he Village of Darby's budget calls for property tax revenues for the fiscal year ending December 31, 2011, of $2.660,000. Village records indicate that, on average. 2 percent of taxes are not collected. The county tax assessor has assessed the value of taxable property located in the village at $135,714.300. Required a. Calculate to the nearest penny what tax rate per $100 of assessed valuation is required to generate a tax levy that will produce the required amount of revenue for the year. b. Record the tax levy for 2011 in the General Fund. (Ignore subsidiary detail and entries at the government-wide level.) C By December 31.2011, S2.540,000 of the current property tax levy had been collected. Record the amounts collected and reclassify the uncollected levied amount as delinguent interest and penalties of 6 percent were immediately due an the delinquent taxes but the finance director estimates that 10 percent will hot be collectible. Record the interest and penaities receivable. (Round all amounts to tihe nearest dollar)
he Village of Darby's budget calls for property tax revenues for the fiscal year ending December 31, 2011, of $2.660,000. Village records indicate that, on average. 2 percent of taxes are not collected. The county tax assessor has assessed the value of taxable property located in the village at $135,714.300. Required a. Calculate to the nearest penny what tax rate per $100 of assessed valuation is required to generate a tax levy that will produce the required amount of revenue for the year. b. Record the tax levy for 2011 in the General Fund. (Ignore subsidiary detail and entries at the government-wide level.) C By December 31.2011, S2.540,000 of the current property tax levy had been collected. Record the amounts collected and reclassify the uncollected levied amount as delinguent interest and penalties of 6 percent were immediately due an the delinquent taxes but the finance director estimates that 10 percent will hot be collectible. Record the interest and penaities receivable. (Round all amounts to tihe nearest dollar)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Property Tax Calculations and Journal Entries. The Village of Darby's budget calls for property tax revenues for the fiscal year ending December 31, 2011, of $2.660,000. Village records indicate that, on average. 2 percent of taxes are not collected. The county tax assessor has assessed the value of taxable property located in the village at $135,714.300. Required a. Calculate to the nearest penny what tax rate per $100 of assessed valuation is required to generate a tax levy that will produce the required amount of revenue for the year. b. Record the tax levy for 2011 in the General Fund. (Ignore subsidiary detail and entries at the government-wide level.) C By December 31.2011, S2.540,000 of the current property tax levy had been collected. Record the amounts collected and reclassify the uncollected levied amount as delinguent interest and penalties of 6 percent were immediately due an the delinquent taxes but the finance director estimates that 10 percent will hot be collectible. Record the interest and penaities receivable. (Round all amounts to tihe nearest dollar)
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