11. [Para. 4-a-11] Interest and penalties receivable on delinquent taxes was increased by $8,454; $1,536 of this was estimated as uncollectible and based on past history $2,113 was considered to be unavailable for use in the current fiscal year. Required: Record this transaction in the General Fund and governmental activities journals. The $2,113 considered unavailable for use is recorded as deferred inflows of resources in the General Fund journal and as revenue in the governmental activities journal.

11. [Para. 4-a-11] Interest and penalties receivable on delinquent taxes was increased by $8,454; $1,536 of this was estimated as uncollectible and based on past history $2,113 was considered to be unavailable for use in the current fiscal year. Required: Record this transaction in the General Fund and governmental activities journals. The $2,113 considered unavailable for use is recorded as deferred inflows of resources in the General Fund journal and as revenue in the governmental activities journal.

SWFT Corp Partner Estates Trusts

42nd Edition

ISBN:9780357161548

Author:Raabe

Publisher:Raabe

Chapter3: Corporations: Introduction And Operating Rules

Section: Chapter Questions

Problem 21DQ

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Interest and penalties of $59,580 were recorded on delinquent taxes, of which $10,750 was estimated to be uncollectible. Sales taxes receivable of $21,722 were also recorded. Required: Interest and penalties should be recorded as Deferred Inflows of Resources, rather than interest and penalties revenue, in the General Fund. On the other hand, sales taxes are recorded as revenue in the General Fund since they will be collected shortly after year end. At the government-wide level, both the interest and penalties and sales taxes are recorded as current year revenue.
A $110,000 payment is made on a long-term liability. Of this amount, $10,000 represents interest. Which of the following is not true for the recording of this transaction? Choose the correct.a. Reduce liabilities by $100,000 in the government-wide financial statements.b. Record a $110,000 expenditure in the fund financial statements.c. Reduce liabilities by $100,000 in the fund financial statements.d. Recognize $10,000 interest expense in the government-wide financial statements.
9 - 391- The balance of the calculated VAT account is 5,000 TL, 191 The balance of the deductible VAT account is also3 750 T, 190-The balance of the transferred VAT account is 1000 TL. Which account is the difference and how?saved? A) 360-To the receivable of the tax and funds account payable B) 190- To the debt of the transferred VAT accountC) 360-To the debt of the tax and funds payable account D) 190- To the receivable of the VAT account of the transferredE) None
11. The following differences enter into the reconciliation of financial income and taxable income of Abbott Company for the year ended December 31, 2021, its first year of operations. The enacted income tax rate is 30% for all years. Pretax accounting income - P700,000 Excess tax depreciation - (320,000) Litigation accrual - 70,000 Unearned rent revenue deferred on the books but appropriately recognized in taxable income - 50,000 Interest received on government obligations - (20,000) Taxable income - P480,000 1.Excess tax depreciation will reverse equally over a four-year period, 2022-2025. 2.It is estimated that the litigation liability will be paid in 2025. 3.Rent revenue will be recognized during the last year of the lease, 2025. 4.Interest received on government obligations is expected to be P20,000 each year until their maturity at the end of 2025. Deferred tax asset for the year ended 2021 is
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13 - 391- The balance of the calculated VAT account is 10,000 TL, 191 The balance of the deductible VAT account is 15,000 TL, 190-The balance of the transferred VAT account is 4000 TL. How is the difference saved to which account?A) 190- To the receivable of the transferred VAT accountB) 360-To the debt of the tax and funds payable account C) 360-Tax and funds payable account receivable D) 190- To the debt of the transferred VAT accountE) None
(Deferred Taxes) The following information is for the governmental funds (total) of Bell County for 20X6. Assume the deferred tax revenues meet the earnings criteria. Deferred Tax Revenues (January 1) .......................... $ 800,000 Deferred Tax Revenues (December 31) ....................... 1,300,000 Tax Revenues (20X6) ...................................... 8,000,000 Explain the worksheet adjustments to derive the tax revenues to be reported for governmental activities in the government-wide financial statements.
Question The following are the balances extracted from the public Accounts on the consolidated fund from the year ended 31 December 2016. GHS000 Direct Tax 1044460 compensation of employee 808672 Goods and Services 404336 Non-financial Assets 134779 Indirect tax 939556 Grants 28110 Interest Expenses 398138 Social benefits 238882 Other Expenses 159255 Other revenue…
12. The following differences between financial and taxable income were reported by Dimaano Corporation for the current year: Excess of tax depreciation over book depreciation 60,000 Interest revenue on government bonds 9,000 Excess of estimated warranty expense over actual expenditures 54,000 Unearned rent received 12,000 Fines paid 30,000 Excess of income reported under percentage of completion accounting for financial reporting over completed contract accounting used for tax reporting 45,000 Interest on indebtedness incurred to purchase tax-exempt securities 3,000 Unrealized losses on equity investments at fair value through profit or loss recognized for financial reporting 18,000 Additional information: -The company had pretax accounting income of P 900,000 for the current year before considering the items listed above -The company does not have any temporary difference at the beginning of the year. -There were no income tax payments made during the year -Income…
A $110,000 payment is made on a long-term liability. Of this amount, $10,000 represents interest. Which of the following is true for the recording of this transaction? Reduce liabilities by $100,000 in the government-wide financial statements. Record a $110,000 expenditure in the fund financial statements. Reduce liabilities by $100,000 in the fund financial statements. Recognize $10,000 interest expense in the government-wide financial statements.
L 20 A payment is received for an audit in progress. State tax liability is $20,187.50 and county tax liability is $11,687.50. What percentage of the payment will be allocated to state and county tax due?
8) OMR 2,000,000 of special assessments was levied on property owners in a special benefit district, payable in 10 equal annual installments. What are the journal entry of debt service fund?