The following relates to the town of Coupland (Dollar amounts in thousands): Equipment used in a vehicle repair service that provides service to other departments on a cost-reimbursement basis; the equipment has a 5-year life with no salvage value $1,400 Property taxes levied and collected $6,300 Hotel taxes (restricted to promotion of tourism) collected $1,200 Proceeds of bonds to build a parking garage that must be repaid from user charges $4,000 Using the information above to answer the following questions: Revenue to be recognized In internal service fund?

The following relates to the town of Coupland (Dollar amounts in thousands): Equipment used in a vehicle repair service that provides service to other departments on a cost-reimbursement basis; the equipment has a 5-year life with no salvage value $1,400 Property taxes levied and collected $6,300 Hotel taxes (restricted to promotion of tourism) collected $1,200 Proceeds of bonds to build a parking garage that must be repaid from user charges $4,000 Using the information above to answer the following questions: Revenue to be recognized In internal service fund?

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter2: Income Tax Concepts

Section: Chapter Questions

Problem 19P

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The following relate to the town of Coupland (dollar amounts in thousands): Equipment used in a vehicle repair service that provides service to other departments on a cost-reimbursement basis; the equipment has a 10-year life with no salvage value Property taxes levied and collected Hotel taxes (restricted to promotion of tourism) collected Proceeds of bonds to build a parking garage that must be repaid from user charges Proceeds of general obligation bonds to finance construction of a new city hall; the building, which was completed during the year, has a useful life of 30 years with no salvage value Proceeds of a federal grant to hire additional police officers Fees charged to, and collected from, customers by the electric utility 10. Long-lived assets to be recognized in internal service funds a. $0 g. $2,200 b. $140 c. $900 h. $4,000 d. $1,260 e. $1,040 f. $1,400 $1,400 Refer to the two lists below. Select the appropriate amounts from the lettered list for each item in the numbered…
Question Walnut Grove is a quaint town that attracts tourists all year long. The municipality established a visitors' center by purchasing land for $150,000 cash and signing a $100,000 note payable. The municipality also had to pay back property taxes of $3,000 and $20,000 to remove an unwanted building. $80,000 was paid to prepare the land for foundation and a new building was constructed for $2,000,000. The visitor centre also paid for $90,000 for paving a parking lot, $25,000 for landscaping and $40,000 for signage. Required a. Classify and determine the cost of the plant assets acquired for the visitors' centre. b. Discuss the historical cost principle and why values will differ when compared to the fair value of plant assets.
Ibri municipality received the following proceeds that are legally restricted. Taxes assessments to install sidewalks RO 130,000 Hotel taxes to promote tourism RO 30,000 What amount should be reported in the City’s special revenue funds? a. RO 130,000 b. RO 160,000 c. RO 30,000 d. RO 100,000 Question 32 Question text Al Ubaida Association of women sells old furniture worth RO 3000 in an auction. The amount realized from sale is RO 3050. The accounting treatment for recording this transaction is: a. RO 50 added to furniture balance in the balance sheet b. RO 50 deducted from furniture balance in the balance sheet c. RO 50 debited to income and expenditure accounts and RO 3050 deducted from furniture balance in the balance sheet d. RO 50 credited to income and expenditure account and RO 3000 deducted from furniture balance in the balance sheet
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Bon Company has decided to expand its operations and has purchased land in the city for construction of a new manufacturing plant. The following costs were incurred: Land purchase price 2,500,000 Payment of delinquent property taxes 100,000 Title search and insurance 50,000 Option paid for an alternative land which was not acquired 30,000 Cost of relocating informal settlers Special assessment for city improvements on water and sewer system Contract cost of new building 5,000 150,000 7,000,000 Architect fee 200,000 Building permit Cost to destroy existing building on land (P10,000 worth of salvaged Material used in new building) 30,000 60,000 Excavation before new construction 110,000 Fire insurance on building – 1 year 40,000 The cost of the land and building should, respectively be
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community hospital in a rual community operates the ambulance service. the hospital purchases a new ambulance for $150,000. they estimate a useful life of 10 years and a salvage value of $20,000. what is the annual charge for depreciation on this asset?
Family Services, a small social service nonprofit agency, began operations on January 1, 20X1, with $40,000 cash and $150,000 worth of equipment, on which $60,000 was owed on a note to City Bank. The equipment was expected to have a remaining useful life of 15 years with no salvage value. During its first year of operations, ending December 31, 20X1, Family Services paid or accrued the following: A. Salaries and other personnel costs, $100,000 B. Rent and utilities, $24,000. C. Debt service: interest, $5,500, and payment on long-term note principal, $10,000 D. Capital outlay: additional equipment purchased January 3, $30,000, expected to last 6 years and have a $6,000 salvage value. E. Other current operating items paid with cash, $4,500. There were no prepayals or unrecorded accruals at December 31, 20X1, and no additional debt was incurred during the year. Required Compute for the Family Services agency, for the year ended December 31,…
please given answer only (4).
Leni Company incurred the following costs during the current year: Option fee for land acquired Option fee for land not acquired Taxes in arrears on building on land Payment for land Demolition of old building, net of salvage of P10,000 10,000 10,000 50,000 1,000,000 100,000 Architect fee 230,000 120,000 5,000,000 Payment to city hall for approval of building construction Contract price for factory building Safety fence around construction site Safety inspection on building Removal of safety fence after completion of building New fence surrounding the factory Driveways, parking bays and safety lighting 35,000 30,000 20,000 80,000 550,000 What is the cost of land and building, respectively? (Format of answer should be LAND: 1234567; BUILDING: 1234567)