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Current-year North Carolina real property taxes will be prorated at the June 26 settlement. How would the $5,645 tax bill proration be reflected on the settlement statement if a 30-day month, 360-day year is used

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abiolataiwo2015

How the $5,645 tax bill proration will be reflected on the settlement statement if a 30-day month is: Debit seller $2,822.5; Credit buyer $2,822.5.

Tax bill proration

Based on the information given the  tax bill proration will be reflected on the settlement statement will be:

(January 1 to June 30) =180 days

Hence:

Debit seller $2,822.5

Credit buyer $2,822.5

[($5,645 ÷ 360) ×180 days]

Therefore how the $5,645 tax bill proration will be reflected on the settlement statement if a 30-day month is: Debit seller $2,822.5; Credit buyer $2,822.5.

Learn more about Tax bill proration here: https://brainly.com/question/1775528

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