ACCT. FOR GOV.&NONPROF. ENTITIES>CUSTOM
18th Edition
ISBN: 9781307515596
Author: RECK
Publisher: MCG/CREATE
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Chapter 4, Problem 17.6EP
To determine
Find the correct option, the option that would not be part of entry recording the collection of delinquent taxes in the General Fund.
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During the current year, the town of Salo Alto recorded the following transactions related to its property taxes.
Levied property taxes of $3,300,000, of which 2% is estimated to be uncollectible.
Collected current property taxes amounting to $2,987,500.
Collected $26,500 in delinquent taxes and $2,400 in interest and penalties on the delinquent taxes. These amounts had been recorded as Deferred Inflows of Resources in the prior year.
Imposed penalties and interest in the amount of $3,750 but only expects to collect $3,100 of that amount. None is expected to be collected this year or within 30 days of year-end.
Reclassified uncollected taxes as delinquent. These amounts are not expected to be collected within the first 60 days of the following fiscal year.
Prepare the journal entry. (If no entry is required for a transaction or event, select "No Journal Entry Required" in the first account field.)
8.
The Town of Loveland levied property taxes in the amount of $1,600,000. The town estimates that 1 percent will be uncollectible. The journal entry to record the tax levy will include
Multiple Choice
A debit to Cash for $1,584,000.
A credit to Revenues for $1,584,000.
A debit to Allowance for Uncollectible Current Taxes for $16,000.
A debit to Estimated Revenues for $1,600,000.
[The following information applies to the questions displayed below.]
The county collector of Suncoast County is responsible for collecting all property taxes levied by funds and governments
within the boundaries of the county. To reimburse the county for estimated administrative expenses of operating the tax
custodial fund, the custodial fund deducts 1.7 percent from the collections for the town, the school district, and the other
towns. The total amount deducted is added to the collections for the county and remitted to the Suncoast County General
Fund.
The following events occurred during the year:
1. Current-year tax levies to be collected by the custodial fund were
County General Fund
Town of Bayshore General Fund
Suncoast County Consolidated School District
Other towns
Total
$10,353,000
4,850,000
6,560,000
3,140,000
$24,903,000
2. $13,720,000 of current taxes was collected during the first half of the year.
3. Liabilities to all funds and governments as a result of the first…
Chapter 4 Solutions
ACCT. FOR GOV.&NONPROF. ENTITIES>CUSTOM
Ch. 4 - Last month a local government collected property...Ch. 4 - When preparing the statement or schedule of...Ch. 4 - Prob. 3QCh. 4 - Prob. 4QCh. 4 - If the General Fund of a certain city needs...Ch. 4 - Prob. 6QCh. 4 - Explain why some governments may account for...Ch. 4 - Prob. 8QCh. 4 - Prob. 9QCh. 4 - Prob. 10Q
Ch. 4 - A government reports Deferred Inflows of...Ch. 4 - Prob. 13CCh. 4 - Prob. 15CCh. 4 - Choose the best answer. When equipment is...Ch. 4 - Prob. 17.2EPCh. 4 - Goods for which a purchase order had been placed...Ch. 4 - Prob. 17.4EPCh. 4 - Garden City has calculated that General Fund...Ch. 4 - Prob. 17.6EPCh. 4 - Prob. 17.7EPCh. 4 - Prob. 17.8EPCh. 4 - Carroll City levies 200,000 of property taxes for...Ch. 4 - Prob. 17.10EPCh. 4 - During the current year, the City of Hickory Hills...Ch. 4 - On July 1, 2020, the beginning of its fiscal year,...Ch. 4 - Prob. 20EPCh. 4 - Prob. 21EPCh. 4 - At the end of the current fiscal year, the City of...Ch. 4 - The City of Waterville applied for a grant from...Ch. 4 - The following transactions occurred during the...Ch. 4 - The following transactions affected various funds...Ch. 4 - The following events and transactions relate to...Ch. 4 - The City of Castletons General Fund had the...Ch. 4 - Prob. 28EP
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