The town in which their store is located town has a total commercial property assessment of $986,589,765. It initially estimated that $69750500 must be raised through commercial taxation to meet expenditure What tax rate per $1000 must be set to raise the $69750500 ii The store is assessed at $65950. What are the property taxes for this property. If an additional $4,000,000 must be raised, what is the increase in the tax rate required to meet the iii additional expenses? 3 4 45 iv How much additional property taxes will the owners of $65950 store property have to pay? 46 47

The town in which their store is located town has a total commercial property assessment of $986,589,765. It initially estimated that $69750500 must be raised through commercial taxation to meet expenditure What tax rate per $1000 must be set to raise the $69750500 ii The store is assessed at $65950. What are the property taxes for this property. If an additional $4,000,000 must be raised, what is the increase in the tax rate required to meet the iii additional expenses? 3 4 45 iv How much additional property taxes will the owners of $65950 store property have to pay? 46 47

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

The president of ACCO 202 Corporation donated a building to Ana G. Méndez Corporation. The building had an original cost of $200,000, a book value of $75,000, and a fair market value of $180,000. To record this donation, Ana G. Méndez would a. Make a memorandum entry b. Debit Building for $75,000 and credit Gain for $75,000 c. Debit Building for $200,000 and credit Gain for $200,000 d. Debit Building for $180,000 and credit Gain for $180,000
As the tax assessor for Indian Creek County, you have been informed that due to budgetary demands, a tax increase will be necessary next year. The total market value of the property in the county is $700,000,000. Currently, the assessment rate is 35% and the tax rate is 30 mills. The county commission increases the assessment rate to 55% and the tax rate to 35 mills. (a) How much property tax (in $) was collected under the old rates? $ (b) How much more tax (in $) revenue will be collected under the new rates? $
provide solution in good accounting form
As the tax assessor for Indian Creek County, you have been informed that due to budgetary demands, a tax increase will be necessary next year. The total market value of the property in the county is $700,000,000. Currently, the assessment rate is 35% and the tax rate is 40 mills. The county commission increases the assessment rate to 55% and the tax rate to 45 mills. (a) How much property tax (in $) was collected under the old rates? $ (b) How much more tax (in $) revenue will be collected under the new rates? $
Neighboring parishes in Louisiana have agreed to pool road tax resources already designated for bridge refurbishment. At a recent meeting, the engineers estimated that a total of $500,000 will be deposited at the end of next year into an account for the repair of old and safety-questionable bridges throughout the area. Further, they estimate that the deposits will increase by $100,000 per year for only 9 years thereafter, then cease. Determine the equivalent (a) present worth and (b) annual series amounts, if public funds earn at a rate of 5% per year. Draw also the cash flow diagram
Tagasundo Corporation, a VAT taxpayer, owns various transportation vehicle and have the following gross receipts for January 2022: Land vehicle Air vessel Water vessel Domestic of passengers 500,000.00 850,000.00 700,000.00 Domestic of cargoes 300,000.00 425,000.00 385,000.00 330,000.00 Export of passengers Export of cargoes 180,000.00 185,000.00 Total 800,000.00 1,785,000.00 1,270,000.00 Compute the total sales subject to VAT
Officials for the city of Winfield have agreed to forgo real estate taxes normally charged to Jamieson Corporation for the subsequent 10 years. In exchange, Jamieson has agreed to build a distribution facility that is expected to hire 500 new employees. What information must the city provide in its financial statements to inform taxpayers and other interested parties about the nature of this tax abatement?
A city commission has proposed two tax bills. The first bill requires that a homeowner pay $2000 plus 2% of the assessed home value in taxes. The second bill requires taxes of $400 plus 7% of th assessed home value. What price range of home assessment would make the first bill a better deal for the homeowner? A home assessment greater than $ would make the first bill a better deal.
Assume that a town sells a truck that it had originally purchased for $65,000 for a cash sale price of $30,000. Required: Prepare the journal entry to record the sale.