Business, 26.09.2019 16:30, halledoll2002

The general fund of the city of snake river operates on a calendar year basis. it sends bills to property owners on january 2. taxes are due march 1, but taxpayers are allowed until march 31 to make payment without penalty. taxpayers who pay before march 1 are allowed to deduct a 1 percent discount. taxpayers who fail to pay by april 1 are declared delinquent, and notice is sent to them that they owe a penalty of 4 percent of the unpaid taxes. prepare journal entries to record the following snake river transactions:

Answers: 1

Show answers

Similar questions

Business, 23.06.2019 10:00, dianamunoz580

Avillage levied property taxes of $910,000 for calendar year 2019 on january 1, 2019 and immediately set up an allowance of $10,000 for uncollectible taxes. the village collected $870,000 in cash during 2019. it expected to collect $22,000 of the unpaid taxes during the first 60 days of 2020 and an additional $8,000 during the rest of 2020. how much should the village recognize as property tax revenues in its 2019 general fund financial statements? a) $870,000 b) $892,000 c) $900,000 d) $910,000

Answers: 1

continue

Business, 07.07.2019 20:30, lilmsnyah

Answers: 1

continue

Business, 07.08.2019 03:30, samone26

During the year the city’s self-insurance internal service fund billed the general fund $600,000 for “premiums,” of which $60,000 was for catastrophic losses and the balance was the premium computed on an actuarially determined basis. during the year the city incurred $500,000 in claims losses. the total amount transferred to the self-insurance fund by the general fund was $620,000. the amount the city general fund can recognize as an expenditure is $620,000. $600,000. $540,000. $500,000.

Answers: 2

continue

Business, 10.10.2019 00:30, AeelynRamos

The following transactions represent situations frequently encountered in accounting for municipal governments. each transaction is independent of the others: the city council of abc city adopted a budget for the general operations of the government during the new fiscal year. revenues were estimated at $695,000. legal authorizations for budget expenditures were $650,000.taxes of $160,000 were levied for the special revenue fund of middletown. one percent was estimated to be uncollectible.(a) on july 25, 2018, office supplies estimated to cost $2,390 were ordered for the city manager’s office of bullville. bullville, which operates on a calendar year, does not maintain an inventory of such supplies.(b) the supplies ordered july 25 were received august 9, 2018, accompanied by an invoice of $2,500.on october 10, 2018, the general fund of wellington repaid to the utility fund a loan of $1,000 plus $40 interest. the loan had been made earlier in the fiscal year.a prominent citizen died and left the city undeveloped land for a school site. the donor’s cost fo the land was $55,000. the fair value of the land was $85,000.(a) on march 6, 2018, the city issued of 6% special assessment bonds payable march 6, 2023 at face value of $90,000. interest is payable annually. the city, which operates on a calendar year basis, will supervise the use of the proceeds to finance a curbing project.(b) on october 26, 2018, the full 84,000 cost of the completed curbing project was recorded and charged to the citizens benefitting from the project.(a) a citizen donated common stock valued at $22,000 to the city under a trust agreement. under the terms of the agreement, the principal amount is to be kept intact; use of revenue from the stock is restricted to financing college scholarships for needy students.(b) on december 14, 2018, dividends of $1,100 were received on the stock donated by the citizen.on february 23, 2018, the town of lincoln, which operates on a calendar year basis, issued 5% general obligation bond with a face value of $300,000 payable february 23, 2028, to finance an addition to the city hall. total proceeds were $308,000.required: for each situation above prepare the required journal entry(entries) in the fund financial statements.

Answers: 2

continue

Do you know the correct answer?

The general fund of the city of snake river operates on a calendar year basis. it sends bills to pro...

Questions in other subjects:

Social Studies, 18.04.2020 04:16

Help fast pls Which foreign policy tool did the United States use in both WWI and WWII? A. Negotiations B. Economic Sanctions C. Economic Aid

Business, 18.04.2020 04:16

Identifying cash flows (LO 1) Mighty Vita produces a wide range of herbal supplements sold nationwide through independent distributors. In response to an increasing demand for its...

Mathematics, 18.04.2020 04:16

A rectangle pyramid-shaped container with base dimensions of 5 inches by 4 inches and 9inches high can hold 240 marbles. Maintaining the same density, approximately how many marble...

Biology, 18.04.2020 04:16

The LES is located between the...

Mathematics, 18.04.2020 04:16

What is the standard form of polynomial 10x + 3x -8...

Mathematics, 18.04.2020 04:16

Tell whether (5, 1) is a solution of y...

Mathematics, 18.04.2020 04:16

IM BEGGING YOU PLEASE HELP ME THIS IS A LIFE CHANGING QUESTION Your class has recycled 6 tons of paper. What is the total number of trees saved and what is the total number of poun...

English, 18.04.2020 04:16

What ironic contrast does vonnegut include in this scene...

Mathematics, 18.04.2020 04:16

Which function has an amplitude of 2 and a period of pi?...

Mathematics, 18.04.2020 04:16

The polynomial x3 + 64 is an example of a ??? Sum of cubes Difference of cubes Difference of squares Perfect square trinomial Hel...

Other tasks in the category: Business More task