185. During the current year, Wythe County levied$2,000,000 property taxes, 1% of which is expectedto be uncollectible. During the year, the county col-lected $1,800,000 and wrote off $15,000 as uncol-lectible. What amount should Wythe County reportas property tax revenue in its government-widestatement of activities for the current year?a. $1,800,000b. $1,980,000c. $1,985,000d. $2,000,000186. Harland County received a $2,000,000 capitalgrant to be equally distributed among its five munici-palities. The grant is to finance the construction ofcapital assets. Harland had no administrative or directfinancial involvement in the construction. In whichfund should Harland record the receipt of cash?a. Agency fundb. General fund.c. Special revenue fund.d. Private purpose trust fund.

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CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter6: Business Expenses

Section: Chapter Questions

Problem 53P

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