4. [Para. 5-a-4] Sales tax revenue of $83,000 was received. Required: Record this transaction in both the Street Improvement Fund and governmental activities general journals.
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- Entity XYZ is a national government agency. Some of the major transactions of the agency for the year 202X were as follows: 1.The approved legislative appropriation for the year was 1 Billion. 10% of this appropriation was alloted by the Department of Budget and Management (DBM) to Entity XYZ.This allotment is broken down as follows: Capital Outlay 50% Maintenance and other operating expenses (MOOE) 40% Personnel Services (PS) 10% 2.Received Notice of Cash Allocation (NCA) from DBM, P20 million,net of tax 3.Obligations were incurred as follows: Capital Outlay 5million Obligation for (MOOE) 3million Personnel Services (PS) 2million 4. Delivery of office equipment and office supplies on account: office equipment 3million office supplies 200,000 5.Payable to officers and employees upon approval of payroll: Salaries and wages P1,000,000 Personnel economic relief allowance(PERA) 150,000 Gross Payroll 1,150,000 Less:Deductions Withholding Tax P35,000 Government service Insurance…Entity XYZ is a national government agency. Some of the major transactions of the agency for the year 202X were as follows: 1.The approved legislative appropriation for the year was 1 Billion. 10% of this appropriation was alloted by the Department of Budget and Management (DBM) to Entity XYZ.This allotment is broken down as follows: Capital Outlay 50% Maintenance and other operating expenses (MOOE) 40% Personnel Services (PS) 10% 2.Received Notice of Cash Allocation (NCA) from DBM, P20 million,net of tax 3.Obligations were incurred as follows: Capital Outlay 5million Obligation for (MOOE) 3million Personnel Services (PS) 2million 4. Delivery of office equipment and office supplies on account: office equipment 3million office supplies 200,000 5.Payable to officers and employees upon approval of payroll: Salaries and wages P1,000,000 Personnel economic relief allowance(PERA) 150,000 Gross Payroll 1,150,000 Less:Deductions Withholding Tax P35,000 Government service Insurance…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
- [Para. 4a-16] The balances in the current taxes receivable and related estimated uncollectibles accounts were reclassified as delinquent. Interest and penalties of $56,580 were also recorded on the delinquent taxes, of which $10,500 was estimated to be uncollectible. Required: Record this transaction and reclassification in the General Fund and governmental activities journals. Property tax revenues should be reduced and Deferred Inflows of Resources should be recorded in the General Fund, since these revenues are considered “unavailable” under the modified accrual basis of accounting used in governmental funds. Interest and penalties should be recorded as Deferred Inflows of Resources, rather than interest and penalties revenue, in the General Fund. At the government-wide level, the property taxes continue to be included in current year revenue, and interest and penalties are also recorded as current year revenue at the government-wide level.)Hi, I am in advanced accounting, and we are studying state and local governments. Can you help me create a balance sheet? The following unadjusted trial balance is for the governmental funds of the city of Copeland prepared from the current accounting records: Debit Credit Cash $19,000 taxes receivable 202,000 allowance for uncollectible taxes $2,000 vouchers payable 24,000 due to debt service fund 10,000 unavailable revenues 16,000 encumbrances outstanding 9,000 fund balance-unassigned…Kk175. prepere the following entries in good format: The Village of Tomball received $5,000,000 in taxes previously recorded. Record the receipt of Taxes from the Tax Assessor Collector The Village of Tomball invests the money at a local bank in a CD. The amount If $5,000,000. The Village of Tomball paid their vouchers payable pending in their books totaling $500,000.
- On January 1, 20x1, Entity A receives a financial aid from the government amounting to ₱1M as compensation for losses it has incurred on a recent calamity. How much income from government grant will Entity A recognize in 20x1? 1,000,000 3 53,334 100,000 4. 0A government agency had the following items for disbursements:Electricity Expenses 560,000Telephone Expenses 134,400Rent Expenses 89,600 Office Supplies Inventory 100,800Office Equipment 168,000How much is the total amount credited to 1-01-04-040 for the above disbursements?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
- On December 31, Year 1, the following balances were due from the state government to Clare City's various funds: Capital projects $300,000 Special revenue fund $18,000 Investment trust fund100,000 Enterprise 80,000 Custodial fund 100,000 Debt servide fund 100,000 In Clare's December 31, Year 1, financial statements, what amount should be reported in fiduciary funds? $600,000 $400,000. $300,000. $1,050,000*see attached What amount of income tax payable should be reported?a. P 385,000b. P 498,000c. P 425,000d. P 305,0001) Determine whether each of the following elements should be classified as taxes, licenses, permits, intergovernmental revenues, service fees, fines, forfeiture, or miscellaneous income in a government fund. A) Government sales and usage taxes. B) Citizen payments for the use of the city pool. C) Building permits to build a roof in a house 2) Explain income, expenses, receipts, and payment? Draw the figure with an example? What is the difference between the two statements? 15 degrees.