A public school district should recognize revenue from property taxes levied for its debt service fund...
A public school district should recognize revenue from property taxes levied for its debt service fund when
Funds from the levy are measurable and available to the district.
Assessed valuations of property subject to the levy are known.
Bonds to be retired by the levy are due and payable.
Proceeds from collection of the levy are deposited in the district’s bank account.
Homework Answers
|
Answer)Funds from the levy are measurable and available to the district. Debt service funds apply the modified accrual basis of accounting. Thus, revenues are recognized when they are measurable and available. Property tax revenues are recognized in the period for which the taxes are levied if the availability criterion is met. For property taxes, this criterion is met if they are collected within the current period or soon enough thereafter (not exceeding 60 days) to pay current liabilities |
Add Answer to:
A public school district should recognize revenue from property
taxes levied for its debt service fund...
All numbers are in millions. A new school district receives $4.0 in property tax revenue The...
All numbers are in millions. A new school district receives $4.0 in property tax revenue The school issues $2.0 in proceeds from the sale of bonds designated for general funding. The School transfers $1.0 to the debt service fund to be used to pay on the bonds The money in the debt service fund earned $.1 interest The school purchased 100 desks for classrooms at a total cost of $.2 The school issued a special property tax levy of $1.0...
1. On June 1, 2020, a school district levies the property taxes for its fiscal year...
1. On June 1, 2020, a school district levies the property taxes for its fiscal year that will end on June 30, 2021. The total amount of the levy is $1,000,000, and 1% is expected to be uncollectible. On levy, $250,000 is collected in June 2020 and another $500,000 is collected in July and August 2010 What is the maximum amount of property tax revenue associated with the June 1, 2020, levy that the school district might report as revenue...
2. A large city uses certain governmental-type funds (General, Special Revenue, Debt Service, and Capital Projects)...
2. A large city uses certain governmental-type funds (General, Special Revenue, Debt Service, and Capital Projects) and proprietary-type funds (Internal Service and Enterprise). State the fund or funds that would be used to record the following transactions 1. The city sent property tax bills to all taxpayers. Most of the taxes were to be used to finance the day-to-day activities of the city. A portion of the tax, however, was levied for the specific purpose of financing operations of the...
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...
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,...
6-23. Serial Bond Debt Service Fund Journal Entries and Financial Statements. LO6-2, LO6-5) As of December...
6-23. Serial Bond Debt Service Fund Journal Entries and Financial Statements. LO6-2, LO6-5) As of December 31, 2019, Sandy Beach had $9,500.000 in 4.5 percent serial bonds outstanding. Cash of $509,000 is the debt service fund's only asset as of December 31, 2019, and there are no liabilities. The se- rial bonds pay interest semiannually on January I and July 1, with $500,000 in bonds being retired on each interest payment date. Resources for payment of interest are transferred from...
4 3. 13. T, F. GASB Statement No. 33 Accounting and financial Reporting for Non-exchange Transactions...
4 3. 13. T, F. GASB Statement No. 33 Accounting and financial Reporting for Non-exchange Transactions provides a very useful guide as to when to recognize revenue in government-wide financial statements 14. Under the modified accrual basis of accounting, revenues cannot be recognized a. Until cash is collected b. Unless they will be collected within 60 days c. Until they are subject to accrual d. Until they are measurable and available e. None of the above. 15. "Available" (as in...
Chapter 2 The Use of Funds in Governmental Accounting LO 2 MC2-15. Under the modified accrual...
Chapter 2 The Use of Funds in Governmental Accounting LO 2 MC2-15. Under the modified accrual basis of counting for a government property tax revenues show be recognized in the accounting period in which they G are levied b are collected in cash c are levied, subject to a provision for collectible receivables d/ are levied and become measurable wil available LO 3 MC3-16. A city-owned electric utility, which serves primarily the city's residents, sends a bill to the city...
Journal entries, financial statements, and closing entries for a Debt Service Fund The following are a...
Journal entries, financial statements, and closing entries for a Debt Service Fund The following are a trial balance and several transactions that relate to Lewisville's Concert Hall Bond Fund: LEWISVILLE Debt Service Fund Concert Hall Bond Fund Trial Balance July 1, 2018 Debits Credits Cash $60,000 Investments 40.000 Restricted fund balance $100,000 $100,000 $100,000 The following transactions took place between July 1, 2018 and June 30, 2019: 1. The city council of Lewisville adopted the budget for the Concert Hall...
I mainly need this last part "preparation of fund financial statements and schedules" thanks! Scenario and...
I mainly need this last part
"preparation of fund financial statements and schedules"
thanks!
Scenario and General Fund budgetary journal entries The scenario: Croton City maintains four governmental-type funds: a General Fund, a Library Special Revenue Fund, a Capital Projects Fund, and a Debt Service Fund. Croton City started its calendar year 2019 with the following General Fund balances (all numbers are in thousands of dollars) Debits Credits Cash Property taxes receivable Salaries payable Deferred property tax revenues Unassigned fund...
1. On June 1, 2020, a school district levies the property taxes for its fiscal year that will end on June 30, 2021. The total amount of the levy is $1,000,000, and 1% is expected to be uncollectible. On levy, $250,000 is collected in June 2020 and another $500,000 is collected in July and August 2010 What is the maximum amount of property tax revenue associated with the June 1, 2020, levy that the school district might report as revenue...
2. A large city uses certain governmental-type funds (General, Special Revenue, Debt Service, and Capital Projects) and proprietary-type funds (Internal Service and Enterprise). State the fund or funds that would be used to record the following transactions 1. The city sent property tax bills to all taxpayers. Most of the taxes were to be used to finance the day-to-day activities of the city. A portion of the tax, however, was levied for the specific purpose of financing operations of 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...
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,...
6-23. Serial Bond Debt Service Fund Journal Entries and Financial Statements. LO6-2, LO6-5) As of December 31, 2019, Sandy Beach had $9,500.000 in 4.5 percent serial bonds outstanding. Cash of $509,000 is the debt service fund's only asset as of December 31, 2019, and there are no liabilities. The se- rial bonds pay interest semiannually on January I and July 1, with $500,000 in bonds being retired on each interest payment date. Resources for payment of interest are transferred from...
4 3. 13. T, F. GASB Statement No. 33 Accounting and financial Reporting for Non-exchange Transactions provides a very useful guide as to when to recognize revenue in government-wide financial statements 14. Under the modified accrual basis of accounting, revenues cannot be recognized a. Until cash is collected b. Unless they will be collected within 60 days c. Until they are subject to accrual d. Until they are measurable and available e. None of the above. 15. "Available" (as in...
Chapter 2 The Use of Funds in Governmental Accounting LO 2 MC2-15. Under the modified accrual basis of counting for a government property tax revenues show be recognized in the accounting period in which they G are levied b are collected in cash c are levied, subject to a provision for collectible receivables d/ are levied and become measurable wil available LO 3 MC3-16. A city-owned electric utility, which serves primarily the city's residents, sends a bill to the city...
Journal entries, financial statements, and closing entries for a Debt Service Fund The following are a trial balance and several transactions that relate to Lewisville's Concert Hall Bond Fund: LEWISVILLE Debt Service Fund Concert Hall Bond Fund Trial Balance July 1, 2018 Debits Credits Cash $60,000 Investments 40.000 Restricted fund balance $100,000 $100,000 $100,000 The following transactions took place between July 1, 2018 and June 30, 2019: 1. The city council of Lewisville adopted the budget for the Concert Hall...
I mainly need this last part
"preparation of fund financial statements and schedules"
thanks!
Scenario and General Fund budgetary journal entries The scenario: Croton City maintains four governmental-type funds: a General Fund, a Library Special Revenue Fund, a Capital Projects Fund, and a Debt Service Fund. Croton City started its calendar year 2019 with the following General Fund balances (all numbers are in thousands of dollars) Debits Credits Cash Property taxes receivable Salaries payable Deferred property tax revenues Unassigned fund...
Most questions answered within 3 hours.
-
Based on the range, which of the following sets of scores has
the greatest variability? 3,...
asked 43 minutes ago -
Ripples in a pond travel at a velocity of 3 m/s with one peak
passing a...
asked 33 minutes ago -
A man stands on the roof of a building of height 13.0 mm and
throws a...
asked 39 minutes ago -
The extent to which assets are financed by borrowed funds and
other liabilities is indicated by:...
asked 1 hour ago -
Explain in detail
Germany is the fifth largest economy
explain what goods and services Germany specializes...
asked 1 hour ago -
The density of platinum is 21.45 g/mL. If a cube of platinum
with a mass of...
asked 2 hours ago -
Accounts Receivable
Sales
A/R Posting
Extended Sales Invoice
Packing Slip
Compare invoice to packing slip 2...
asked 2 hours ago -
Michaella, age 23, is a full-time law student and is claimed by
her parents as a...
asked 2 hours ago -
Why are polymers not typically casted into products?
asked 2 hours ago -
When rolling a die 129 times, what is the probability of rolling
a 6 no more...
asked 2 hours ago -
4. A call option currently sells for $7.75. It has a strike
price of $85 and...
asked 2 hours ago -
1.
You need to prepare 10.0 liters of an acid aqueous solution with a
pH of...
asked 2 hours ago