How are uncollectible taxes recorded on the balance sheet?
Which of the following best describes the proper treatment for uncollectible amounts of tax revenue? A. Report bad debt expense. B. Report bad debt expenditures.
What will a properly prepared schedule of revenues and expenditures include?
Sep 16, 2014 · 3. Which of the following best describes the proper treatment for uncollectible amounts of tax revenue? A) Report bad debt expense. B) Report revenue net of uncollectible amounts. C) Report bad debt expenditures. D) Report deferred revenue.
How much of the tax levy will be uncollectible?
The Answer is D - "Report receivable …. View the full answer. Transcribed image text: lowing best describes the proper treatment for uncollectible amounts of taxes? A) Report as bad debt expense. B) Report as deferred inflows of resources. C) Report as bad debt expenditures.
What is the journal entry for 90 Day Tax anticipation notes?
Estimated uncollectible property taxes - 360,000 (6,000,000*0.06) Revenue - 5,640,000. ... Which of the following best describes the proper treatment for uncollectible amounts of taxes? report receivables net of uncollectible amounts.
What is the purpose of the General Fund?
The General Fund is used to account for: -Revenues and expenditures legally restricted to a specific purpose. -The accumulation of resources to pay for principal and interest on the current portion of long-term debt. -Construction of major capital assets.
How much is the Dustin City Grant?
On May 1, the City of Dustin was notified of approval of a $300,000 federal operating grant, payable on a reimbursement basis as the city expends resources for the intended purpose of the grant. As of May 1, no expenditures had been made for grant purposes.
What is the Governmental Activities column in the Statement of Net Position?
The Governmental Activities column of the statement of net position includes financial information for all funds of a government. The City of Island Grove uses encumbrance accounting and its fiscal year ends on June 30. On May 6, a purchase order was approved and issued for supplies in the amount of $6,000.
When does the encumbrance accounting end in Island Grove?
False. The City of Island Grove uses encumbrance accounting and its fiscal year ends on June 30. On May 6, a purchase order was approved and issued for supplies in the amount of $6,000. Island Grove received these supplies on June 2, and the $6,000 invoice was approved for payment.
When are property taxes due in 2017?
Property taxes due 75 days after the end of the 2017 fiscal year would be recognized in 2017 as revenues in the General Fund general journal. An interfund transfer occurs when one fund of government pays another fund of the same government for services provided.
When is the revenue account debited?
The Revenues account of a government is debited when: -The budget is recorded at the beginning of the year. -Property taxes are recorded. -The account is closed to fund balance-unassigned at the end of the year. -Property taxes are collected. The account is closed to fund balance-unassigned at the end of the year.