Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. i only need assistance with 5b; 5a is correct and

I only need assistance with 5b; 5a is correct and so was the remainder of...

60.1K

Verified Solution

Question

Accounting

imageimage

I only need assistance with 5b; 5a is correct and so was the remainder of the assignment but I submitted this 4 times and 5b still is not correct.

luestion 5. 5B. Reimbursments Background The city has the following transactions occur during the fiscal year: 1. Property taxes were levied against property owners in the city amounting to $40,000,000. Of this amount, the city expects that 15% will be uncollectible. 2. Of the amount of property taxes that the city expects to collect, 10% will not be received within 60 days after the year end date. 3. The city has a city-wide sales tax. During the year, the city received $4,000,000 in sales taxes. 4. Additional sales taxes of $750,000 are expected to be received after year end. Of that amount, $50,000 will not be received in time to settle current year liabilities. 5. The city is entitled to receive a grant of up to $500,000 from the Federal Government for a social program. Under the grant, the city is to be reimbursed for expenditures incurred on the program. During the year, expenditures on the program totaled $450,000. Prepare the entry for the expenditures first (they were not encumbered)

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

How do you calcuate the Fixed Overhead (FOH) spending variance and the Fixed Overhead (FOH) production...

Accounting
Q

4 An average 12 ounce can of beer contains about 15 grams of alcohol Consider...

Basic Math
Q

Aisha's office had already recycled 6 kilograms this year before starting the new recyclingplan, and...

Basic Math
Q

38% of college students say they use credit cards because of the rewards program. You...

Basic Math
Q

1 Graph the solution set of the inequality where 3x 24

Calculus
Q

3 1 Points DETAILS LARPRECALCRMRP7 8 2 042 Write the first five terms of the...

Calculus
Q

On February 15, 2013, Leo purchased and placed in service a new car that cost...

Accounting
Q

John Fleming, chief administrator for a district hospital, is concerned about costs for tests in...

Accounting
Q

A 40minusmonth insurance policy was purchased for $ 2 comma 000$2,000 on May 1. How...

Accounting
Q

The inventory of Wildhorse Company on December 31, 2025, consists of the following items. apart...

Accounting
Q

Cabolen Bnret. Calales Aprodi

Accounting
Q

Summit Systems will pay a dividend of $0.50 a quarter from today. If you expect...

Finance