ACCT321 Government and Non-Profit Accounting

I want new text answer not copied or rephrased. IMPORTANT NOTE: Answer in your own words DO NOT COPY from slides or fellow student. Requirements: Follow APA-style referencing. Use Times New Roman (size 12 double-spaced) font. Assignment Question(s): (Marks 5) Q1. Determine the Millage Rate from the following information: (1.5 Marks) Amount to be collected (a) $ 190000 Estimated Uncollected (b) 5% Required Levy ? Assessed Property Value 4000000 Less: Property Not Taxable (300000) Less: Exemptions (260000) Taxable Assessed Value ? Millage Rate ? Answer: Q2. A city receives sales taxes of $825000 from the state during the calendar year 2018. In January 2019 the state advises the city that it will remit by February 28 2019 an additional $345000 for taxes collected during the last quarter of 2018. Further based on past experience the city expects to receive in April an additional $93000 applicable to 2018. The city has a policy of considering sales taxes applicable to a particular year as “available” if received by February 28 of the following year; hence $93000 of the $345000 receivable is not “available.” (1.5 Marks) Required: a. Prepare necessary journal entry to record collection of sales tax for the city. b. Prepare necessary journal entry to record year-end accrual for sales taxes receivable. Answer: Q3. Prepare journal entries to record the following transactions for a town for 2018. The Town records encumbrances only for its Supplies appropriation. (2 Marks) a. The town adopted the following budget for the year: Revenues: Property taxes$412500 Licenses and fees52500 Appropriations: Salaries382500 Supplies60000 Interest2250 b. Property tax bills amounting to $412500 were sent to the property owners. c. Because property taxes were not due to be received for several months and the town needed cash to finance its activities the town borrowed $150000 from a local bank using tax anticipation notes. d. The town paid salaries in the amount of $112500. e. The town sent out two purchase s for supplies: purchase A for $9000 and purchase B for $7500. f. The town received $195000 from property owners in payment of their property taxes. g. The town repaid the bank on its borrowing in transactions. The amount paid was $151500 which included interest of $1500. h. The town collected $22500 for fishing licenses. i. The town received the supplies ed on purchase A in transaction e. All the supplies arrived in good condition and the invoice for $9150 was approved for payment. j. The town Treasurer paid the invoice in transaction i. for $9150. Answer: ‘