A Florida seller sold his property for $55,000, with the closing date set for may 18. the property is assessed for$50,400, with country taxes at rate of 18 mills and city taxes at 12 mills. Based upon 12 equal months of 30 days each, and the day of closing belonging to the seller, how much of the combined taxes will be credited to the buyer? A. 554.40 B. 579.60 C.453.60 D. 705.60
A Florida seller sold his property for $55,000, with the closing date set for may 18. the property is assessed for$50,400, with country taxes at rate of 18 mills and city taxes at 12 mills. Based upon 12 equal months of 30 days each, and the day of closing belonging to the seller, how much of the combined taxes will be credited to the buyer? A. 554.40 B. 579.60 C.453.60 D. 705.60
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter17: Advanced Issues In Revenue Recognition
Section: Chapter Questions
Problem 6MC
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A Florida seller sold his property for $55,000, with the closing date set for may 18. the property is assessed for$50,400, with country taxes at rate of 18 mills and city taxes at 12 mills. Based upon 12 equal months of 30 days each, and the day of closing belonging to the seller, how much of the combined taxes will be credited to the buyer?
A. 554.40
B. 579.60
C.453.60
D. 705.60
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