How much of the tax levy will be uncollectible?
· 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 are uncollectible taxes recorded on the balance sheet?
· A. Report as bad debt expense. B. Report as deferred inflow of resources. C. Report as bad debt expenditures. D. Report receivables net of uncollectible amounts. AACSB: Knowledge Application AICPA: FN Reporting Bloom's: Understand Difficulty: 2 Medium Learning Objective: 4-1 Topic: Recording Property Tax Revenue 51. Property taxes due and ...
What will a properly prepared schedule of revenues and expenditures include?
50) Which of the following 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. D) Report receivables net of uncollectible amounts. Answer: D
What should not be included in the basic financial statements?
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? ... What amounts should have been recorded in the General Fund and the governmental activities journal for the increase in the equipment account during the year ...
What is the Governmental Activities column in the Statement of Net Position?
Which of the following best describes the proper treatment for uncollectible amounts of taxes? Report receivables net of uncollectible amounts. When Capitol City makes its annual lease payment on an unpaid lease obligation, the journal entry …
When does the encumbrance accounting end in Island Grove?
Which of the following best describes the proper treatment for uncollectible amounts of tax revenue? B. Report revenues net of uncollectible amounts. 8. ... The related estimated uncollectible account balance on these taxes was $90,000. On the same date, penalties on the delinquent taxes were assessed in the amount of $45,000.
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The Town of Loveland levied property taxes in the amount of $1,600,000. The town estimates that 1 percent will be uncollectible. ... Which of the following best describes the proper treatment for uncollectible amounts of taxes? Report receivables net of uncollectible amounts.
ACCT 505 Chapter 4 Flashcards | Quizlet
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Solved 13. The Estimated Revenues control account of a | Chegg.com
Answer to Solved 13. The Estimated Revenues control account of a
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.
Which organization establishes accounting and financial reporting standards for the federal government?
The organization that establishes accounting and financial reporting standards for the federal government is the. Federal Accounting Standards Advisory Board (FASAB). The Governmental Accounting Standards Board (GASB) has the authority to set accounting and financial reporting standards for all of the following except: ...
What is the difference between a general fund balance sheet and a government-wide statement of net position?
A General Fund balance sheet differs from a government-wide statement of net position in that: A General Fund balance sheet reports only current assets and liabilities; a government-wide statement of net position reports current and noncurrent assets as well as current and noncurrent liabilities.
What is the AICPA rule 203?
Federal accounting and reporting standards issued by the FASAB: Are considered authoritative guidance for the federal government and its agencies and departments under Rule 203 of the AICPA Code of Professional Conduct , as well as under the GAAP hierarchy promulgated by the FASAB.
Why is financial reporting important?
Financial reporting by state and local governments should be useful in making economic, social, and political decisions, and in assessing accountability by: Assisting in determining compliance with finance-related laws, rules, and regulations.
When are financial resources considered available?
Under the modified accrual basis of accounting used by the General Fund, financial resources are considered available if the revenue or other financing source is expected to be collected. During the current fiscal period or soon enough after year-end to pay current period obligations.
Is Dustin a debit to expenses?
A debit to Expenses. 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.