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.
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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
Multiple Choice
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A debit to Cash for $1,584,000.
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A credit to Revenues for $1,584,000.
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A debit to Allowance for Uncollectible Current Taxes for $16,000.
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A debit to Estimated Revenues for $1,600,000.
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- 16 The Town of Heartland 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 in the General Fund 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.Provide journal entries for each transaction: 1. The city levied $300,000 of special property taxes that are restricted by statue and by bond indentures for the servicing of general obligation bonds. One percent (1%) of the taxes is expected to be uncollectible. 2. The city collected $246,800 of property taxes before the due date for taxes. The remainder of the taxes receivable become delinquent. 3. The city levied interest and penalties of $6,650 on the overdue taxes receivable. $1,370 of the interest and penalties is expected to prove uncollectible. The interest and penalties on taxes are restricted for debt service as well. 4. The city collected $41,040 of delinquent taxes and $5,130 of interest and penalties receivable. 5. The city wrote off uncollectible taxes receivable of $4,370 and related interest and penalties of $1,370. 6. Investments that cost $1,000,000 were sold for $1,050,000. Investment income is not restricted, but is retained in the fund to be used for debt service if…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 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…Property Tax Calculations and Journal Entries. The Village of Darby's budget calls for property tax revenues for the fiscal year ending December 31, 2011, of $2.660,000. Village records indicate that, on average. 2 percent of taxes are not collected. The county tax assessor has assessed the value of taxable property located in the village at $135,714.300. Required a. Calculate to the nearest penny what tax rate per $100 of assessed valuation is required to generate a tax levy that will produce the required amount of revenue for the year. b. Record the tax levy for 2011 in the General Fund. (Ignore subsidiary detail and entries at the government-wide level.) C By December 31.2011, S2.540,000 of the current property tax levy had been collected. Record the amounts collected and reclassify the uncollected levied amount as delinguent interest and penalties of 6 percent were immediately due an the delinquent taxes but the finance director estimates that 10 percent will hot be collectible.…The town of quincy's fiscal year ends on June 30. The following data relate to the property tax levy for the fiscal year ended June 30., 2020. Prepare jounal entries for each of the dates indictaed. a. The balance in Deferres Inflows _ property taxes was $48,000 at the end of the previous year. This was recognized as revenue in the current year in a reversing jounal entry. B. It is, after all, c. October 31, $4,200,000 in property taxes were collected. d. December 31, $3,700,000 in additional property taxes were collected. e. receivables totaling $8,700 wer deemed to be uncollectible and written off. f. On June 30, $37,000 was moved from revenue control to deferred inlfows, because it was not expected to be collected within 60 days.
- The following information concerns tax revenues for the city of Fairfield. The balances concerning property taxes on January 1, 2018, were as follows:Delinquent property taxes receivable . . . . . . . . . . . . . . . . . . . . . . . . $105,000Allowance for uncollectible delinquent taxes . . . . . . . . . . . . . . . . . . (30,000)Tax liens receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40,000Allowance for uncollectible tax liens . . . . . . . . . . . . . . . . . . . . . . . . . (23,000)Prepare entries in the general fund for the following 2018 events:Jan. Since current property taxes would not be collected for several months, $275,000 was borrowed using tax anticipation notes.Feb. Tax liens of $10,000 were collected; in addition, $2,000 of interest was collected that had not been accrued. The balance of tax liens was settled by receiving $13,000 for the property subject to the tax liens.Apr. Collections on delinquent property taxes were $100,000,…During the current year, the City of Plattsburgh recorded the following transactions related to its property taxes: 1. Levied property taxes of $6,650,000, of which 2 percent is estimated to be uncollectible. 2. Collected current property taxes amounting to $6,015,000. 3. Collected $57,000 in delinquent taxes and $4,800 in interest and penalties on the delinquent taxes. These amounts had been recorded as Deferred Inflows of Resources in the prior year. 4. Imposed penalties and interest in the amount of $7,200 but only expects to collect $6,200 of that amount. 5. Reclassified uncollected taxes and interest and penalties as delinquent. These amounts are not expected to be collected within the first 60 days of the following fiscal year. Required a. Prepare journal entries to record the property tax transactions in the General Fund. b. Prepare journal entries to record the property tax transactions in the governmental activities journal. c. Determine the amount of property tax revenue…Monroe county levies a tax on the value of real property located within the county. The tax equals 3 percent of the property's assessed value up to $2 million plus 1 percent of the value in excess of $2 million. Required: a. Compute the tax on real property valued at $1.3 million. b. Compute the tax on real property valued at $4.5 million.
- 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. $1,970,0007 Accounting for Property Taxes Tyler County's general fund starts the fiscal year 2020 wi $250,000 balance for net property taxes receivable. The balance is net of a $200,000 allowance for un lectible taxes. The county also starts the year with $125,000 in deferred inflows from taxes collecte advance, which are available for spending in fiscal 2020. The county records the following transact in fiscal 2020, related to property tax billings and collections. Property tax bills totaling $40,000,000 are sent out. The county expects that $500,000 of these are uncollectible. 1. 2. Property taxes of $39,135,000 are collected in cash. Of this amount, $275,000 is payment for f 2019 taxes, $165,000 is fiscal 2021 taxes paid in advance, and the remainder is payment of f 2020 property taxes. 3. The uncollected taxes for fiscal 2019 are written off. Of the uncollected fiscal 2020 property taxes, it is estimated that $950,000 will be collected w 60 days of year-end, and the remainder are…The city of Summerton has a sales tax rate of 8%. A local convenience store sells merchandise, and the customer pays a total of $38.34. What effect does this transaction have on total liabilities?a. Increase of $3.07.b. Decrease of $38.34.c. Increase of $2.84.d. No effect.