Question
In: Accounting
What are total property tax revenues for 2020, related to 2020 tax bills?
At the beginning of 2020, the balance sheet of a county general
fund reports $500,000 in property taxes receivable from 2019, of
which $350,000 are considered uncollectible. During 2020 the county
sends out tax bills in the amount of $10,000,000, of which $600,000
are expected to be uncollectible. Cash collections on 2019 taxes
are $140,000, and the remaining uncollected taxes are written off.
Cash collections on 2020 taxes are $9,500,000. Of the $500,000
uncollected at the end of 2020, $100,000 are expected to be
collected within 60 days, $65,000 are expected to be collected more
than 60 days after year-end, and the rest are uncollectible.
What are total property tax revenues for 2020, related to 2020 tax
bills?
| A. | $ 9,600,000 | |
| B. | $ 9,400,000 | |
| C. | $10,000,000 | |
| D. | $ 9,500,000 |
Solutions
Expert Solution
Cash collections on 2020 taxes are $9500000
out of the 500000 uncollected at the end of 2020
$100000 are expected to be collected within 60 days
Total property tax revenues related to 2020 tax bills - $9500000 + $100000 = $9600000
Hence, Option (a) is correct.
ekkarill92 answered 2 years agoRelated Solutions
At the start of 2020, a county general fund issues property tax bills in the amount...
At the start of 2020, a county general fund issues property tax
bills in the amount of $9,000,000. It expects to collect $8,800,000
from property owners, with the rest expected to be uncollectible.
During the year, $8,750,000 in 2020 property taxes is collected. Of
the remaining $250,000 in uncollected taxes at year-end, it is
estimated that $100,000 will be collected within 60 days and the
rest are uncollectible.
Using the attached T-account template, prepare the entries
required to recognize the...
Determining of property tax rate The county legislature approved the budget for 2019. Revenues from property...
Determining of property tax rate
The county legislature approved the budget for 2019. Revenues
from property taxes are budgeted at $800,000. According to the
county assessor, the assessed valuation of all of the property in
the county is $50 million. Of this amount, property worth $10
million belongs to the federal government or to religious
organizations and, therefore, is not subject to property taxes. In
addition, certificates for the following exemptions have been
filed:
Homestead
$2,500,000
Veterans
1,000,000
Old age,...
1.) What is the total property tax bill for your house in Ohio with a market...
1.) What is the total property tax bill for your house in Ohio
with a market value of $125,000? Note the following and show your
calculations in the space below: You are eligible for the $25,000
homestead exemption. The city in which you live has a millage
rate of 70. Don’t forget residential taxable value is 45% of
assessed value in Ohio! Assuming the exact same scenario as
above;
2.) Research online to identify a proposed levy...
1.) What is the total property tax bill for your house in Ohio with a market...
1.) What is the total property tax bill for your house in Ohio
with a market value of $125,000? Note the following and show your
calculations in the space below:
You are eligible for the $25,000 homestead exemption
The city in which you live has a millage rate of 70.
Don’t forget residential taxable value is 35% of assessed
value in Ohio!
Assuming the exact same scenario as above;
2.) Research online to identify a proposed levy...
1.) What is the total property tax bill for your house in Ohio with a market...
1.) What is the total property tax bill for your house in Ohio
with a market value of $125,000? Note the following and show your
calculations in the space below:
You are eligible for the $25,000 homestead exemption
The city in which you live has a millage rate of 70.
Don’t forget residential taxable value is 35% of assessed
value in Ohio!
Assuming the exact same scenario as above;
2.) Research online to identify a proposed levy...
Panther City has two major sources of revenues, property tax and sales tax, which are billed...
Panther City has two major sources of revenues, property tax and
sales tax, which are billed according to the schedule at the top of
the next page. Traditionally, property tax revenue have been
received in cash according to the following schedule:
30 percent one month following the billing date 20 percent in
second month
20 percent in third month
9 percent in fourth month
8 percent in fifth month
6 percent in sixth month
7 percent are not collected
The...
Martin receives the following tax bills, related to a rental dwelling, from the county treasurer:
Martin receives the following tax bills, related to a rental
dwelling, from the county treasurer:Special assessment for installing sidewalks and streets$12,000Real property tax on dwelling for the 1/1/18–12/31/18 property tax year, due on 10/1/18$1,500On May 1, 2018, Martin sells the dwelling for $70,000. His basis
in the dwelling at the date of sale is $40,000. Martin's basis in
the dwelling does not reflect the property tax bills. As part of
the sale contract, the buyer agrees to pay the real...
What is the total tax due for 2020, for Stuart, assuming that he earned 20,000 in...
What is the total tax due for 2020, for Stuart, assuming that he
earned 20,000 in wages, earned 24,000 in self-employment income
from his first business, had a loss of 10,000 from his second
business, received 3,000 of interest income, and had 5,100 in
nonqualified dividend income?
Why might differences exist between the amount of property tax revenues recorded for the current year...
Why might differences exist between the amount of
property tax revenues recorded for the current year by governmental
funds and the amount of property tax revenues recorded for the
current year for governmental activities in a given
year?
Firm A begins the fiscal year without either a deferred tax asset or liability. Total revenues...
Firm A begins the fiscal year without either a deferred tax asset
or liability. Total revenues under GAAP are $300M higher than under
tax reporting. Total expenses (excluding the tax expense) under
GAAP are $500M higher than under tax reporting. Assuming a tax rate
of 20% and no permanent differences, will Firm A report a deferred
tax asset or liability on the Balance Sheet at the end of the year
and in what amount?
ADVERTISEMENT
ADVERTISEMENT
Latest Questions
- Singh Development Co. is deciding whether to proceed with Project X. The cost would be $12...
- CS2123 Data Structures - Fall 2019 Assignment 1: Function Runtimes Table Due 9/11/19 by 11:59pm Completing...
- Question 2. Design a 16-1 MUX using any number of lower MUXs, such as 8-1 or...
- . Write a function that takes, as arguments, two objects, value1 and value2. If
- Wii Brothers, a game manufacturer, has a new idea for an adventure game. It can market...
- Consider the distillation of ethanol (C2H5OH) and the combustion of ethanol . Use a bullet point...
- 1.How does Economic exposure to exchange rate movements affect the capital budgeting of a firm? Provide...
ADVERTISEMENT