1. Cash 3,250,000
Revenues – personal income taxes 3,250,000
To record collection of taxes.
2. Personal income taxes receivable 400,000
Revenues – personal income taxes 400,000
To accrue taxes collected in 2020, applicable
To 2019
3a. Personal income taxes receivable 55,000
Revenues – personal income taxes 220,000
Personal income tax refund payable 275,000
To record estimated receipts and refunds
from personal income tax final returns
filed on or before April 15, 2020
b. Personal income taxes receivable 28,000
Deferred personal income taxes 28,000
To record receivable and deferred revenue
from personal income tax final returns
expected to be received after April 30, 2020
Accounting for personal income taxes Saralisa City, which operates on a calendar year basis, obtains 40...
Accounting for property taxes At the start of calendar year 2019, Central Chy's records showed the following accounts relative to prior year property taxes: Property taxes recevable-delinquent $52,000 Allowance for refunds and uncollectible taxes delinquent 8.000 Deferred revenues-property taxes 15.000 Prepare journal entries to record the following transactions 1. To balance its 2019 budget, which requires 51.500,000 in property taxes, Central Gty levies property taxes in the amount of $1,515,000, providing an allowance of $15,000 for uncollectible accounts 2. During...
Journal entries for General Fund financial transactions for Croton City Prepare journal entries, as appropriate, to record these transactions. (We suggest you post the journal entries to general ledger T-accounts.) Note: The Croton City continuing problem is introduced in Chapter 3 on page 3-32. You should review the scenario in Chapter 3 before preparing the journal entries for the General Fund in this chapter. 1. Of the $800 in property taxes receivable at January 1, $780 was collected in cash....
Pierre, a cash basis, unmarried taxpayer, had $4,670 of state income tax withheld during 2019. Also in 2019, Pierre paid $1,168 that was due when he filed his 2018 state income tax return and made estimated payments of $3,269 towards his 2019 state income tax liability. When Pierre files his 2019 Federal income tax return in April 2020, he elects to itemize deductions, which amount to $15,650, including the state income tax payments and withholdings, all of which reduce his...
Prepare journal entries, as appropriate, to record these
transactions. (We suggest you post the journal entries to general
ledger T-accounts.) Note: The Croton City continuing problem is
introduced in Chapter 3 on page 3-32. You should review the
scenario in Chapter 3 before preparing the journal entries for the
General Fund in this chapter.
Public safety $350
Public works 250
Parks 100
Of the $800 in property taxes receivable at January 1, $780 was
collected in cash. The remaining $20...
Need help please!
Brad, who uses the cash method of accounting, lives in a state that imposes an income tax (including withholding from wages). On April 14, 2019, he files his state return for 2018, paying an additional $600 in state income taxes. During 2019, his withholdings for state income tax purposes amount to $3,550. On April 13, 2020, he files his state return for 2019 claiming a refund of $800. Brad receives the refund on June 3, 2020. If...
Exercise 10-17 (Algorithmic) (LO. 4) Pierre, a cash basis, unmarried taxpayer, had $5,150 of state income tax withheld during 2019. Also in 2019, Pierre paid $1,288 that was due when he filed his 2018 state income tax return and made estimated payments of $3,605 towards his 2019 state income tax liability. When Pierre files his 2019 Federal income tax return in April 2020, he elects to itemize deductions, which amount to $13,400, including the state income tax payments and withholdings,...
please do in excel
(1) Indicate how deferred income taxes should be presented on the balance sheet. Problem 3. Walsh Services computed pretax 1 wish Services computed pretax financial income of $220.000 for 2017 and $288,000 for 2018. In preparing the income 2017 and 2018: ... me year, the tax accountant determined the followine differences between financial income and taxable income for 2017 2018 (1) Nondeductible expenses $40,000 30,000 (2) Nontaxable revenues 14,000 22,000 (3) Unearned rent of next two...
Problem 10-30 (Algorithmic) (LO. 4) Norma, who is single and uses the cash method of accounting, lives in a state that imposes an income tax. In April 2019, she files her state income tax return for 2018 and pays an additional $940 in state income taxes. During 2019, her withholdings for state income tax purposes amount to $3,290, and she pays estimated state income tax of $658. In April 2020, she files her state income tax return for 2019, claiming...
Problem 10-30 (Algorithmic) (LO.4) Norma, who is single and uses the cash method of accounting, lives in a state that imposes an income tax. In April 2019, she files her state income tax return for 2018 and pays an additional $940 in state income taxes. During 2019, her withholdings for state income tax purposes amount to $3,290, and she pays estimated state income tax of $658. In April 2020, she files her state income tax return for 2019, claiming a...
Question 3 In its General Fund balance sheet at December 31, 2019, Marathon City reported Property taxes receivable of $40,000, deferred property tax revenues of $15,000, and an allowance for uncollectible taxes of $O. At the start of year 2020, Marathon City made the following journal entry to record its property tax levy Property taxes receivable 950,000 Allowance for refunds and uncolfectible taxes Revenues property taxes During the year 2020, the city collected all the property taxes receivable collected $920,000...