Accounting For Governmental & Nonprofit Entities
18th Edition
ISBN: 9781259917059
Author: RECK, Jacqueline L., Lowensohn, Suzanne L., NEELY, Daniel G.
Publisher: Mcgraw-hill Education,
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Chapter 3, Problem 16.12EP
To determine
Identify the option that used to record the change in the projections.
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The City of Weston is preparing its budget for calendar year 2024. After estimating revenues from all other sources, the City calculates that it must raise $6,000,000 from property taxes. You are given the following information regarding the tax rate: Property taxes to be collected $6,000,000 Allowance for uncollectible property taxes= 5% of levy Total assessed value of property $84,000,000 Assessed value of City property, not subject to tax $1,100,000 Adjustments to assessed values for senior citizen exemptions $2,200,000 The Tax rate per $100 of net assessed valuation is:
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 City of Weston is preparing its budget for calendar year 2013. After estimating revenues from all other sources, the City calculates that it must raise $8,000,000 from property taxes. You are given the following information regarding the tax rate:
Property taxes to be collected $8,000,000
Estimated uncollectible property taxes $50,250
Total assessed value of property at beginning of 2013 $95,000,000
Expected reduction in assessed value from appeals $200,000
Assessed value of City property, not subject to tax $1,200,000
Adjustments to assessed values for senior citizen exemptions $1,000,000
Required:
Compute the gross amount of property taxes required to be levied.
Compute the tax rate per $100 of net assessed valuation.
Determine the amount of property…
Chapter 3 Solutions
Accounting For Governmental & Nonprofit Entities
Ch. 3 - Prob. 1QCh. 3 - Discuss the different ways in which depreciation...Ch. 3 - Prob. 3QCh. 3 - Prob. 4QCh. 3 - Explain the essential differences between revenues...Ch. 3 - Prob. 6QCh. 3 - How do Budgetary Fund Balance and Fund Balances...Ch. 3 - Prob. 8QCh. 3 - Prob. 9QCh. 3 - Prob. 10Q
Ch. 3 - The city manager of University City is finalizing...Ch. 3 - Prob. 16.1EPCh. 3 - Prob. 16.2EPCh. 3 - Which of the following accounts neither increases...Ch. 3 - Prob. 16.4EPCh. 3 - Which of the following statements is true for...Ch. 3 - An internal allocation of funds on a periodic...Ch. 3 - Prob. 16.7EPCh. 3 - Prob. 16.8EPCh. 3 - Before placing a purchase order, a department...Ch. 3 - Prob. 16.10EPCh. 3 - Which of the following is correct concerning the...Ch. 3 - Prob. 16.12EPCh. 3 - Prob. 16.13EPCh. 3 - Prob. 16.14EPCh. 3 - Supplies ordered by the Public Works function of...Ch. 3 - Prob. 17EPCh. 3 - Prob. 18EPCh. 3 - Prob. 19EPCh. 3 - The following information is provided about the...Ch. 3 - On February 15, the Town of Evergreen police...Ch. 3 - The Town of Willingdon adopted the following...Ch. 3 - During July, the first month of the fiscal year,...Ch. 3 - The Town of Bedford Falls approved a General Fund...Ch. 3 - The printout of the Revenues and Appropriations...Ch. 3 - Review the computer-generated budgetary comparison...Ch. 3 - Prob. 27EPCh. 3 - Greenville has provided the following information...
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- A school district’s property tax rate rises from 2.5% to 2.7% to cover a 300,000 budget deficit. What is the value of the property in the school district to the nearest dollar?arrow_forwardNEED 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?arrow_forwardHow much is the Input tax should be recognized in July’s capital expenditures (equipment purchases are net of vat)? 3,175 174,000 2,900 108,800arrow_forward
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