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General Accounting Discussions: Difficult property tax question. Help please.

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    • CommentAuthorLuc
    • CommentTimeMay 14th 2008
     
    Source: Second Canadian Edition "Accounting Principles" text book
    Chapter 11 - Current Liabilities
    Question BE11-6:
    Pierce Co. has a June 30 fiscal year end. It estimated its annual property taxes to be $24,000, based on last year's property tax bill, and had accrued $2,000 of property tax each month to March 31. Its actual property tax assessment, received on April 30, is $25,200 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 payable and/or prepaid property tax will Pierce report at June 30 on its balance sheet?

    Show your work. Use journal entries. I need this by the end of today May 14, 2008 thanks!
    If you have the answers and explanation please e-mail: luc_nguyen23@hotmail.com.

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