Calculate the
Q: Reliance Corporation sold 4,900 units of its product at a price of $24 per unit. Total variable cost…
A: Formula: Total contribution margin = Contribution margin per unit x Number of units
Q: Credit terms of 1/10, n/30 means
A: Solution... Meaning of cash discount. It is a reduction in payment offered to customer to induce…
Q: The assembly department has the following production and cost data for the current month. Beginning…
A:
Q: ntries for receipt and dishonor of notes receivable Durnalize the following transactions in the…
A: These are the accounting transactions that are having a monetary impact on the financial statement…
Q: A liability is classified as a current liability if it is expected to be settled within the next…
A: A liability shall be classified as current when it satisfies any of the following criteria:(a) it is…
Q: Reliance Corporation sold 4,900 units of its product at a price of $24 per unit. Total variable cost…
A: Contribution margin is the firm's ability to cover its variable cost with the sales or revenue. The…
Q: Closing entries are made: to make all ledger account balances equal to zero to make all nominal…
A: Closing entry means the entries passed at the end of specified period where all the balances of…
Q: What is in the nature of work of an auditor that puts his or her safety at risk? Answer in your own…
A: Auditor is the person who checks the accounts and the financial statements which have to be verified…
Q: True or False. 1. The functional presentation of expenses in the income statement is usually shown…
A: Solution : 1. True, The functional presentation of expenses in the income statement is usually shown…
Q: April Issued 5,000 share of Common Stock, $2 par for $17 per share. Record the journal entry.
A: Journal entry is the first step to record the transaction in the books of account. The common stock…
Q: JUBILEE’s trial balance from the general ledger at 31 December 2012 showed the following balances:…
A: The end result of any working of financial information is the preparation of financial statements.…
Q: accounting cycle is the preparation of the financial
A: There are 8 step in accounting cycle. (1) Identify the transaction i.e Economic transaction or not…
Q: ABC Company started its business operations on November 2, 2021. The following were the transactions…
A: Owner capital balance means the amount that belong to the owner of the business. It increase with…
Q: For example Question 4. Purchased materials for cash, $19,000. assume use of the purchases method of…
A: Purchases Method of Accounting:- It is the process or method of inventory costing whereby the…
Q: Cash collections from account customers 175,000 Cash paid to purchase equipment 450,000 Cash paid to…
A: cash flows from operating activities includes all those transaction involving cash which arises from…
Q: You are considering investing $64,000 in new equipment. You estimate that the net cash flows will be…
A: Investing in new Equipment $ 64,000 Life of Equipment 8 year Salvage Value $…
Q: The net income of Cruz', a department store, decreased sharply during 20X5. Mark Cruz, owner of the…
A: The income represents the earnings after subtracting the expenses in the period in which these are…
Q: Babak Industries is a division of a major corporation. Last year the division had total sales of…
A: Formula: Division Turnover = ( Sales revenue / Average operating Assets ) x 100
Q: Jan. Issued 1,000 shares of Common Stock, $2 par for $12 per share. Record the journal entry.
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
Q: rice reduction? c) What is the forward buy quantity
A: Given: holding cost of 30 percent fixed cost of $100 cost is $2 per box of Donuts:
Q: Definition of the following in Accounting 1. Amortization of Franchise Give an Examples of…
A: Intangible Assets: Intangible asset is one of the component of fixed assets reported in company's…
Q: nning Fall 33,000 530 32,470 ecast Units nning inventory duction required duction Rate 2 Units Units…
A: Holding cost refers to the cost incurred by company or business to hold its unsold inventory.
Q: Question 14: Based on the wage-bracket method, the federal income tax withholding for an employee…
A:
Q: Required: Prepare a flexible budget for May. (Round your answers to the nearest whole dollar.)
A: Introduction:- A flexible budget is a series of budgets prepared for various levels of activities.…
Q: Land and buildings: Cost (including ¢60m land). ¢380000 Accumulated depreciation at 1/1/2020…
A: Cost of asset: Cost of asset is the value at which a company acquires an asset. It also encompasses…
Q: by stream. She will construct a pipeline to analysis of costs for various pipe sizes is as alled…
A: The answer has been mentioned below.
Q: Calculate the Gross Income, Adjusted Gross Income, and Taxable Income
A:
Q: How much is the net income for the year 2021?
A: Answer:
Q: ABC Company started its business operations on November 2, 2021. The following were the transactions…
A: The question is related to the calculation of owner's capital balance at the end of its first…
Q: Sybil is a self-employed artist who uses 10% of her residence as a studio. The shudio portion of her…
A: The tax deduction is the expenses that are allowed to be subtracted from the taxable income and…
Q: During the month of March 2022, the following inventory transactions occurred: March 1…
A: The periodic inventory system is a method of ascertaining inventory by taking an actual physical…
Q: The Justice Corporation is authorized to issue 500,000 shares of ordinary share capital with a…
A: A Journal entry is a primary entry that records the financial transactions initially. The…
Q: Which of the following is included under the financing activities in O Payment of salaries to…
A: Solution: Financing activities are those activities which includes transactions related to sources…
Q: ABC Company, a computer repair shop provided the following information at the end of its first month…
A: Statement of profit or loss depicts the profit earned or loss incurred during the designated period…
Q: erris Company began January with 8,000 units of its principal product. The cost of each unit is $7.…
A: Inventory valuation is based on the flow of exemption used by the company. There are many methods…
Q: he net income of Cruz', a department store, decreased sharply during 20x5. Mark Cruz, owner of the…
A: Accounting fraud takes place when a company does not record its expenses. The company's net income…
Q: a two-bedroom $650 apartment to a cond Dwns two golf courses, a lake and an activ ses include:
A: Personal Cash flow statement reflects the cash inflows and outflows of an individual in order to…
Q: Alyeski Tours operates day tours of coastal glaciers in Alaska on its tour boat the Blue Glacier.…
A: Alyeski Tours Flexible Budget Foe the Month Ended July 31 Number of Cruises…
Q: Strategy adopted for identifying the location of dairy factory[ Ex : load distances method etc. ]
A: Location of plants which is geographical positioning of the operations are important for…
Q: Additional cash investment by the owner during the year P100,000 Cash collections from account…
A: The cash flow statement is prepared to record the cash flow from different activities such as…
Q: can anyone one help me to prepare general ledger for following
A: General Ledger The purpose of preparing the general ledger to know the ending balance of each…
Q: Teddy Co plans to buy a new machine to meet expected demand for a new product, Product T. This…
A: Answer- Part 1 - Calculation of NPV - Nominal discount rate using Fisher effect: 1.057 x 1.05 =…
Q: X wishes to file his 2019 income tax return. To avoid penalty, he must file his return on or before:…
A: For individuals, income tax return filing due date when their financial year ends on December 31 is…
Q: Question 13: Match each mandatory deduction with its description. Federal income tax Provides…
A: Solution Tax liability is the liability in which a person,business and company are paid an amount…
Q: True or false Total net cash provided from the three major activities less total net cash used…
A: Net increase or decrease in cash or cash equivalents = Net cash provided from the three major…
Q: the following to answer questions 14 – 1& have been working at a local distributor f ple of years.…
A: An income tax is a type of tax that is imposed on people or businesses based on their incomes or…
Q: The following items appeared on the 2021 financial records of ABC Company: Service Income ₱600,000…
A: Income statement: The income statement shows the company's revenues and expenses earned during the…
Q: Bingo's Fishin Shack has assets of $300,000, current liabilities of $30,000, and long term…
A: Book value per share can be calculated by dividing the total common stock value by the number of…
Q: he next fiscal year. Expenditures—Capital…
A: A journal entry is the act of recording or keeping track of any financial or non-financial action.…
Q: What is the effect of deferred tax asset and deferred tax liability on the current year’s income tax…
A: Deferred tax assets and deferred tax liability arises because of the timing differences of the…
Community | Total Assessed Property Valuation |
Total Taxes Required |
Property Tax Rate | |||
---|---|---|---|---|---|---|
Percent | Per $100 (in $) |
Per $1,000 (in $) |
Mills | |||
Ellingham | $52,000,000 | $2,300,000 | % | $ | $ |
Step by step
Solved in 2 steps
- Calculate the property tax rate required to meet the budgetary demands of the community. Note: When calculating budgetary demands, always round up. (Round your answers to two decimal places.) Community Total AssessedProperty Valuation Total TaxesRequired Property Tax Rate Percent Per $100(in $) Per $1,000(in $) Mills Ellingham $56,000,000 $2,500,000 % $ $Calculate the property tax rate required to meet the budgetary demands of the community. Note: When calculating budgetary demands, always round up. (Round your answers to two decimal places.) Community Total AssessedProperty Valuation Total TaxesRequired Property Tax Rate Percent Per $100(in $) Per $1,000(in $) Mills Morningside $655,000,000 $32,400,000 % $ $Calculate the property tax rate required to meet the budgetary demands of the community. Note: When calculating budgetary demands, always round up. (Round your answers to two decimal places.) Community Ellingham Total Assessed Property Valuation $56,000,000 Total Taxes Required $2,600,000 Percent X % Property Tax Rate Per $100 (in $) $4.64 X Per $1,000 (in $) $ 46.43 Mills 46.43
- Given the following information, compute the property tax rate for the community in mills. Total budget expenditures: $600,000, Total non-property tax income: $200,000, Total assessed value of all properties: $25 million, Total exemptions: $3 million. Report the number of mills to the nearest whole numberI have the question and answer below. I just need to know how to get the answer if you could explain it. Determine the tax rate. Round to the nearest cent or nearest hundredth. Assessed property value: $40,356,000Expenses to be funded by property tax: $2,633,000Tax per amount of assessed value: mill Answer: (65.24)A residence has a market value of $250,000. The municipality's tax policy is set at 80%. Real estate owners must pay two separate taxes: the municipality tax and an education tax. The tax rates for each are set at 1.25% and 0.75% respectively. 1. Calculate the total property tax bill
- Jan County needs $910,000 from its property tax to meet the budget. The total value of assessed property in Jan is $180,000,000. 1. What is Jan’s tax rate? (Round your answer to the nearest ten-thousandth.) Jan’s tax rate 2. Express the rate in mills. (Round your answer to the nearest tenth.) Rate in millsLast year, Marylynn opened Baron’s Appliance Sales and Service. Her tax accountant provided the year’s results. Gross income = $320,000 Business expenses = $149,000 MACRS depreciation = $95,000 Average federal tax rate = 18.5% Average state tax rate = 6% City and county flat tax rates combined = 4.5%Determine the following for Marylynn.a. Taxable income.b. Exact amount of federal income taxes.c. Estimate of percent of the GI needed to pay all income taxes—federal, state, city and county.NEED BOTH QUESTIONS. .... 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 $900,000,000. Currently, the assessment rate is 35% and the tax rate is 30 mills. The county commission increases the assessment rate to 45% 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?
- 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 $700000000. Currently the assessment rate is 35 % and the tax rate is 40 mills. The commission increases the assessment rate to 45 % and the tax rate to 45 mills. How much property tax in dollars was collected? How much more tax will be collected under the new rate?The following revenues were among those reported by Tosa Township in 2018:Net rental revenue (after depreciation) from a parking garage owned by Tosa . . . . . . $ 40,000Interest earned on investments held for employees’ retirement benefits. . . . . . . . . . . . . 100,000Property taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,000,000What amount of the foregoing revenues should be accounted for in Tosa’s governmental funds?a. $6,140,000b. $6,100,000c. $6,040,000d. $6,000,000Course: Financial MathematicsIn a certain city, a landlord used to pay one-eighth (12.5%) of profit he made on his rents. Then tax was increased and he now pays 20% of what he makes as profit from his rents. By what percentage (%) must his rent increase to continue to have the SAME RENT as before tax increase? Answer is 9.375% Procedure are needed to get 9.375% as answer.