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Other accrued liabilities-real estate taxes Karysa Co. operates in a city in which real estate tax bills for one year are issued in May of the subsequent year. Thus, tax bills for 2013 are issued in May 2014 and are payable in July 2014.
Required:
a. Explain how the amount of tax expense for calendar 2013 and the amount of taxes payable (if any) at December 31, 2013, can be determined.
b. Use the horizontal model (or write the journal entry) to show the effect of accru- ing 2013 taxes of $6,400 at December 31, 2013.
c. Assume that the actual tax bill, received in May 2014, was for $6,800. Use the horizontal model (or write the journal entry) to show the effects of the appropri- ate adjustment to the amount previously accrued.
d. Karysa Co.'s real estate taxes have been increasing at the rate of 10% annually. Determine the income statement and balance sheet effects of not accruing 2013 taxes at December 31, 2013 (assuming that taxes in b are not accrued).
Journalize and post the March transactions. Use page J1 for the journal and the three-column form of account - prepare a trial balance at March 31 on a worksheet.
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