1-The county levied property taxes of $5,000,000. It is estimated that 2% will be uncollectible. The...
1-The county levied property taxes of $5,000,000. It is estimated that 2% will be uncollectible. The rest of the taxes are expected to be collected by year end or soon enough thereafter to be considered available at year end. Which of the following would be a correct entry?
(CR) Taxes Receivable—Current 5,000,000
(CR) Allowance for Uncollectible Taxes—Current 100,000
(DB)Allowance for Uncollectible Taxes—Current 100,000
(DB) Revenues 4,900,000
2- The county General Fund loaned $800,000 (from resources available for general purposes) to the Washington County Inland Port Authority Enterprise Fund. The loan is to be repaid in 3 years. Which entry would be correct?
(DB) Advance to Enterprise Fund 800,000
(DB) Cash 800,000
(DB) Due to Enterprise Fund 800,000
(CR) Advance to Enterprise Fund 800,000
3-The county purchased road maintenance equipment at an actual cost of $40,000,which was vouchered. Which entry would be correct?
(CR) Expenditures 40,000
(DB) Vouchers Payable 40,000
(CR) Cash 40,000
General capital assets accounts would be increased by 40,000
Homework Answers
Answer to Question No. 1
(DB)Allowance for Uncollectible Taxes—Current 100,000
Answer to Question No. 2
(DB) Advance to Enterprise Fund 800,000
Answer to Question No. 3
(CR) Cash 40,000
Add Answer to:
1-The county levied property taxes of $5,000,000. It is
estimated that 2% will be uncollectible. The...
The county purchased road maintenance equipment at an actual cost of $40,000,which was vouchered. Which entry...
The county purchased road maintenance equipment at an actual cost of $40,000,which was vouchered. Which entry would be correct? 1. (DB) Vouchers Payable 40,000 2. (CR) Expenditures 40,000 3. (CR) Cash 40,000 4. General capital assets accounts would be increased by 40,000
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...
On July 1, 2020, the beginning of its fiscal year, Ridgedale County recorded gross property tax...
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...
mislead users ay P4-4 (GL and SL Entrie lowing transactions and ex Ledger of a local...
mislead users ay P4-4 (GL and SL Entrie lowing transactions and ex Ledger of a local gover getary or actual in nature. tead users Old gu n u unu vuugui comparison Statement? SL Entries) Prepare the journal entries (budgetary and actual) to record the fol- tions and events in the General Ledger. Revenues Ledger, and Expenditures local government General Fund. Identify whether the entry is for the General or for the subsidiary ledgers. Also, note whether the General Ledger entries...
On July 1, 2020, the beginning of its fiscal year, Ridgedale County recorded gross property tax...
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...
On July 1, 2020, the beginning of its fiscal year, Ridgedale County recorded gross property tax...
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...
On July 1, 2017, the beginning of its fiscal year, Ridgedale County recorded gross tax levies...
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)...
Credits Debits $132,348 47.220 Cash Taxes Receivable Allowance for Uncollectible Taxes Supplies D...
part d
Credits Debits $132,348 47.220 Cash Taxes Receivable Allowance for Uncollectible Taxes Supplies Deferred Inflows-Property Taxes Wages Payable Fund Balance $ 1,570 660 21,000 156.758 $180,228 Totals $180,228 During 2017, Jefferson experienced the following transactions: 1. The budget was passed by the County Commission, providing estimated revenues of $285,000 and appropriations of $235,000 and estimated other financing uses of $40,000 2. Encumbrances totaling $4,800 putstanding at December 31, 2016, were 3. The Deferred Inflows-Property Taxes at December 31, 2016,...
On July 1, 2020, the beginning of its fiscal year, Ridgedale County recorded gross property tax...
On July 1, 2020, the beginning of its fiscal year, Ridgedale
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, 2017, the beginning of its fiscal year, Johnson County recorded gross property tax...
On July 1, 2017, the beginning of its fiscal year, Johnson County recorded gross property tax levies of $4,200,000. The county estimated that 5 percent of the taxes levied would be uncollectible. As of April 30, 2018, the due date for all property taxes, the county had collected $3,900,000 in taxes. The county imposed penalties and interest in the amount of $14,500, but only expects to collect $12,800 of that amount. At the end of the fiscal year (June 30,...
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...
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...
mislead users ay P4-4 (GL and SL Entrie lowing transactions and ex Ledger of a local gover getary or actual in nature. tead users Old gu n u unu vuugui comparison Statement? SL Entries) Prepare the journal entries (budgetary and actual) to record the fol- tions and events in the General Ledger. Revenues Ledger, and Expenditures local government General Fund. Identify whether the entry is for the General or for the subsidiary ledgers. Also, note whether the General Ledger entries...
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...
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)...
part d
Credits Debits $132,348 47.220 Cash Taxes Receivable Allowance for Uncollectible Taxes Supplies Deferred Inflows-Property Taxes Wages Payable Fund Balance $ 1,570 660 21,000 156.758 $180,228 Totals $180,228 During 2017, Jefferson experienced the following transactions: 1. The budget was passed by the County Commission, providing estimated revenues of $285,000 and appropriations of $235,000 and estimated other financing uses of $40,000 2. Encumbrances totaling $4,800 putstanding at December 31, 2016, were 3. The Deferred Inflows-Property Taxes at December 31, 2016,...
On July 1, 2020, the beginning of its fiscal year, Ridgedale
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...
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