or its fiscal year ending December 31, 2020, Twin City levied $500 million in property taxes. It collected taxes applicable to fiscal 2020 as follows (in millions): December 15, 2019 $20M January 20, 2020 $440M February 2, 2021 $15M April 5, 2021 $25M For the fiscal year ending December 31, 2020, how much should Twin City recognize in property tax revenue (in millions) in its general fund? A. $455M. B. $440M. C. $500M. D. $475M.

or its fiscal year ending December 31, 2020, Twin City levied $500 million in property taxes. It collected taxes applicable to fiscal 2020 as follows (in millions): December 15, 2019 $20M January 20, 2020 $440M February 2, 2021 $15M April 5, 2021 $25M For the fiscal year ending December 31, 2020, how much should Twin City recognize in property tax revenue (in millions) in its general fund? A. $455M. B. $440M. C. $500M. D. $475M.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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s The Village of Hawksbill issued $5,900,000 in 5 percent general obligation, tax-supported bonds on July 1, 2019, at 101. A fiscal agent is not used. Resources for principal and interest payments are to come from the General Fund. Interest payment dates are December 31 and June 30. The first of 20 annual principal payments is to be made June 30, 2020. Hawksbill has a calendar fiscal year. 1. A capital projects fund transferred the premium (in the amount of $59,000) to the debt service fund. 2. On December 31, 2019, funds in the amount of $147,500 were received from the General Fund and the first interest payment was made. 3. The books were closed for 2019. 4. On June 30, 2020, funds in the amount of $383,500 were received from the General Fund, and the second interest payment ($147,500) was made along with the first principal payment ($295,000). 5. On December 31, 2020, funds in the amount of $140,125 were received from the General Fund and the third interest payment was made (also in…
8) OMR 2,000,000 of special assessments was levied on property owners in a special benefit district, payable in 10 equal annual installments. What are the journal entry of debt service fund?
Short-term borrowing and investing transactions A local government operates on a calendar-year basis. The following transactions and events occurred during calendar year 2021. 1. On February 1, 2021, borrowed $800,000 on tax anticipation notes (TANS). The TANS will be repaid with 0.8 percent interest on January 31, 2022. 2. Interest on the TANS was accrued through December 31, 2021. 3. Invested $200,000 in a certificate of deposit (CD) on April 1, 2021. The CD, which pays interest of 0.6 percent, will mature on September 30, 2021. 4. The CD matured on September 30, 2021. Prepare the appropriate journal entries. Round all amounts to the nearest dollar. Enter 0 or leave the field blank if no entry is required. If an entry affects more than one debit or credit account, enter the accounts in alphabetic order. Account Debit Credit To record amount borrowed. To record interest on TANS. To record investment in CD. To record redemption of CD. > > > > > >
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16 The Town of Heartland levied property taxes in the amount of $1,600,000. The town estimates that 1 percent will be uncollectible. The journal entry to record the tax levy in the General Fund will include: Multiple Choice A debit to Cash for $1,584,000. A credit to Revenues for $1,584,000. A debit to Allowance for Uncollectible Current Taxes for $16,000. A debit to Estimated Revenues for $1,600,000.
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Godo
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