ch of the following statements is true?Multiple ChoiceState and local governments combined raise six times as much revenue as the federal government.State and local governments combined raise twice as much revenue from taxation as the federal government.The federal government raises more tax revenue than all state and local governments combined.State and local governments compined raise three times as much revenue from taxation as the federal government.The federal government raises roughly the same amount of revenue fram texation as all state and local governments combinedof 20Next>

Federal government is the central government that collects the tax from the individual, corporation,…

Answered: State and local governments combined…

Business

Accounting

State and local governments combined raise six times as much revenue as the federal govemment.

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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State and local governments are accountable to much more than private investors. They are accountable to the community as a whole. Communities are required to publish a comprehensive annual financial report (CAFR). Please locate a state or local government’s comprehensive annual financial report (CAFR) and answer the following questions: How does the CAFR compare to a traditional for-profit business? What are the major sources of revenue and expenditures? Do you feel that this entity is healthy and what are some areas of improvement?
City has a population of 50,000. During this fiscal year, the city generated general revenues of $30 million. The primary revenue source is property tax. The taxable property value is $1,250 million. The debt outstanding and the debt service is 37 million and 2.7 million respectively. If the benchmark debt service ratio is 10 percent. Assume an annual interest rate of 5 percent and a thirty-year maturity for the debt, how much additional debt can the city carry?
Suppose that an estimate of U.S. federal spending showed that 46% was for entitlements, 18% was for defense, 15% was for grants to states and localities, 14% was for interest on debt, 6% was for other federal operations, and 1% was for deposit insurance. Construct a pie chart to show this information.
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Required information [The following information applies to the questions displayed below.] The county collector of Sun County is responsible for collecting all property taxes levied by funds and governments within the boundaries of the county. To reimburse the county for estimated administrative expenses of operating the tax custodial fund, the custodial fund deducts 4 percent from the collections for the town, the school district, and the other towns. The total amount deducted is added to the collections for the county and remitted to the Sun County General Fund. The following events occurred during the year: 1. Current-year tax levies to be collected by the custodial fund were County General Fund Town of Bayshore Sun County Consolidated School District Total $10,473,000 4,910,000 6,620,000 $22,003,000 2. During the year, $13,840,000 of the current year's taxes was collected. 3. The 4 percent administrative collection fee was recorded. A schedule of amounts collected for each…
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