The Town of Pavilion's July 1, 2019 balance sheet reports the following property tax accounts: Taxes...
The Town of Pavilion's July 1, 2019 balance sheet reports the following property tax accounts:
Taxes receivable $70,000
Allowance for uncollectible taxes (49,000)
Taxes receivable, net $21,000
During fiscal 2020, $30,000 in cash is collected on fiscal 2019 taxes and the remainder are written off. The town levies fiscal 2020 property taxes in the amount of $1,000,000. It estimates that uncollectible property taxes for 2020 are $25,000. Cash collected for 2020 property taxes is $940,000. $15,000 of the remaining uncollected 2020 taxes are expected to be collected early in fiscal 2021.
What are property tax revenues for fiscal 2020?
$955,000
$964,000
$966,000
$970,000
Homework Answers
Property tax revenues for fiscal year 2020 are $964,000 calculated as the aggregate of $940000, $15000 and $9,000. It has been given in the question that $940000 of the 2020 property taxes are collected in cash and out of the balance, $15000 are expected to be collected early in fiscal year 2021. Also, out of the opening taxes receivable of $21,000, $30,000 have been received, resulting in excess receipt of $9,000. It is like a bad debt recovery which will be accounted for as revenue in the year of receipt.
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The Town of Pavilion's July 1, 2019 balance sheet reports the
following property tax accounts:
Taxes...
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On July 1, 2020, the beginning of its fiscal year, Ridgedale County recorded gross property tax...
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taxes, the county had collected $2,950,000 in taxes. During the
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County recorded gross property tax levies of $3,200,000. 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 $2,950,000 in taxes. During the
current fiscal year, the county collected $48,000 in delinquent
taxes and $3,800 in interest and penalties on the delinquent taxes.
The county imposed penalties and interest in...
On July 1, 2020, the beginning of its fiscal year, Ridgedale
County recorded gross property tax levies of $3,200,000. The county
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uncollectible. As of April 30, 2021, the due date for all property
taxes, the county had collected $2,950,000 in taxes. During the
current fiscal year, the county collected $48,000 in delinquent
taxes and $3,800 in interest and penalties on the delinquent taxes.
The county imposed penalties and interest in...
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