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 17.6EP
To determine
Find the correct option, the option that would not be part of entry recording the collection of delinquent taxes in the General Fund.
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Students have asked these similar questions
On January 1, 2019, a city recorded General Fund property tax revenues of $750,000 but made no provision for uncollectible receivables or tax refunds. During the year, it collected
property taxes of $720,000, wrote off $4,000 as uncollectible, and made tax refunds of $3,000. At year-end, the city finance director concluded that $10,000 of the delinquent taxes
would be collected in January and February of 2020, $12,000 would be collected later in 2020, and $1,000 would need to be written off as uncollectible.
How much should the city report as property tax revenue in its General Fund financial statements for the year 2019?
a.713,000
b.730,000
c.720,000
d.742,000
During the current year, the City of Plattsburgh recorded the following transactions related to its property taxes:
Levied property taxes of $6,590,000, of which 2 percent is estimated to be uncollectible.
Collected current property taxes amounting to $5,973,000.
Collected $52,900 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.
Imposed penalties and interest in the amount of $7,400 but only expects to collect $6,200 of that amount.
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
Prepare journal entries to record the property tax transactions in the General Fund.
Prepare journal entries to record the property tax transactions in the governmental activities journal.
Determine the amount of property tax revenue recognized during the…
[The following information applies to the questions displayed below.]
The county collector of Suncoast County is responsible for collecting all property taxes levied by funds and governments
within the boundaries of the county. To reimburse the county for estimated administrative expenses of operating the tax
custodial fund, the custodial fund deducts 1.7 percent from the collections for the town, the school district, and the other
towns. The total amount deducted is added to the collections for the county and remitted to the Suncoast County General
Fund.
The following events occurred during the year:
1. Current-year tax levies to be collected by the custodial fund were
County General Fund
Town of Bayshore General Fund
Suncoast County Consolidated School District
Other towns
Total
$10,353,000
4,850,000
6,560,000
3,140,000
$24,903,000
2. $13,720,000 of current taxes was collected during the first half of the year.
3. Liabilities to all funds and governments as a result of the first…
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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Similar questions
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