State department of revenue and additional sales taxes

Assignment Help Financial Accounting

Reference no: EM13751866

Based on retail sales estimates from the state Department of Revenue, additional sales taxes were accrued in the amount of $40,000. On December 31, 2014, $500 of interest was accrued on the investment in Treasury notes. Fair market value of these notes was the same as cost on December 31, 2014.

Required: Record these transactions in both the Street Improvement Fund and governmental activities journals.

Reference no: EM13751866

Questions Cloud

Review the project management email : Review the Project Management email, Write an email response in which you address the following points:

In regards to a business combination : IN regards to a business combination, in which all the assets and all the liabilities (asset acquisition of a company are obtained, in "Investment - xxx" account is not debited in the initial journal entry, by the acquirer to record the business comb..

What is the balance in agees equity investment account : Agee Corporation acquired a 38% interest in Trent Company on January 1, 2015, for $480,000. At that time, Trent had 1,000,000 shares of its $1 par common stock issued and outstanding. During 2015, Trent paid cash dividends of $154,000 and thereafter ..

Define the characteristics of the segment : How Argyle did changed the Problem into an Opportunity and define the characteristics of the segment chosen by applying the relevant theory?

State department of revenue and additional sales taxes : Based on retail sales estimates from the state Department of Revenue, additional sales taxes were accrued in the amount of $40,000. On December 31, 2014, $500 of interest was accrued on the investment in Treasury notes. Fair market value of these no..

Taxes receivable-sales-interest receivable on investments : An November 2014, the 3% certificates of deposit matured; the face amount of $1,000,000 plus interest of $15,000 was collected. The interest is considered revenue of the Street Improvement Fund.

Explain abigail adams views on women rights : Explain Abigail Adams views on women rights. What were her religious views? Compare her religious views with those of Jefferson?

Manufactures ultra sound equipment : Laconic Company manufactures ultra sound equipment. Based on past experience, Laconic has found that total annual repair and maintenance cost can be represented by the following formula: total annual repair and maintenance cost = $205,000 + $7.50x, w..

A report on operation management strategies : A report on operation management strategies employed by Melbourne convention and events centre (mcec) enterprise

User Account

All Pages