Homework Answers
Add Answer to:
Revenues control 2. The General Fund of the City of Lexington approved a tax levy for...
12. The City of Timberline recorded its FY 2017 property tax levy in the General Fund....
12. The City of Timberline recorded its FY 2017 property tax levy in the General Fund. It was estimated that $60,000 would be uncollectible. When the tax levy is recorded, indicate whether each of the following accounts of the General Fund should be debited (D), credited (C), or is not affected (N). 1. Taxes Receivable Current 2. Deferred Inflow of Resources 3. Estimated Uncollectible Current Taxes 4. Revenues 5. Estimated revenues
Question 3 In its General Fund balance sheet at December 31, 2019, Marathon City reported Property...
Question 3 In its General Fund balance sheet at December 31, 2019, Marathon City reported Property taxes receivable of $40,000, deferred property tax revenues of $15,000, and an allowance for uncollectible taxes of $O. At the start of year 2020, Marathon City made the following journal entry to record its property tax levy Property taxes receivable 950,000 Allowance for refunds and uncolfectible taxes Revenues property taxes During the year 2020, the city collected all the property taxes receivable collected $920,000...
The given is : Higgins city levied $ 5,000,000 of general fund property taxes for the...
The given is : Higgins city levied $ 5,000,000 of general fund
property taxes for the calendar year ending December 31,2019 with
an estimated uncollectible amount of $300,000. during 2019 and the
first two months of 2020, $4,500,000 of the levy is expected to be
collected, however $200,000 of the levy is not expected to be
collected until after February 2020. record the property tax
revenue that should be recognized for the calendar year end
December 2019. please show how...
The Edward City Council approved and adopted the budget for its general fund for the year just en...
The Edward City Council approved and adopted the budget for its general fund for the year just ended. The budget contained the following amounts: Estimated revenues $4,900,000 Appropriations 4,780,000 Authorized interfund transfer to the sports and recreation debt service fund 90,000 During the year, various transactions and events occurred that affected the general fund. Edward City levied property taxes of $4,000,000, of which it estimated that $25,000 would be uncollectible. During the discount period between the levy and the date...
The Edward City Council approved and adopted the budget for its general fund for the fiscal...
The Edward City Council approved and adopted the budget for its general fund for the fiscal year beginning on January 1, Year 2. The budget contained the following amounts: Estimated revenues $4,900,000 Appropriations 4,780,000 On November 1, Year 1, Edward City levied property taxes of $4,150,000 for the fiscal year beginning January 1, Year 2. It estimated that $25,000 will be uncollectible. Any payment of property taxes received during the discount period receives a 20% discount. During the discount period...
"4–27. Operating Transactions and Financial Statements. (LO4-1 through LO4-3) The City of Castleton’s General Fund had...
"4–27. Operating Transactions and Financial Statements. (LO4-1 through LO4-3) The City of Castleton’s General Fund had the following post-closing trial balance at June 30, 2019, the end of its fiscal year: Debits Credits Cash $276,120 Taxes Receivable—Delinquent 183,000 Allowance for Uncollectible Delinquent Taxes $21,960 Interest and Penalties Receivable 6,280 Allowance for Uncollectible Interest and Penalties 1,160 Inventory of Supplies 6,100 Vouchers Payable 48,500 Due to Federal Government 29,490 Deferred Inflows of Resources—Unavailable Revenues 166,160 Fund Balance—Nonspendable—Inventory of Supplies ...
Journal entries for General Fund financial transactions for Croton City Prepare journal entries, as appropriate, to...
Journal entries for General Fund financial transactions for Croton City Prepare journal entries, as appropriate, to record these transactions. (We suggest you post the journal entries to general ledger T-accounts.) Note: The Croton City continuing problem is introduced in Chapter 3 on page 3-32. You should review the scenario in Chapter 3 before preparing the journal entries for the General Fund in this chapter. 1. Of the $800 in property taxes receivable at January 1, $780 was collected in cash....
The city council of Ongar approved the following budget for its General Fund on December 21,2013
The city council of Ongar approved the following budget for its General Fund on December 21,2013: The city has four property owners, whose tax assessments for FY 2014 are FY 2014 is the first year of operation for this city. As a result, there are not balances in the accounts as of January 1, 2014, Assume that the city uses encumbrances and a voucher system to record all expenditures, except for salaries. During 2014, the following transactions took place: a. FY 2014 tax bills...
E17-8 Computation of Revenues Reported on the Statement of Revenues, Expenditures, and Changes in Fund Balance for the...
E17-8 Computation of Revenues Reported on the Statement of
Revenues,
Expenditures, and Changes in Fund Balance for the General Fund LO
17-7
Gilbert City had the following transactions involving resource
inflows into its general fund for the year
ended June 30, 20X8:
1. The general fund levied $2,300,000 of property taxes in July
20X7. The city estimated that 2
percent of the levy would be uncollectible and that $140,000 of the
levy would not be collected until
after August 31,...
The City of Castleton’s General Fund had the following post-closing trial balance at June 30, 2019,...
The City of Castleton’s General Fund had the following
post-closing trial balance at June 30, 2019, the end of its fiscal
year:
Debits
Credits
Cash
$
276,120
Taxes Receivable—Delinquent
183,000
Allowance for Uncollectible Delinquent Taxes
$
21,960
Interest and Penalties Receivable
6,280
Allowance for Uncollectible Interest and Penalties
1,160
Inventory of Supplies
6,100
Vouchers Payable
48,500
Due to Federal Government
29,490
Deferred Inflows of Resources—Unavailable Revenues
166,160
Fund Balance—Nonspendable—Inventory of Supplies
6,100
Fund Balance—Unassigned
198,130
$
471,500
$
471,500
Record...
12. The City of Timberline recorded its FY 2017 property tax levy in the General Fund. It was estimated that $60,000 would be uncollectible. When the tax levy is recorded, indicate whether each of the following accounts of the General Fund should be debited (D), credited (C), or is not affected (N). 1. Taxes Receivable Current 2. Deferred Inflow of Resources 3. Estimated Uncollectible Current Taxes 4. Revenues 5. Estimated revenues
Question 3 In its General Fund balance sheet at December 31, 2019, Marathon City reported Property taxes receivable of $40,000, deferred property tax revenues of $15,000, and an allowance for uncollectible taxes of $O. At the start of year 2020, Marathon City made the following journal entry to record its property tax levy Property taxes receivable 950,000 Allowance for refunds and uncolfectible taxes Revenues property taxes During the year 2020, the city collected all the property taxes receivable collected $920,000...
The given is : Higgins city levied $ 5,000,000 of general fund
property taxes for the calendar year ending December 31,2019 with
an estimated uncollectible amount of $300,000. during 2019 and the
first two months of 2020, $4,500,000 of the levy is expected to be
collected, however $200,000 of the levy is not expected to be
collected until after February 2020. record the property tax
revenue that should be recognized for the calendar year end
December 2019. please show how...
Journal entries for General Fund financial transactions for Croton City Prepare journal entries, as appropriate, to record these transactions. (We suggest you post the journal entries to general ledger T-accounts.) Note: The Croton City continuing problem is introduced in Chapter 3 on page 3-32. You should review the scenario in Chapter 3 before preparing the journal entries for the General Fund in this chapter. 1. Of the $800 in property taxes receivable at January 1, $780 was collected in cash....
E17-8 Computation of Revenues Reported on the Statement of
Revenues,
Expenditures, and Changes in Fund Balance for the General Fund LO
17-7
Gilbert City had the following transactions involving resource
inflows into its general fund for the year
ended June 30, 20X8:
1. The general fund levied $2,300,000 of property taxes in July
20X7. The city estimated that 2
percent of the levy would be uncollectible and that $140,000 of the
levy would not be collected until
after August 31,...
The City of Castleton’s General Fund had the following
post-closing trial balance at June 30, 2019, the end of its fiscal
year:
Debits
Credits
Cash
$
276,120
Taxes Receivable—Delinquent
183,000
Allowance for Uncollectible Delinquent Taxes
$
21,960
Interest and Penalties Receivable
6,280
Allowance for Uncollectible Interest and Penalties
1,160
Inventory of Supplies
6,100
Vouchers Payable
48,500
Due to Federal Government
29,490
Deferred Inflows of Resources—Unavailable Revenues
166,160
Fund Balance—Nonspendable—Inventory of Supplies
6,100
Fund Balance—Unassigned
198,130
$
471,500
$
471,500
Record...
Most questions answered within 3 hours.
-
From the literature (reference your sources): What are the
lattice parameters of calcite and aragonite? Why...
asked 34 minutes ago -
Your system is rejecting the question am asking which is
preceded by a case study. It...
asked 38 minutes ago -
3. On January 2, 2000, Larry creates a trust with himself as
trustee. Larry as trustee...
asked 35 minutes ago -
A member of the volleyball team spikes the ball. During this
process, she changes the velocity...
asked 42 minutes ago -
Are adult gamers less likely to use a gaming console (Xbox,
PlayStation, Wii, etc...) than teen...
asked 1 hour ago -
The University of
Texas recently reported that 43% of college students aged 18-24
would spend their...
asked 1 hour ago -
The length of stay at a specific emergency department in
Phoenix, Arizona, in 2009 had a...
asked 1 hour ago -
. Please give the mechanism for this type of problem. Step by
Step
The toxin that...
asked 1 hour ago -
If you have a 1M stock solution and you want to dilute 1 :10
with water,...
asked 1 hour ago -
In a load instruction, the effective address is obtained by
A) Retriving the address from a...
asked 1 hour ago -
Use the following information to answer this question.
Windswept, Inc. 2017 Income Statement ($ in millions)...
asked 1 hour ago -
A mutual fund salesperson has arranged to call on four people
tomorrow. Based on past experience...
asked 1 hour ago