Assignment Question(s):(Marks 15) Question 1: Determine the Millage Rate from t

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Assignment Question(s):(Marks 15)
Question 1: Determine the Millage Rate from t

Assignment Question(s):(Marks 15)
Question 1: Determine the Millage Rate from the following information. (5 Marks)
Amount to be collected (a)
$ 190.000

Estimated Uncollectible (b)
5%

Required Levy
?

Assessed Property Value
4,000,000

Less: Property Mot Taxable
(300,000)

Less: Exemptions
(260,000)

Taxable Assessed Value
?

Millage Rate
?

Question 2: The council of the Town of Tulia approved the 2023 budget as follows:
Budgeted 2023 revenues from:
Property taxes$5,000,000
Sales taxes$1,000,000
Appropriations for 2023:
Salaries$4,600,000
Materials$1,200,000
Equipment$100,000
During 2023, the town’s mayor presented the council with a budget revision to increase the amount of appropriation for salaries by $10,000.The council approved this budget revision.
Required:
a.Prepare the general journal entry necessary to initially record the budget.
b.Prepare the general journal entry necessary to record the budget revision.
(5 Marks)
Question 3: Prepare journal entries to record the following transactions for a town for 2018. The Town. records encumbrances only for its Supplies appropriation.(5 Marks)
a. The town adopted the following budget for the year:
Revenues:
Property taxes$412,500
Licenses and fees$52,500
Appropriations:
Salaries$382,500
Supplies$ 60,000
Interest$2,250

b. Property tax bills amounting to $412,500 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
$150,000 from a local bank using tax anticipation notes.

d. The town paid salaries in the amount of $112,500.

e. The town sent out two purchase orders for supplies: purchase order A for
$9,000 and purchase order B for $7,500.

f. The town received $195,000 from property owners in payment of their
property taxes.

g. The town repaid the bank on its borrowing in transaction c. The amount
paid was $151,500, which included interest of $1,500.

h. The town collected $22,500 for fishing licenses.

i. The town received the supplies ordered on purchase order A in
transaction e. All the supplies arrived in good condition and the invoice
for $9,150 was approved for payment.

j. The town Treasurer paid the invoice in transaction i for $9,150.

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