1. Property taxes were levied against property owners in the city amounting to $30,000,000. Of this...

 
 
 

Transcribed Image Text:

1. Property taxes were levied against property owners in the city amounting to $30,000,000. Of this amount, the city expects that 10% will be uncollectible. Account Debit Credit 2. Of the amount of property taxes that the city expects to collect, 10% will not be received within 60 days after the year- end date. Account Debit Credit 3. The city has a city-wide sales tax. During the year, the city received $4,000,000 in sales taxes. Account Debit Credit 4. Additional sales taxes of $750,000 are expected to be received after the year's end. Of that amount, $50,000 will not be received in time to settle current-year liabilities. Account Debit Credit 5. Smallville is entitled to receive a grant of up to $50,000 from the federal government for a social program. Under the grant, Smallville is to be reimbursed for expenditures incurred on the program. During the year, expenditures on the program totaled $45,000. Prepare the entry for the expenditures first (they were not encumbered). Account Debit Credit 6. The Smallville city council just approved the budget for the new year. Revenues are estimated to be $85,000,000. Other financing sources are estimated to be $750,000. Other financing uses are estimated to be $100,000. And appropriations of $83,500,000 were approved. Account Debit Credit 7. The Smallville city council revised its original budget. Revenues are now expected to be $900,000 less than originally budgeted, while expenditures are expected to be $1,000,000 more. Account Debit Credit 8. Smallville ordered five personal computers for its office staff. The price was $600 each for a total of $3,000. Account Debit Credit 9. Four of the computers ordered above were received. The other computer has been back-ordered. The invoice for the four that were received indicates a total cost, including sales tax, of $2,544. Account Debit Credit 1. Property taxes were levied against property owners in the city amounting to $30,000,000. Of this amount, the city expects that 10% will be uncollectible. Account Debit Credit 2. Of the amount of property taxes that the city expects to collect, 10% will not be received within 60 days after the year- end date. Account Debit Credit 3. The city has a city-wide sales tax. During the year, the city received $4,000,000 in sales taxes. Account Debit Credit 4. Additional sales taxes of $750,000 are expected to be received after the year's end. Of that amount, $50,000 will not be received in time to settle current-year liabilities. Account Debit Credit 5. Smallville is entitled to receive a grant of up to $50,000 from the federal government for a social program. Under the grant, Smallville is to be reimbursed for expenditures incurred on the program. During the year, expenditures on the program totaled $45,000. Prepare the entry for the expenditures first (they were not encumbered). Account Debit Credit 6. The Smallville city council just approved the budget for the new year. Revenues are estimated to be $85,000,000. Other financing sources are estimated to be $750,000. Other financing uses are estimated to be $100,000. And appropriations of $83,500,000 were approved. Account Debit Credit 7. The Smallville city council revised its original budget. Revenues are now expected to be $900,000 less than originally budgeted, while expenditures are expected to be $1,000,000 more. Account Debit Credit 8. Smallville ordered five personal computers for its office staff. The price was $600 each for a total of $3,000. Account Debit Credit 9. Four of the computers ordered above were received. The other computer has been back-ordered. The invoice for the four that were received indicates a total cost, including sales tax, of $2,544. Account Debit Credit

Answer rating: 100% (QA)

1 2... View the full answer