(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.

(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.

SWFT Corp Partner Estates Trusts

42nd Edition

ISBN:9780357161548

Author:Raabe

Publisher:Raabe

Chapter14: Taxes On The Financial Statements

Section: Chapter Questions

Problem 4BCRQ

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Subject :- Accounting During the current year, Knoxx County levied property taxes of $2,000,000 of which is 1% is is expected to be uncollectable. The following amounts were collected during the current year: Prior year taxes collected within the first 60 days of the current year: $50,000 Prior year taxes collected between 60 and 90 days into the current year: $120,000 Current year taxes collected in the current year: $1,800,000 Current year taxes collected within the first 60 days of the subsequent year: $80,000 What amount of property tax revenue should knoxx county report in its government-wide statement of activities? a. $1,980,000 b. $2,000,000 c. $1,800,000 d. $1,970,000
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The statements of financial position of Nedburg include the following extracts: Statements of financial position as at 30 September 20X2 20X1 $m $m Non-current liabilities Deferred tax 310 140 Current liabilities Taxation 130 160 The tax charge in the statement of profit or loss for the year ended 30 September 20X2 is $270 million. What amount of tax was paid during the year to 30 September 20X2?