SWFT Essntl Tax Individ/Bus Entities 2020
23rd Edition
ISBN: 9780357391266
Author: Nellen
Publisher: Cengage
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14) When examining revenue transactions, which of the following transactions is classified as an exchange transaction?
A) When a homeowner pays property taxes
B) When a university receives a federal grant that mandates a certain type of research activity
C) When an aquatic center receives cash for a group swim
D) When an employer deducts money for state tax withholding
Which of the following constitute a tax and why?
l Payment for driver’s license?
l Payment for required (by government) house appraisal?
l Payment for hotel use of 1% of bill to pay for city projects.
l Payment for rental car use of 3% of bill to pay for the roads.
Property taxes are the "cash cow" for many governmental entities. However, not all property taxes are collected. This week in your discussion post I want you to provide two Items: The journal entry to write off uncollectible delinquent taxes How could a government attempt to reduce their uncollectible taxes?
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- 1) Determine whether each of the following elements should be classified as taxes, licenses, permits, intergovernmental revenues, service fees, fines, forfeiture, or miscellaneous income in a government fund. A) Government sales and usage taxes. B) Citizen payments for the use of the city pool. C) Building permits to build a roof in a house 2) Explain income, expenses, receipts, and payment? Draw the figure with an example? What is the difference between the two statements?arrow_forwardIn recording its property tax assessment for the year, a county government estimates the amount of uncollectible taxes. How is this estimate reflected in the financial statements: An expenditure under General Government Operations. A credit to Taxes Receivable. A reduction in Property Tax Revenue. A debit to Estimated Uncollectible Taxes.arrow_forward. Why might revenues generated from the tax fall short of expectations? 2. Do you think that Philadelphia should or shouldn't have adopted the tax to fund pre-K education? Support your brief argument with economic concepts covered in the course. 3. Suppose a government wants to use tax policy to persuade people to not consume certain products or services. Suppose, the government has limited resources and can only enforce (or collect) a limited number of taxes. Should that government target goods or services that have an elastic or inelastic price elasticity of demand (ED)? Why? 4. Suppose the goal of a government is to raise as much money as possible to fund governmental services. Should the government target goods and services that have an inelastic or elastic ED? Why?arrow_forward
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