Required: 1. On the December 31, 2022, balance sheet for the Village’s general fund, what is the amount reported under assets for property taxes receivable(net)? 2. On the Village’s general fund statement of revenues, expenditures, and changes in fund balance for the year ended December 31, 2022, what is the amount reported for property tax revenue? 3. Make the adjusting journal entry as of December 31, 2022, to record the property taxes that are expected to be collected after March 1, 2023.
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Unlike Illinois, the Village of Maple Park is located in a state in which property taxes are levied and collected in the same fiscal year. The information below pertains to the Village’s general fund for the year ended December 31, 2022:
$9,819,000 of property tax revenue was included in the estimated revenues budget for 2022; |
Property taxes were levied in February, 2022, and $171,000 of the levy was expected to be uncollectible; |
On the two property tax collection dates, a total of $9,600,000 was collected; |
At December 31, 2022, the Village expected property tax collections during the first 60 days of 2023 to be $38,000. |
Required:
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- In 2019, a state government collected income taxes of $8,000,000 for the benefit of one of its cities that imposes an income tax on its residents. The state periodically remitted these collections to the city. The state should account for the $8,000,000 in the a. general fund. b. agency funds. c. internal service funds. d. special assessment funds.The following information pertains to Hempstead City which has a December 31st year-end. Fiscal year 2020 governmental fund property tax revenues that are measurable and available equaled $12,000,000. Sales taxes collected by merchants in 2020 but not remitted to Hempstead City until January 2021 equaled $4,000,000. For the year ended December 31, 2020, Hempstead City should recognize revenues in its governmental fund financial statements of: A. $18,000,000. B. $16,000,000. C. $14,000,000. D. $12,000,000.The following transactions relate to Newport City’s special revenue fund. In 2020, Newport City created a special revenue fund to help fund the 911 emergency call center. The center is to be funded through a legally restricted tax on cellular phones. No budget is recorded. During the first year of operations, revenues from the newly imposed tax totaled $495,000. Of this amount, $445,500 has been received in cash and the remainder will be received within 60 days of the end of the fiscal year. Expenditures (salaries) incurred through the operation of the 911 emergency call center totaled $441,000. Of this amount, $412,335 was paid before year-end. During the year the state government awarded Newport City a grant to reimburse the City’s costs (not to exceed $159,000) for the purpose of training new 911 operators. During the year, the City paid $151,050 (not reflected in the expenditures above) to train new operators for the 911 emergency call center and billed the state government.…
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