# The County legislature approved its 2020 budget. Revenues from property taxes are estimated to be \$800,000. The assessed value of all the property in the county is \$40 million. The County has received certificates for property tax exemption of consisting of \$3 million for homestead exemptions, \$1.3 million for veterans, \$700,000 for old age, and \$5 million for nonprofits. In addition, the County believes all property taxes will be collectible. What property tax rate per \$1,000 of net assessed value must the County charge to collect sufficient property taxes to meet its \$800,000 estimate

The property tax rate is \$26.67

Explanation:

In this question, first, we have to compute the net assessed value which is shown below:

= Property value - property tax exemption - homestead exemption - veterans - old age - non profits

= \$40,000,000 - \$3,000,000 - \$1,300,000 - \$700,000 - \$5,000,000

= \$30,000,000

Now the property tax equals to

=  (estimated property taxes) ÷ (Net assessed value) × 1000

= (\$800,000 ÷ \$30,000,000) × 1000

= \$26.67

## Related Questions

In the month of September, a department had 500 units in the beginning work in processinventory that were 60% complete. These units had \$30,000 of materials costs and\$22,500 of conversion costs. Materials are added at the beginning of the process andconversion costs are added uniformly throughout the process. During September, 10,000units were completed and transferred to the finished goods inventory and there were2,000 units that were 25% complete in the ending work in process inventory onSeptember 30. During September, manufacturing costs charged to the department were:Materials \$690,000; Conversion costs \$765,000.The cost assigned to the units transferred to finished goods during September was

135,000 transferred out under Weighted average method

Explanation:

W/A method:

equivalent units materials 10,000 + 2,000 = 12,000 units at 100%

material cost: 690,000  + 30,000 = 720,000

720,000 / 12,000 = 60

equivalent units conversion 10,000 + 500 = 10,500

conversion cost 22,500 + 765,000 = 787,500

787,500 / 10,500 = 75

75 + 60 = 135 cost per unit

10,000 x 135 = 135,000 transferred out

Through self-guided internet research, the intellectually curious mind can find many examples of potential rewards in business. Add two (2) or more examples of Business Rewards to this list.

Through self-guided internet research, the intellectually curious mind can find many examples of potential rewards in business. Add two (2) or more examples of Business Rewards to this list:

A deep sense of satisfaction

Being the one in control

Providing sustainable jobs and income for others

The opportunity to give back / community responsibility

The satisfaction of excellent customer feedback

Financial Rewards

After conducting additional research, what other business rewards can you add here?

1. Independence and Flexibility

2. Learning opportunities

Explanation:

The rewards of having a business are tremendous and cannot be overemphasized. Hence, asides from the listed business rewards, here are two additional business rewards

1. Independence and Flexibility: One of the rewards of doing business is the independence that comes with it. As the business grows, a business owner gets to have the independence to work whenever he wishes, and have the flexibility of time to be active in business life and other events outside the business.

2. Learning Opportunities: business activities allows business owners to see and learn how certain aspects of the business is getting done. Even when there are employees to perform those functions, business owners still have the opportunity to see, learn, and understand how those activities are being carried out.

Consumption expenditures \$800Investment expenditures 200
Government purchases 300
Exports 100
Imports 200
Wages 800
Refer to Table above. Consider the data above (in billions of dollars) for an economy:
Gross domestic product (in billions of dollars) for this economy equals
A) \$2,200.
B) \$1,600.
C) \$1,400.
D) \$1,200

GDP= \$1,200

Explanation:

From the question above, we are given the following values

Consumption expenditure= \$800

Investment expenditures= \$200

Government purchases= \$300

Imports= \$100

Exports= \$200

Wages= \$800

Therefore the Gross Domestic Product(GDP) can be calculated as follows

GDP=Consumption+investment+government spending+(export-import)

= \$800+\$200+\$300+(\$100-\$200)

= \$800+\$200+\$300+(-\$100)

= \$800+\$200+\$300-\$100

= \$1,200

Hence the Gross Domestic Product (in billions of dollars) for this economy is \$1,200

In June 2007 General Motors (GM) posted a price-earnings ratio of 9.84. Ifthe price of the stock at that time was \$36 per share, which of the following
must have been true?
a. GMâs earnings per share was 3.66.
b. GMâs coupon payment was \$35 per year.
c. GMâs dividend yield for the year was 26%.
d. GMâs revenues that month were \$366 million.

General Motors (GM)

If  the price of the stock at that time was \$36 per share, the true statement is:

a. GM's earnings per share was 3.66.

Explanation:

a) Data and Calculations:

Price-earnings ratio = 9.84

Market price of stock at that time = \$36 per share

Earnings per share = Market price per share/Price-earnings ratio

= \$36/9.84 = 3.659

= \$3.66

Check:

Price-earnings ratio = Market price per share/Earnings per share

= 9.84 (\$36/\$3.66)

Lisa Frees and Amelia Ellinger had been operating a catering business for several years. In March 2014, the partners were planning to expand by opening a retail sales shop and decided to form the business as a corporation called Traveling Gourmet, Inc. The following transactions occurred in March 2014: a.
Received \$80,000 cash from each of the two shareholders to form the corporation, in addition to \$2,000 in accounts receivable, \$5,300 in equipment, a van (equipment) appraised at a fair market value of \$13,000, and \$1,200 in supplies. Gave the two owners each 500 shares of common stock with a par value of \$1 per share.

b.
Purchased a vacant store for sale in a good location for \$360,000, making a \$72,000 cash down payment and signing a 10-year mortgage from a local bank for the rest.

c. Borrowed \$50,000 from the local bank on a 10 percent, one-year note.
d. Purchased and used food and paper supplies costing \$10,830 in March; paid cash.
e. Catered four parties in March for \$4,200; \$1,600 was billed, and the rest was received in cash.
f. Made and sold food at the retail store for \$11,900 cash.
g. Received a \$420 telephone bill for March to be paid in April.
h. Paid \$363 in gas for the van in March.
i. Paid \$6,280 in wages to employees who worked in March.
j. Paid a \$300 dividend from the corporation to each owner.
k.
Purchased \$50,000 of equipment (refrigerated display cases, cabinets, tables, and chairs) and renovated and decorated the new store for \$20,000 (added to the cost of the building); paid cash.

Compute ending balances for Cash, Accounts Receivable, Supplies, Equipment, Building, Accounts Payable, Note Payable, Mortgage Payable, Common Stock, Additional Paid-in Capital, Retained Earnings, Food Sales Revenue, Catering Sales Revenue, Supplies Expense, Utilities Expense, Wages Expense, and Fuel Expense.

1.
Prepare an income statement in good form for the month of March 2014. (Ignore retained earnings and 80,000 in the table just below)

2.
Operating (O), investing (I), and financing (F) activities affecting cash flows. Include the direction and invest of the effect

Explanation:

Account Name                            Debit                                                   Credit

Cash                                              \$160,000

Accounts Receivable                      \$2,000

Equipment                                     \$ 18,300

Supplies                                         \$1,200

Contributed Capital                                                                               \$181,500

a. Received \$80,000 cash from each of the two shareholders to form the corporation, in addition to \$2,000 in accounts receivable, \$5,300 in equipment, a van (equipment) appraised at a fair market value  of \$13,000 and \$1,200 in supplies.

b. Purchased a vacant store for sale in a good location for \$360,000, making a \$72,000 cash down payment and signing a 10-year mortgage from a local bank for the rest

Account Name                         Debit                                                    Credit

Building                              \$360,000

Cash                                                                                                \$ 72,000

Notes Payable                                                                                \$288,000

c. Borrowed \$50,000 from the local bank on a 10%, one year note.

Account Name                        Debit                                                  Credit

Cash                                     \$50,000

Notes Payable                                                                                  \$50,000

d) Purchased and used food and paper supplies costing 10,830 in March; paid cash.

Purchase of Supplies:

Account Name                          Debit                                                Credit

Supplies                                 \$10,830

Cash                                                                                                 \$10,830

Account Name                         Debit                                                   Credit

Supplies Expense                 \$10,830

Supplies                                                                                              \$10,830

e) Catered four parties in March for \$4,200; \$1,600 was billed and the rest was received in cash.

Account Name                         Debit                                                    Credit

Cash                                         \$2,600

Accounts Receivable            \$1,600

Catering Revenue                                                                               \$4,200

f. Made and sold food at the retail store for \$11,900 cash. (assume the cost of these sales was already recorded as part of transaction d.)

Account Name                              Debit                                               Credit

Cash                                               \$11,900

Food Sales Revenue                                                                          \$11,900

g. Received a telephone bill for March to be paid in April.

Account Name                                 Debit                                               Credit

Telephone Expense                      \$420

Telephone Payable                                                                               \$420

h. Paid \$363 in gas for the van in March

Account Name                             Debit                                           Credit

Gas Expense                               \$363

Cash                                                                                                 \$363

i. Paid \$6,280 in wages to employees who worked in March.

Account Name                          Debit                                                  Credit

Wages Expense                       \$6,280

Cash                                                                                                    \$6,280

j. Paid a \$300 dividend from the corporation to EACH owner

Account Name                                   Debit                                         Credit

Retained Earnings                              \$600

Cash                                                                                                      \$600

k. Purchased \$50,000 of equipment (refrigerated display cases, cabinets, tables, and chairs) and renovated and decorated the new store for \$20,000 (added to the cost of the building); paid cash.

Account Name                       Debit                                                     Credit

Equipment                            \$50,000

Building                                 \$20,000

Cash                                                                                                     \$70,000

2)

a  Cash flow from FINANCING ACTIVITIES

b   Cash flow from INVESTING ACTIVITIES (\$72,000) and Non-Cash Investing and Financing Activity (\$288,000).

c   Cash flow from FINANCING ACTIVITIES.

d   Non-Cash OPERATING ACTIVITIES.

e   Cash flow from OPERATING ACTIVITIES (\$2,600); Non-Cash Operating Activity (\$1,600).

f   Cash flow from OPERATING ACTIVITIES

g   Non-Cash OPERATING ACTIVITIES.

h  Cash flow from OPERATING ACTIVITIES.

i   Cash flow from OPERATING ACTIVITIES.

j   Cash flow from FINANCING ACTIVITIES.

k  Cash flow from INVESTING ACTIVITIES

In March 2014, Traveling Gourmet, Inc. had several transactions that affected its financial accounts. These transactions included receiving cash from shareholders, purchasing a store with a mortgage, borrowing money from a bank, purchasing supplies, catering events, selling food at the retail store, and making dividend payments. By analyzing these transactions, we can compute the ending balances for different accounts and prepare an income statement for the month.

### Explanation:

To compute the ending balances for the various accounts, we need to track the cash inflows and outflows for each transaction. Here is a summary of the transactions and their effects on the accounts:

1. a. Cash received from the two shareholders increases the Cash account; the accounts receivable, equipment, van, and supplies are assets that also increase. The issuance of common stock does not affect cash; it increases the Common Stock and Additional Paid-in Capital accounts.

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On June 10, Marin Company purchased \$8,400 of merchandise from Cullumber Company, on account, terms 3/10, n/30. Marin pays the freight costs of \$380 on June 11. Goods totaling \$500 are returned to Cullumber for credit on June 12. On June 19, Marin Company pays Cullumber Company in full, less the purchase discount. Both companies use a perpetual inventory system.Prepare separate entries for each transaction on the books of Cullumber Company

Debit            Credit

June 10   Accounts Receivables        \$8400

Merchandise                                        \$8400

June 12    Merchandise                     \$500

Accounts Receivables                             \$500

June 19    Cash                                  7663

Discount                             237

Accounts Receivables                            \$7900

Explanation:

The transactions in Cullumber's books include sales revenue, accounts receivable, sales returns and allowances, and finally a cash entry alongside sales discounts when Marin pays the balance due.

### Explanation:

The transactions on the books of Cullumber Company would be recorded as follows:

1. On June 10, Marin Company purchases \$8,400 worth of goods. In the books of Cullumber, this would be recorded as: Accounts Receivable - Marin Company \$8,400andSales Revenue \$8,400
2. On June 11, Marin pays freight costs of \$380. This has no effect on the entries in the books of Cullumber Company.
3. On June 12, Goods totaling \$500 are returned by Marin. This would be recorded as: Sales Returns and Allowances \$500 and Accounts Receivable - Marin Company \$500
4. On June 19, Marin pays off the balance less the purchase discount. The payment can be recorded as: Cash \$7,621, Sales Discounts \$279 and Accounts Receivable – Marin Company \$7,900. The sales discount is (3% of \$8400-\$500) = \$279.