texassaint797
31.03.2020 •
Business
A city levies $200,000 of property taxes for its current fiscal year. One percent of the tax levy is expected to be uncollectible. The city collects $170,000 of its taxes during the year and another $25,000 during the first two months of the following year. What amount of property tax revenues should the city report in the General Fund financial statements for the current fiscal year? $200,000 $198,000 $195,000 $170,000
Solved
Show answers
More tips
- H Health and Medicine Hangover: How to Get Rid of It Quickly?...
- S Style and Beauty How to Choose the Right Fur Coat and Avoid Regrets?...
- C Computers and Internet How to Create a Folder on Your iPhone?...
- G Goods and services How to sew a ribbon: Tips for beginners...
- F Food and Cooking How to Make Mayonnaise at Home? Secrets of Homemade Mayonnaise...
- C Computers and Internet Which Phone is Best for Internet Surfing?...
- F Food and Cooking Everything You Need to Know About Pasta...
- C Computers and Internet How to Choose a Monitor?...
- H Horoscopes, Magic, Divination Where Did Tarot Cards Come From?...
Answers on questions: Business
- B Business Alfie’s Furnaces, Inc., assigns $400,000 of direct labor costs to production during the current period. Alfie’s also pays employees $380,000 during the period. What are...
- M Mathematics What is 68.797 rounded to the nearest hundredth...
- E English yeeettt if you want brainleyest...
- H History PLEASE HELP True or False: New states forming west of the Appalachian Mountains gave men, rich or poor, educated or not, the right to vote....
- B Business Picking a career from a top careers list ensures that a person s career will be successful and enjoyable. True or False?...
Ответ:
$195,000
Explanation:
In this question, we are asked to calculate the value of the property tax revenue that a city which levies a certain amount should report in the General Fund financial statements for a particular fiscal year.
Firstly, we identify the following from the question;
Deferred tax value( this is the amount in tax which is not collected at present) = $25,000
Amount of cash collected = $170,000
The total property tax revenue = Deferred tax value + amount of cash collected = $170,000 + $25,000 = $195,000
$195,000 is the property tax revenue the city should report in the general fund financial statements for the current fiscal year
Ответ:
100000 X 19% = 19000
100000 X 7% = 7000
Total deduction: $26,000
$74,000 per year he will get after deduction