The City of Bernard has property tax $500,000 in 2020. Receivables at year-end: Property taxes ($10,000 is expected to be collected on next fiscal year) 130,000. 1) What's the total property tax receivable need to record on next fiscal year?
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The City of Bernard has property tax $500,000 in 2020. Receivables at year-end: Property taxes ($10,000 is expected to be collected on next fiscal year) 130,000. 1) What's the total property tax receivable need to record on next fiscal year?
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- The City of Troy collects its annual property taxes late in its fiscal year. Consequently, each year it must finance part of its operating budget using tax anticipation notes. The notes are repaid upon collection of property taxes. On April 1, the city estimated that it will require $2,500,000 to finance governmental activities for the remainder of the fiscal year. On that date, it had $770,000 of cash on hand and $830,000 of current liabilities. Collections for the remainder of the year from revenues other than current property taxes and from delinquent property taxes, including interest and penalties, were estimated at $1,100,000. Required a. Calculate the estimated amount of tax anticipation financing that will be required for the remainder of the current fiscal year. b. Assume that on April 2, the City of Troy borrowed the amount calculated in part a by signing tax anticipation notes bearing 6 percent per annum to a local bank. Record the issuance of the tax anticipation notes in…At the end of 2025, the following information is available for Great Adventures. • Additional interest for five months needs to be accrued on the $31,800, 6% note payable obtained on August 1, 2024. Recall that annual interest is paid each July 31. • Assume that $11,800 of the $31,800 note discussed above is due next year. Record the entry to reclassify the current portion of the long-term note. By the end of the year, $20,000 in gift cards have been redeemed. The company had sold gift cards of $26,800 during the year and recorded those as Deferred Revenue. • Great Adventures is a defendant in litigation involving a biking accident during one of its adventure races. The company believes the likelihood of payment occurring is probable, and the estimated amount to be paid is $13,800. • For sales of MU watches, Great Adventures offers a warranty against defect for one year. At the end of the year, the company estimates future warranty costs to be $5,800. Requirement General Journal…The following activities occur for ABC County. During 2020, businesses in a county collect $10,000,000 in sales taxes from customers. These taxes are remitted to the county with 50% deposited in the General Fund and 50% deposited in a Custodial Fund. Using the attached T-account template or a spreadsheet with proper classifications and account names, prepare the journal entries to record the above activities in each fund.
- 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?At the end of 2022, the following information is available for Great Adventures. Additional interest for five months needs to be accrued on the $32,200, 6% loan obtained on August 1, 2021. Recall that annual interest is paid each July 31. Assume that $12,200 of the $32,200 loan discussed above is due next year. By the end of the year, $20,000 in gift cards have been redeemed. The company had sold gift cards of $27,200 during the year and recorded those as Deferred Revenue. Great Adventures is a defendant in litigation involving a biking accident during one of its adventure races. The company believes the likelihood of payment occurring is probable, and the estimated amount to be paid is $14,200. For sales of MU watches, Great Adventures offers a warranty against defect for one year. At the end of the year, the company estimates future warranty costs to be $6,200. No Date General Journal Debit Credit 1 Dec 31 Interest Expense 805 Interest Payable 805…Arlington Town uses an Internal Service Fund to account for its motor poolactivities. You have the following information:Automobiles: The Motor Pool uses two 6-passenger vans, each costing $90,000and each estimated to have a 5-year life when they were acquired in 2020.Driver salaries: The Motor Pool has a driver-administrator, who earns $90,000a year, and a driver, who earns $70,000.The town uses a rate of 33 percent (to cover benefits, including pensions)for planning purposes.Insurance: In 2020, the town purchased a 3-year automobile accident policyat a cost of $12,000.Fuel and maintenance costs: Based on experience, the driver-administratorestimates that total fuel and maintenance costs for the year will be $16,000.Billing units: To simplify its record keeping, the Motor Pool charges a fixed priceper trip. Arlington’s budget office estimates it will provide 1,600 trips to thetown’s departments in 2021.Arlington Town had the following transactions and events during January 2021:1.…
- Blake Miller recently received his monthly MasterCard bill for the period June 1-30, 2021, and wants to verify the monthly finance charge calculation, which is assessed at a rate of 23 percent per year and based on ADBs, including new purchases. His outstanding balance, purchases, and payments are as follows: Previous Balance: $303 Purchases: Payments: June 4 $111 June 21 $35 June 12 $45 June 20 $127 June 26 $43 What are his ADB and finance charges for the period? (Use a table like the one in Exhibit 6.7 for your calculations.) Round the answers to the nearest cent. ADB: $ Finance charges: $The State of Texas has a pension fund liability of $25 million, due in 10 years. Each year the legislature is supposed to set aside an annuity to arrive at this future value. This annuity is based on what the legislature believes it can earn on this money. Estimate the annuity needed each year for the next 10 years, assuming that the interest rate that can be earned on the money is 6%. $1,896,699 $3,657,129 $6,687,085 $4,675,987The City of Castleton’s General Fund had the following post-closing trial balance at June 30, 2019, the end of its fiscal year: Debits Credits Cash $ 476,000 Taxes Receivable—Delinquent 601,000 Allowance for Uncollectible Delinquent Taxes $ 189,120 Interest and Penalties Receivable 28,080 Allowance for Uncollectible Interest and Penalties 12,960 Inventory of Supplies 17,900 Vouchers Payable 166,500 Due to Federal Government 77,490 Deferred Inflows of Resources—Unavailable Revenues 427,000 Fund Balance—Nonspendable—Inventory of Supplies 17,900 Fund Balance—Unassigned 232,010 $ 1,122,980 $ 1,122,980 Prepare a General Fund balance sheet as of June 30, 2020.
- On January 1, you win $60,000,000 in the state lottery. The $60,000,000 prize will be paid in equal installments of $6,000,000 over 10 years. The payments will be made on December 31 of each year, beginning on December 31 of the current year. If the current interest rate is 6%, determine the present value of your winnings. Use the present value factor of annuity of $1 Show your work:Short-term borrowing and investing transactions A local government operates on a calendar-year basis. The following transactions and events occurred during calendar year 2021. 1. On February 1, 2021, borrowed $800,000 on tax anticipation notes (TANS). The TANS will be repaid with 0.8 percent interest on January 31, 2022. 2. Interest on the TANS was accrued through December 31, 2021. 3. Invested $200,000 in a certificate of deposit (CD) on April 1, 2021. The CD, which pays interest of 0.6 percent, will mature on September 30, 2021. 4. The CD matured on September 30, 2021. Prepare the appropriate journal entries. Round all amounts to the nearest dollar. Enter 0 or leave the field blank if no entry is required. If an entry affects more than one debit or credit account, enter the accounts in alphabetic order. Account Debit Credit To record amount borrowed. To record interest on TANS. To record investment in CD. To record redemption of CD. > > > > > >At the beginning of 2020, a town reports the following balances, related to 2019 taxes: Property taxes receivable $ 300,000 Allowance for uncollectible taxes (160,000) Property taxes receivable, net $ 140,000 Cash collected in 2020 from property owners for 2019 taxes was $155,000. The remaining uncollected taxes were written off. Property tax bills were sent out at the beginning of 2020 in the amount of $4,000,000, of which $300,000 were estimated to be uncollectible. Cash collected from property owners for 2020 taxes was $3,650,000. Of the $350,000 uncollected at year-end, $100,000 in taxes are expected to be collected in the next 60 days, and $20,000 are expected to be collected more than 60 days from year-end. The remainder are considered uncollectible. Prepare the journal entries to record the above information in the general fund accounts
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