated revenues and other sources Real property taxes Non-property taxes and other Total estimated revenues Appropriated previously accumulated fund balance Total estimated revenues and other sources Appropriations Police department All other departments and other Employee benefits $14,917,426 9,264,862 24,182,288 552,500 $24,734,788 $4,153,682 11,529,838 5,896,957 Transfer to debt service fund Total appropriations Assessed value of taxable real property Prepare the journal entry to record the budget. Journal Entry Budgetary fund balance To record the budget 3,154,311 $24,734,788 $57,999,738 Debits Credits 0 0x 552,500 0 0 0x 0 0x 0 0x 0 0x 0 0x Compute the property tax rate per $1,000 of taxable assessed value. Note: Round answer to three decimal places.
Expert Solution
steps

Step by step

Solved in 2 steps

Blurred answer
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education