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.
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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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