1. Record the receipt of taxes as of April 30.
2. Record the entry to reclassify the uncollected tax amounts as delinquent.
3. Record interest and penalties.
4. Record the collection of delinquent taxes, interest and penalties.
Homework Answers
Answer:
| Particulars | Debit ($) | Credit ($) | ||
| b | General Fund | |||
| Cash | $3,995,000 | |||
| taxes Receivable-Current | $3,995,000 | |||
| (being taxes received) | ||||
| c | General Fund | |||
| Taxes Receivable-Delinquent (4300000-3995000) | 305,000 | |||
| Allowance for uncollectible Current Taxes (4300000*4%) | 172,000 | |||
| Taxes Receivable-Current | 305,000 | |||
| Allowance for uncollectible Delinquent Taxes | 172,000 | |||
| d | General Fund | |||
| Interest and penalties Receivable on taxes | 14,600 | |||
| Allownace for uncollectible Interest and penalties | ( bal fig) | 1,750 | ||
| Revenue | 12,850 | |||
| (being imposition of penalty and interest recorded) | ||||
| e | Cash | $58,400 | ||
| Taxes Receivable-Delinquent | $53,500 | |||
| Interest and penalties Receivable on taxes | 4,900 | |||
| (being cash collected on delinquent and interest and penalties receivable recorded) |
Add Answer to:
1. Record the receipt of taxes as of April 30.
2. Record the entry to reclassify...
On July 1, 2017, the beginning of its fiscal year, Ridgedale County recorded gross tax levies...
On July 1, 2017, the beginning of its fiscal year, Ridgedale County recorded gross tax levies of $4,300,000. The county estimated that 4 percent of the taxes levied would be uncollectible. As of April 30, 2018, the due date for all property taxes, the county had collected $3,995,000 in taxes. The county imposed penalties and interest in the amount of $14,600, but only expects to collect $12,850 of that amount. At the end of the fiscal year (June 30, 2018)...
On July 1, 2020, the beginning of its fiscal year, Ridgedale County recorded gross property tax...
On July 1, 2020, the beginning of its fiscal year, Ridgedale County recorded gross property tax levies of $4,200,000. The county estimated that 2 percent of the taxes levied would be uncollectible. As of April 30, 2021, the due date for all property taxes, the county had collected $3,900,000 in taxes. During the current fiscal year, the county collected $53,000 in delinquent taxes and $4,800 in interest and penalties on the delinquent taxes. The county imposed penalties and interest in...
On July 1, 2020, the beginning of its fiscal year, Ridgedale County recorded gross property tax...
On July 1, 2020, the beginning of its fiscal year, Ridgedale
County recorded gross property tax levies of $3,200,000. The county
estimated that 2 percent of the taxes levied would be
uncollectible. As of April 30, 2021, the due date for all property
taxes, the county had collected $2,950,000 in taxes. During the
current fiscal year, the county collected $48,000 in delinquent
taxes and $3,800 in interest and penalties on the delinquent taxes.
The county imposed penalties and interest in...
On July 1, 2020, the beginning of its fiscal year, Ridgedale County recorded gross property tax...
On July 1, 2020, the beginning of its fiscal year, Ridgedale
County recorded gross property tax levies of $3,200,000. The county
estimated that 2 percent of the taxes levied would be
uncollectible. As of April 30, 2021, the due date for all property
taxes, the county had collected $2,950,000 in taxes. During the
current fiscal year, the county collected $48,000 in delinquent
taxes and $3,800 in interest and penalties on the delinquent taxes.
The county imposed penalties and interest in...
On July 1, 2020, the beginning of its fiscal year, Ridgedale County recorded gross property tax...
On July 1, 2020, the beginning of its fiscal year, Ridgedale County recorded gross property tax levies of $4,200,000. The county estimated that 2 percent of the taxes levied would be uncollectible. As of April 30, 2021, the due date for all property taxes, the county had collected $3,900,000 in taxes. During the current fiscal year, the county collected $53,000 in delinquent taxes and $4,800 in interest and penalties on the delinquent taxes. The county imposed penalties and interest in...
On July 1, 2020, the beginning of its fiscal year, Ridgedale County recorded gross property tax...
On July 1, 2020, the beginning of its fiscal year, Ridgedale County recorded gross property tax levies of $4,200,000. The county estimated that 2 percent of the taxes levied would be uncollectible. As of April 30, 2021, the due date for all property taxes, the county had collected $3,900,000 in taxes. During the current fiscal year, the county collected $53,000 in delinquent taxes and $4,800 in interest and penalties on the delinquent taxes. The county imposed penalties and interest in...
On July 1, 2017, the beginning of its fiscal year, Johnson County recorded gross property tax...
On July 1, 2017, the beginning of its fiscal year, Johnson County recorded gross property tax levies of $4,200,000. The county estimated that 5 percent of the taxes levied would be uncollectible. As of April 30, 2018, the due date for all property taxes, the county had collected $3,900,000 in taxes. The county imposed penalties and interest in the amount of $14,500, but only expects to collect $12,800 of that amount. At the end of the fiscal year (June 30,...
Jefferson County maintains a tax agency fund for use by the County Treasurer to record receivables, collections, and dis...
Jefferson County maintains a tax agency fund for use by the County Treasurer to record receivables, collections, and disbursements of all property tax collections to all units of government in the county. In the year 2018, the following taxes were levied: 1. $6,300,000 in property taxes were levied for the General Fund, of which 2% are deemed to be uncollectible. 2. $3,450,000 in property taxes were levied for the school district. 3. $3,150,000 in property taxes were levied for a...
During the current year, the City of Plattsburgh recorded the following transactions related to its property...
During the current year, the City of Plattsburgh recorded the following transactions related to its property taxes: Levied property taxes of $6,630,000, of which 2 percent is estimated to be uncollectible. Collected current property taxes amounting to $6,005,000. Collected $55,000 in delinquent taxes and $4,800 in interest and penalties on the delinquent taxes. These amounts had been recorded as Deferred Inflows of Resources in the prior year. Imposed penalties and interest in the amount of $6,800 but only expects to...
Chapter 8 Recording Transactions Affecting a Fiduciary Fund—a Tax Custodial Fund [Para. 8-b-2] Delinquent taxes and...
Chapter 8 Recording Transactions Affecting a Fiduciary Fund—a Tax Custodial Fund [Para. 8-b-2] Delinquent taxes and related interest and penalties were collected during the year for the taxing authorities shown below: Governments/Funds: Delinquent Taxes Interest and Penalties Total City of Smithville General Fund $ 387,201 $ 34,270 $ 421,471 Smithville CSD 722,650 57,810 780,460 Smith County 459,980 41,400 501,380 Smith County FPD 162,560 13,050 175,610 Total collected $1,732,391 $146,530 $1,878,921 Required: Record the collections of delinquent taxes and interest and...
On July 1, 2017, the beginning of its fiscal year, Ridgedale County recorded gross tax levies of $4,300,000. The county estimated that 4 percent of the taxes levied would be uncollectible. As of April 30, 2018, the due date for all property taxes, the county had collected $3,995,000 in taxes. The county imposed penalties and interest in the amount of $14,600, but only expects to collect $12,850 of that amount. At the end of the fiscal year (June 30, 2018)...
On July 1, 2020, the beginning of its fiscal year, Ridgedale
County recorded gross property tax levies of $3,200,000. The county
estimated that 2 percent of the taxes levied would be
uncollectible. As of April 30, 2021, the due date for all property
taxes, the county had collected $2,950,000 in taxes. During the
current fiscal year, the county collected $48,000 in delinquent
taxes and $3,800 in interest and penalties on the delinquent taxes.
The county imposed penalties and interest in...
On July 1, 2020, the beginning of its fiscal year, Ridgedale
County recorded gross property tax levies of $3,200,000. The county
estimated that 2 percent of the taxes levied would be
uncollectible. As of April 30, 2021, the due date for all property
taxes, the county had collected $2,950,000 in taxes. During the
current fiscal year, the county collected $48,000 in delinquent
taxes and $3,800 in interest and penalties on the delinquent taxes.
The county imposed penalties and interest in...
On July 1, 2020, the beginning of its fiscal year, Ridgedale County recorded gross property tax levies of $4,200,000. The county estimated that 2 percent of the taxes levied would be uncollectible. As of April 30, 2021, the due date for all property taxes, the county had collected $3,900,000 in taxes. During the current fiscal year, the county collected $53,000 in delinquent taxes and $4,800 in interest and penalties on the delinquent taxes. The county imposed penalties and interest in...
On July 1, 2020, the beginning of its fiscal year, Ridgedale County recorded gross property tax levies of $4,200,000. The county estimated that 2 percent of the taxes levied would be uncollectible. As of April 30, 2021, the due date for all property taxes, the county had collected $3,900,000 in taxes. During the current fiscal year, the county collected $53,000 in delinquent taxes and $4,800 in interest and penalties on the delinquent taxes. The county imposed penalties and interest in...
Most questions answered within 3 hours.
-
Where is the error in this code sequence?
String s1 = "Hello";
String s2 = "ello";...
asked 11 months ago -
Financial data for Joel de Paris, Inc., for last year
follow:
Joel de Paris, Inc.
Balance...
asked 11 months ago -
Consider this reaction:
Al2(SO4)3 (aq)+ BaCl3
(aq) Al2Cl6 (aq)- +
3BaSO4(s) . What is the...
asked 11 months ago -
Suppose that Savneet is considering increasing her
recent random sample from 20 car rentals to 40...
asked 11 months ago -
Trucks arrive at an unloading terminal at an average rate of 120
per hour.
Trucks arrive...
asked 11 months ago -
Why are methanol and ethanol completely soluble in water while
octanol is not very little soluble....
asked 11 months ago -
A facilities manager at a university reads in a research report
that the mean amount of...
asked 11 months ago -
When the CuSO4 is rehydrated by adding water to the anhydrous
compound, is this an endothermic...
asked 11 months ago -
A ray of sunlight is passing from diamond into crown glass; the
angle of incidence is...
asked 11 months ago -
A block of mass 0.249 kg is placed on top of a light, vertical
spring of...
asked 11 months ago -
how do the kidneys compensate in the presences of acidosis
a) trigger hyperventilate
b) reserve acid...
asked 11 months ago -
Question 501 pts
The rental rate of capital to the firm increases. Which of the
following...
asked 11 months ago