Calculate the property tax rate required to meet the budgetary demands of the community. Note: When calculating budgetarydemands, always round up. (Round your answers to two decimal places.)Property Tax RateTotal AssessedTotalCommunityPropertyValuationTaxesPer $100(in $)Per $1,000(in $)RequiredPercentMills0.0049085 X$ 0.0049085$ 0.0490850.049085Morningside$656,000,000$32,200,000%

Based on the given info in the problem , we will calculate Property Tax…

Answered: Calculate the property tax rate…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter11: Capital Budgeting Decisions

Section: Chapter Questions

Problem 16EA: Project B cost $5,000 and will generate after-tax net cash inflows of $500 in year one, $1,200 in...

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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.) Property Tax Rate Total Assessed Total Taxes Community Property Valuation Required Per $100 Per $1,000 (in $) Percent Mills (in $) Morningside $656,000,000 $32,200,000 % $ $
Suppose you have the following information for a project. Year Before-Tax Income After-Tax Cash Flows Taxes Cash Flows 0 12345 -1000 500 340 244 100 100 -72 -33.6 -10.56 24 24 Calculate the present worth of after-tax cash flows. Use an interest rate of 8%. Round your answer to 2 decimal places.
Compute the property tax rate for the city given the assumptions below: • Total budget expenditures: $46.5 million • Total non-property tax revenues (i.e., fees, other taxes): $6.2 million • Total taxable value of real estate: $1.9 billion • Total exemptions (non-taxable property): $257 million NOTE: Enter your answer as a number followed by 2 decimals. For example, if your answer is 13.39%, you should enter 13.39 (not 0.1339).
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 number
Show the solution in good accounting form. Thank you! 1. What is the actual return on plan assets for the current year? a. ₱ 100,000 b. ₱ 430,000 c. ₱ 370,000 d. ₱ 400,000
4. The Village of Seaside Pines prepared the following enterprise fund Trial Balance as of December 31, 2020, the last day of its fiscal year. The enterprise fund was established this year through a transfer from the General Fund. Accounts payable Accounts receivable Accrued interest payable Accumulated depreciation Administrative and selling expenses Allowance for uncollectible accounts Capital assets Cash Charges for sales and services Cost of sales and services Depreciation expense Due from General Fund Interest expense Interest revenue Transfer in from General Fund Bank note payable Supplies inventory Totals Debits $32,000 47,000 712,000 89,000 479,000 45,000 17,000 40,000 18,000 $1,479,000 Credits $ 96,000 28,000 45,000 12,000 550,000 4,000 119,000 625,000 $1,479,000 Required: a. Prepare the closing entries for December 31. b. Prepare the Statement of Revenues, Expenses, and Changes in Fund Net Position for the year ended December 31. c. Prepare the Net Position section of the…
! Required information [The following information applies to the questions displayed below.] The Village of Seaside Pines prepared the following enterprise fund Trial Balance as of December 31, 2020, the last day of its fiscal year. The enterprise fund was established this year through a transfer from the General Fund. Accounts payable Accounts receivable Accrued interest payable Accumulated depreciation Administrative and selling expenses Allowance for uncollectible accounts Capital assets Cash Charges for sales and services Cost of sales and services Depreciation expense Due from General Fund Debits $ Credits 96,000 $ 32,000 28,000 45,000 47,000 12,000 712,000 89,000 550,000 479,000 45,000 17,000 Interest expense Interest revenue Transfer in from General Fund Bank note payable Supplies inventory Totals 40,000 18,000 4,000 119,000 625,000 $1,479,000 $1,479,000 Prepare the reconciliation of operating income to net cash provided by operating activities that would appear at the bottom of…
You took a loan to buy a truck. Which components of loan and the truck shall be included in the general overhead budget to find your net taxable income? Select 2correct answer(s) Question options: Cost of the truck Depreciation of the truck loan payment Interest on the loan
You conducted an outreach activity to help the needy in your community and have solicited 952,000.00. You wanted to propose a plan on how o equally divide the money and the possible relief goods that will be included. Ifyou will make a proposal what plan will you do? Show your plan by filling up the form below. OUTREACH PROPOSAL Total amount Solicited: Rational Function Model Possible number of beneficiaries, amount allocated. and relief included. Option 1 Option 2 Option 3 Number of Beneficiaries Amount Allocated per beneficiary Relief goods included and breakdown Cost of each goods Categories Budgeting Excellent (3) Excellent Fair (2) Poor (1) Some understanding Little in in creating a plan for understanding to no understanding creating a plan for spending the money creating a plan for spending the money The goal set achievable in spending the money Planning is The goal set is hard The goal set is not and to achieve achievable and not realistic realistic Accuracy of Solution The…
Setting prices for an Internal Service Fund Arlington Town uses an Internal Service Fund to account for its motor pool activities. You have the following information:Automobiles: The Motor Pool uses two 6-passenger vans, each costing $67,500and each estimated to have a 5-year life when they were acquired in 2020.Driver salaries: The Motor Pool has a driver-administrator, who earns $67,500a year, and a driver, who earns $52,500.The town uses a rate of 27 percent (to cover benefits, including pensions)for planning purposes.Insurance: In 2020, the town purchased a 3-year automobile accident policyat a cost of $9,000.Fuel and maintenance costs: Based on experience, the driver-administratorestimates that total fuel and maintenance costs for the year will be $12,000.Billing units: To simplify its record keeping, the Motor Pool charges a fixed priceper trip. Arlington’s budget office estimates it will provide 1,200 trips to thetown’s departments in 2021.Based on the information given, what is…
Relationship between budgetary fund balance and actual fund balance The Village of Albert’s Alley recorded the following budgetary journal entry at the beginning of fiscal 2022: Estimated revenue 5,000,000 Appropriations 4,950,000 Budgetary fund balance 50,000 At the end of fiscal 2022, what would be the effect on the ending actual fund balance, assuming the following: a. Actual revenues are $3,000 less than estimated revenues, and actual expenditures are $2,000. The actual ending fund balance would increase by?
Use the following information to calculate, to one decimal place, the return on assets (ROA) for FY21: FY21 FY20 $m $m Total assets 5,887 5,000 Finance costs 50 Тах expense 300 Profit 700

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