Reference no: EM132504563
Question - Benton County includes an independent school district and twp individually charted towns within the county. Benton county's treasurer assesses abd collects property taxes on behalf of itself, the school district, and the towns. The county uses tax collection custodial fund to record the tax collections for the school district and towns. During the year ending 2018. the following transaction took place:
The county levied taxes as follows:
Benton County General Fund $25,000,000
School District $12,500,000
Town $2,500,000
Total $40,000,000
1. The property taxes levied in part A were collected.
2. The amounts collected were paid to the school district and town.
Required -
A. Prepare journal Entries for Benton County and Benton County Independent School district- identify funds.
B. Will tax collection fund typically report a non-zero net position? Explain.
C. Are the other custodial funds that typically report a positive net position? Give an Example.
|
Describe any breach of a loan covenant
: Any breach of a loan covenant that existed at the balance sheet date that has not subsequently been cured should not be disclosed.
|
|
Describe a vanilla implementation of erp
: Describe a 'Vanilla Implementation' of ERP and the reasons why a company would choose to consider a Vanilla Implementation in around
|
|
Calculate times interest earned ratio for latonya flop shops
: Sales are $1.41 million, cost of goods sold is $555,000, depreciation expense is $141,000, Calculate times interest earned ratio for LaTonya Flop Shops
|
|
Create an current income statement using the same format
: Estimate the stock price for year's two and three, assuming that the current PE multiple remains constant for each of the two forecasted years. )
|
|
Prepare journal Entries for Benton County
: The property taxes levied in part A were collected. Prepare journal Entries for Benton County and Benton County Independent School district- identify funds
|
|
Irr of project-management of cullumber
: Management of Cullumber, Inc., an aviation firm, is considering purchasing three aircraft for a total cost of $166,023,819. The company would lease the aircraft
|
|
Build a system that can access volumes of data
: Build a system that can access volumes of data and Design algorithms to efficiently join data from various indicators - Design a system where it is easy
|
|
Is bed bath and beyond likely to be forced into filing for
: Is there still a place for brick and mortar stores whose products are readily available online? Is Bed Bath & Beyond likely to be forced into filing for bankrup
|
|
What is the maximum payoff you can realize
: Assume you purchase one share of a stock and sell a call option on a single share of that same stock with an exercise price of $25.
|