Accounting

posted by .

pierce co has a june 30 fiscal year end. it estimated its annual property taxes to be 24000 based on last year's property tax bill and have accrued 2000 of property tax each month to marcher 31. its actual property tax assessment, received on april 30 is 25200 for the calendar year. the property tax bill is payable on july 15. how much property tax expense will pierce report on its june 30 income statement? how much property tax patyable and or prepaid property tax will pierce report at june 30 on its balance sheet?
show work or provide journal entries thanks!

Respond to this Question

First Name
School Subject
Your Answer

Similar Questions

  1. government(taxes)

    I am looking for a list of California state taxes. So far this all I have: 1) Sales Tax 2) Trash tax 3) Electricity tax 4) State income tax 5) Gasoline tax 6) Property tax 7) Federal telephone excise tax 8) Excise tax 9) social security …
  2. Economics

    Property Tax The Jones family earns $225,000 a year. What % is the property tax of their income?
  3. accounting

    I'm stumped in reference to figuring the answer for the following question. If anyone can help I would be so thankful. The question is as follows: A county fire department receives property tax revenue on a 55% (December), 40% (April), …
  4. UALR

    Information about a project Darcy Company is considering is as follows: Investment $1,000,000 Revenues $700,000 Variable costs $140,000 Fixed out-of-pocket costs $80,000 Cost of capital 12% Tax rate 40% The property is considered 5-year …
  5. accounting

    Information about a project Darcy Company is considering is as follows: Investment $1,000,000 Revenues $700,000 Variable costs $140,000 Fixed out-of-pocket costs $80,000 Cost of capital 12% Tax rate 40% The property is considered 5-year …
  6. Texas Government

    the excise tax on gasoline is an example of a tax based on a benefit received rather than on the ability to pay. a. yes b. no This is obviously Yes since in the book it says >> For many governments the primary source of revenue …
  7. tax

    during 2011 sam paid following: property tax on residence (paid from escrow account) $1550 Property tax portion of car registration (based on value) $400 property taxes on land held for long term appreciation $350 What amount can Sam …
  8. Financial Accouting

    Prepare a 10-column work sheet for fiscal year 2005, starting with the unadjusted trial balance and including adjustments based on these additional facts: a. The supplies available at the end of fiscal year 2005 had a cost of $3,200. …
  9. finance

    Knight has a property tax base with an appraised value consisting of $142,000,000 of taxable real property and $78,000,000 of taxable personal property. The assessment ratio is 50%. Exemptions for the elderly reduce assessed value …
  10. Economics

    The assessed value of Patty's residential property was $200,000 in 2004. In 2006, the assessed value increased to $225,000. The property tax rate in both years was 1.2 percent. Patty earned $60,000 each year. Determine Patty’s property …

More Similar Questions