MA9902C00 Lecture Notes - Tax Assessment, Global Exchange, Mineral Oil

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mahimaajith0204

23 Feb 2023

School

Mahatma Gandhi University

Department

Accounting

Course

MA9902C00

Professor

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Document Summary

Tax assessment, inconvenience of necessary duties on people or elements by state run administrations. Charges are exacted in pretty much every nation of the world, fundamentally to raise income for government consumptions, in spite of the fact that they fill different needs also. For additional conversation of tax assessment"s job in monetary strategy, see government financial arrangement. Likewise, see global exchange for data on taxes. In current economies charges are the main wellspring of administrative income. While charges are probably gathered for the government assistance of citizens overall, the singular citizen"s obligation is autonomous of a particular advantage got. In view of the logical connection between charges paid and benefits got, finance charges are once in a while called "commitments" (as in the us). By the by, the installments are usually obligatory, and the connection to benefits is now and again very powerless.

Related Questions

Prepare journal entries for a local government to record thefollowing transactions, first for fund financial statements andthen for government-wide financial statements. (If no entry isrequired for a transaction/event, select "No journal entryrequired" in the first account field. Enter your answers in dollarsnot in millions.)

a. The government sells $904,000 in bonds at face value tofinance construction of a warehouse.

b. A $1.07 million contract is signed for construction of thewarehouse. The commitment is required if allowed.

c. A $144,000 transfer of unrestricted funds was made for theeventual payment of the debt in (a).

d. Equipment for the fire department is received with a cost of$14,790. When it was ordered, an anticipated cost of $14,400 hadbeen recorded.

e. Supplies to be used in the schools are bought for $2,700cash. The consumption method is used.

f. A state grant of $105,500 is awarded to supplement policesalaries. The money will be paid to reimburse the government afterthe supplement payments have been made to the police officers.

g. Property tax assessments are mailed to citizens of thegovernment. The total assessment is $680,000, although officialsanticipate that 2% will never be collected. There is an enforceablelegal claim for this money and the government can use itimmediately.

I don't have the (CAFR), maybe you can download it to answer thequestion.

Review the Comprehensive Annual Financial Report (CAFR) for thecity of Long Beach California 2015

1. Does the fund have any long-term debts associated with it? Ifyes does the government maintain a debt service fund to account forthe resources to service the debt?

2. Did the city acquire or construct new capital assets usingresources of this fund?

3. What amount does the city report on its governmental findsstatement as special assessment reveivable?

4. What amount does the city report as revenues from specialassessments?

5. Do you think the city will have a significant problem incollecting the special assessment?

scarlettermite470

Using the financial information provided on the attached income statement and balance sheet for Lakeside Company, perform the following analytical procedures:

Ratio	2007	2008
Current	1.36	1.36
# Days inventory on hand	93.03	100.52
Receivable collection period (days)	20.63	24.71
Debt-to-total-assets	75%	75%
Times interest earned	3.58 times	2.79 times
Profit Margin	2.79%	2.27%
Return on Assets	8.48%	6.73%
Return on Equity	33.17%	26.41%

What is your overall assessment of the significance of the ratios in 2007 and 2008?

What is your overall assessment of the change in ratios from 2007 to 2008?

MA9902C00 Lecture Notes - Tax Assessment, Global Exchange, Mineral Oil

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