Current year Real Property Taxes $6,484,000
Delinquent Taxes 348,000
interest and Penalties Receivable on Taxes 23,860
Sales Taxes 748,000
Licenses and Permits 479,000
Fines and Forfeits 519,000
Intergovernmental Revenues 515,000
Charges for Services 361,000
Miscellaneous Revenues 226,500
Total $9,704,360
Required: Record the receipt of cash and the related credits to receivables and revenues accounts, as applicable, in both the General Fund and governmental activities journals. (Select “Received in Cash” in the drop-down [Description] menu in the Detail Journal related to the General Fund revenue entries.) For governmental activities at the government-wide level, all Licenses and Permits and Charges for Services were attributable to the General Government function as Program Revenue-Charges for Services. Fines and forfeits were collected by General Government departments in the amount of $200,000 and by Public Safety departments in the amount of $319,000. Intergovernmental Revenues should be credited to “Program Revenues—General Government—Operating Grants and Contributions.” (In addition to the cash collection, remember to recognize revenue in the General Fund for the delinquent taxes and interest and penalties collected by reducing the deferred inflows of resources balance. These revenues were not expected to be collected within 60 days of year-end, thus they were not considered “available” under the modified accrual basis of accounting and were classified as Deferred Inflows of Resources in the General Fund. Select “The previous Deferral” in the drop-down [Description] menu in the Detail Journal.)
Current year Real Property Taxes $6,484,000 Delinquent Taxes 348,000 interest and Penalties Receivable on Taxes 23,860...
The General Fund collected the following amounts in cash: Current year Real Property Taxes $6,484,000 Delinquent Taxes 348,000 Interest and Penalties Receivable on Taxes 23,860 Sales Taxes 748,000 Licenses and Permits 479,000 Fines and Forfeits 519,000 Intergovernmental Revenues 515,000 Charges for Services 361,000 Miscellaneous Revenues 226,500 Total $9,704,360 Required: Record the receipt of cash and the related credits to receivables and revenues accounts, as applicable, in both the General Fund and governmental activities journals. (Select “Received in Cash” in the...
10. [Para. 4-a-10] Interest and penalties receivable on delinquent taxes was increased by $40,500; $3,248 of this was estimated as uncollectible and $8,910 was considered unavailable for use in the current fiscal year. Required: Record this transaction in the General Fund and governmental activities journals as a revenue transaction. The $8,910 classified as unavailable for use is recorded as deferred inflows of resources in the General Fund journal and as revenue in the governmental activities journal. Post all journal entries...
Additional interest and penalties were accrued on delinquent property taxes in the amount of $1,960, of which 10 percent was estimated to be uncollectible. (Note: Round the estimated uncollectible to the nearest whole dollar.) Required: Record this accrual in both the General Fund (GF) and governmental activities Need Journal Entries for the General Fund and the Government-Wide Activities (GW) general journals.
Delinquent taxes receivable in the amount of $17,150 were written off as uncollectible. Interest and penalties already recorded as receivable on these taxes, amounting to $8,820, were also written off. Additional interest on these taxes that had legally accrued was not recorded since it was deemed uncollectible in its entirety. Record this transaction in the General Fund (GF) and governmental activities JE is as follows, just need amounts filled in: Estimated Uncollectible Delinquent Taxes Dr Estimated Uncollectible Interest and Penalties...
On July 1, 2017, the beginning of its fiscal year, Ridgedale County recorded gross tax levies of $4,300,000. The county estimated that 4 percent of the taxes levied would be uncollectible. As of April 30, 2018, the due date for all property taxes, the county had collected $3,995,000 in taxes. The county imposed penalties and interest in the amount of $14,600, but only expects to collect $12,850 of that amount. At the end of the fiscal year (June 30, 2018)...
The City of Castleton's General Fund had the following post-closing trial balance at June 30, 2019, the end of its fiscal year: Credits Debits $ 298,000 584,000 $299,120 26,380 11,260 Cash Taxes Receivable-Delinquent Allowance for Uncollectible Delinquent Taxes Interest and Penalties Receivable Allowance for Uncollectible Interest and Penalties Inventory of Supplies Vouchers Payable Due to Federal Government Deferred Inflows of Resources-Unavailable Revenues Fund Balance-Nonspendable-Inventory of Supplies Fund Balance-Unassigned 16,200 149,500 60,490 300,000 16,200 88,010 $924,580 $924,580 5. $1,971,000 of current...
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...
Part C: The Johnson City's legislative group approved a General Fund operating budget for the fiscal year ending June 30, 2017. The budget provides for estimated revenues of $2,700,000 $1,900,000; licenses and permits, $350,000; fines and forfeits, $250,000; and intergovernmental (state grants), $200,000. The budget approved appropriations of $2,650,000 as follows: General Government, $500,000; Public Safety, $1,600,000; Public Works, $350,000; Culture and Recreation, $150,000, and Miscellaneous, $50,000. as follows: property taxes Required Prepare the journal entry (or entries), to record...
On July 1, 2020, the beginning of its fiscal year, Ridgedale County recorded gross property tax levies of $4,200,000. The county estimated that 2 percent of the taxes levied would be uncollectible. As of April 30, 2021, the due date for all property taxes, the county had collected $3,900,000 in taxes. During the current fiscal year, the county collected $53,000 in delinquent taxes and $4,800 in interest and penalties on the delinquent taxes. The county imposed penalties and interest in...
During the current year, the City of Plattsburgh recorded the following transactions related to its property taxes: Levied property taxes of $6,630,000, of which 2 percent is estimated to be uncollectible. Collected current property taxes amounting to $6,005,000. Collected $55,000 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. Imposed penalties and interest in the amount of $6,800 but only expects to...