The Town of Pavilion’s July 1, 2022, balance sheet reports the following property tax accounts: Taxes receivable $140,000 Allowance for uncollectible taxes (98,000) Taxes receivable, net $42,000 During fiscal 2023, $60,000 in cash is collected on fiscal 2022 taxes and the remainder are written off. The town levies fiscal 2023 property taxes in the amount of $2,000,000. It estimates that uncollectible property taxes for 2023 are $50,000. Cash collected for 2023 property taxes is $1,880,000. $30,000 of the remaining uncollected 2023 taxes are expected to be collected within 60 days of fiscal year-end 2023. How much tax revenue is reported in fiscal 2023 from fiscal 2023 collections of fiscal 2022 taxes? Select one: a. $42,000 b. $18,000 c. $60,000 d. $0
The Town of Pavilion’s July 1, 2022, balance sheet reports the following property tax accounts: Taxes receivable $140,000 Allowance for uncollectible taxes (98,000) Taxes receivable, net $42,000 During fiscal 2023, $60,000 in cash is collected on fiscal 2022 taxes and the remainder are written off. The town levies fiscal 2023 property taxes in the amount of $2,000,000. It estimates that uncollectible property taxes for 2023 are $50,000. Cash collected for 2023 property taxes is $1,880,000. $30,000 of the remaining uncollected 2023 taxes are expected to be collected within 60 days of fiscal year-end 2023. How much tax revenue is reported in fiscal 2023 from fiscal 2023 collections of fiscal 2022 taxes? Select one: a. $42,000 b. $18,000 c. $60,000 d. $0
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter9: Current Liabilities And Contingent Obligations
Section: Chapter Questions
Problem 7P
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The Town of Pavilion’s July 1, 2022, balance sheet reports the following property tax accounts:
Taxes receivable $140,000
Allowance for uncollectible taxes (98,000)
Taxes receivable, net $42,000
During fiscal 2023, $60,000 in cash is collected on fiscal 2022 taxes and the remainder are written off. The town levies fiscal 2023 property taxes in the amount of $2,000,000. It estimates that uncollectible property taxes for 2023 are $50,000. Cash collected for 2023 property taxes is $1,880,000. $30,000 of the remaining uncollected 2023 taxes are expected to be collected within 60 days of fiscal year-end 2023.
How much tax revenue is reported in fiscal 2023 from fiscal 2023 collections of fiscal 2022 taxes?
Select one:
a. $42,000
b. $18,000
c. $60,000
d. $0
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