Accounting For Governmental & Nonprofit Entities
18th Edition
ISBN: 9781259917059
Author: RECK, Jacqueline L., Lowensohn, Suzanne L., NEELY, Daniel G.
Publisher: Mcgraw-hill Education,
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Question
Chapter 4, Problem 20EP
a.
To determine
Journalize the property tax revenue transactions in the General Fund general journal.
b.
To determine
Journalize the property tax revenue transactions in the governmental activities journal.
c.
To determine
Prepare a schedule of tax revenue recognized in the General Fund and government-wide level.
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Students have asked these similar questions
During the current year, the City of Plattsburgh recorded the following transactions related to its property taxes:
1. Levied property taxes of $6,650,000, of which 2 percent is estimated to be uncollectible.
2. Collected current property taxes amounting to $6,015,000.
3. Collected $57,000 in delinquent taxes and $4,800 in interest and penalties on the delinquent taxes. These amounts had been
recorded as Deferred Inflows of Resources in the prior year.
4. Imposed penalties and interest in the amount of $7,200 but only expects to collect $6,200 of that amount.
5. Reclassified uncollected taxes and interest and penalties as delinquent. These amounts are not expected to be collected within the
first 60 days of the following fiscal year.
Required
a. Prepare journal entries to record the property tax transactions in the General Fund.
b. Prepare journal entries to record the property tax transactions in the governmental activities journal.
c. Determine the amount of property tax revenue…
Subject :- Accounting
During the current year, Knoxx County levied property taxes of $2,000,000 of which is 1% is is expected to be uncollectable. The following amounts were collected during the current year: Prior year taxes collected within the first 60 days of the current year: $50,000 Prior year taxes collected between 60 and 90 days into the current year: $120,000 Current year taxes collected in the current year: $1,800,000 Current year taxes collected within the first 60 days of the subsequent year: $80,000
What amount of property tax revenue should knoxx county report in its government-wide statement of activities?
a. $1,980,000
b. $2,000,000
c. $1,800,000
d. $1,970,000
At the beginning of the fiscal year 20X1-20X2, a governmental unit recorded
property tax revenues of $600,000. By fiscal year end (June 30, 20X2), taxpayers
had paid a total of $570,000. The remaining $30,000 is considered delinquent.
Based upon previous experience, the governmental unit expects that it will collect
the delinquent taxes in fiscal year 20X2-20X3 in the following manner: July and
August, $15,000; September and October, $10,000; and November, $5,000. How
much should the governmental unit normally report as property tax revenue for fiscal
year 20X1-20X2?
$600,000.
$595,000.
$585,000.
$570,000.
Chapter 4 Solutions
Accounting For Governmental & Nonprofit Entities
Ch. 4 - Last month a local government collected property...Ch. 4 - When preparing the statement or schedule of...Ch. 4 - Prob. 3QCh. 4 - Prob. 4QCh. 4 - If the General Fund of a certain city needs...Ch. 4 - Prob. 6QCh. 4 - Explain why some governments may account for...Ch. 4 - Prob. 8QCh. 4 - Prob. 9QCh. 4 - Prob. 10Q
Ch. 4 - A government reports Deferred Inflows of...Ch. 4 - Prob. 13CCh. 4 - Prob. 15CCh. 4 - Choose the best answer. When equipment is...Ch. 4 - Prob. 17.2EPCh. 4 - Goods for which a purchase order had been placed...Ch. 4 - Prob. 17.4EPCh. 4 - Garden City has calculated that General Fund...Ch. 4 - Prob. 17.6EPCh. 4 - Prob. 17.7EPCh. 4 - Prob. 17.8EPCh. 4 - Carroll City levies 200,000 of property taxes for...Ch. 4 - Prob. 17.10EPCh. 4 - During the current year, the City of Hickory Hills...Ch. 4 - On July 1, 2020, the beginning of its fiscal year,...Ch. 4 - Prob. 20EPCh. 4 - Prob. 21EPCh. 4 - At the end of the current fiscal year, the City of...Ch. 4 - The City of Waterville applied for a grant from...Ch. 4 - The following transactions occurred during the...Ch. 4 - The following transactions affected various funds...Ch. 4 - The following events and transactions relate to...Ch. 4 - The City of Castletons General Fund had the...Ch. 4 - Prob. 28EP
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