User Account

All Pages

Record the payment of the taxes on october

Assignment Help Accounting Basics
Reference no: EM131587559

Question - Provide the journal entry to record the monthly property tax accrual, to record the payment of the taxes, and to record the monthly adjusting entry at the end of the month.

A company is located in a county that assesses property for tax purposes on July 1 for the period July 1-June 30. The tax rate is not determined until October 15, and the tax bills are mailed October 22 with payment due by December 31. For the prior fiscal year, the company paid $22,500. The tax bill for the current fiscal year (July 1, 2014-June 30, 2015) is received on October 28, and property taxes have increased to$ 22,838. The company pays this amount on October 31.

Complete the following:

  • Record the monthly property tax accrual that is recorded in July 2014.
  • Record the payment of the taxes on October 31.
  • Record the monthly adjusting entry on October 31.
  • According to generally accepted accounting principles (GAAP), discuss how current liabilities should be classified.
  • Provide an example of each, and discuss how current liabilities are valued at the balance sheet.

Reference no: EM131587559

Questions Cloud

Identify two potential international sources of financing : Identify two potential international sources of financing. Define the Foreign Corrupt Practices Act and how it's applied in international business.
Network security roles and responsibilities : The job of securing a commercial network is typically large and very complex. A common tenet in the information security industry is the idea of synergistic
Three-year expansion project that requires an initial fixed : Cochrane, Inc., is considering a new three-year expansion project that requires an initial fixed asset investment of $2,490,000.
What is paul realized gain or loss : Paul instructs his broker to buy an uncovered October 55 call option on Best Eastern at 5. what is Paul’s realized gain or loss?
Record the payment of the taxes on october : Provide the journal entry to record the monthly property tax accrual, to record the payment of the taxes
Select all columns and all rows from the employees table : Select all columns and all rows from the Employees table, but display an additional column called 'Raise to' which will be the current salary multiplied.
You need to implement lispexpressionevaluator : You need to implement LispExpressionEvaluator.java which uses Java API Stack - Compile programs (you are in directory containing Readme file)
Transactions might employ edi to process : Describe how B2B transactions might employ EDI to process purchase information.
Probability that the first randomly taken candy will be red : Box has 10 M&M candies: 5 red and 5 blue. Two candies are taken from this box.

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +91-977-207-8620

Phone: +91-977-207-8620

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd