CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 18-1 Buying Plant Assets and Paying Property Tax.

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CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 18-1 Buying Plant Assets and Paying Property Tax

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning 2 LESSON 18-1 RECORDING THE BUYING OF A PLANT ASSET 12 3 page 535 January 3, 20X1. Paid cash for a display case, $3, Check No Cash paid 4 2.Cost of the plant asset 1.Account title 4.Post

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning 3 LESSON 18-1 CALCULATING AND PAYING PROPERTY TAX page 536 February 1. Classic Parts, Inc., paid cash for property tax, $ Check No. 69. Annual Property Tax =Tax Rate× Assessed Value $720.00=1.2%×$60,000.00

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning 4 LESSON 18-1 TERMS REVIEW For tax purposes the state and federal gov’t define two types of property real property- Land and anything attached to it personal property-owned by the by a business or an individual (i.e. retail store) assessed value- The value of an asset by tax authorities for calculating taxes. This is done by an assessor. page 537