In October 2015, the Village of Mason levied $80 million of property taxes for its 2016 scal
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In December 2015, the state announced that the village would receive $ 3 million in state assistance. The funds were paid in January 2016 and could have been used (per terms of the state legislation) to cover any legitimate village expenditures incurred in 2016.
1. Prepare fund journal entries to summarize the property tax and grant activity for the fiscal years ending December 31, 2015 and 2016.
2. How would you justify any apparent inconsistencies as to if and when you recognized the taxes receivable as opposed to the grants receivable?
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Related Book For
Government and Not for Profit Accounting Concepts and Practices
ISBN: 978-1118155974
6th edition
Authors: Michael H. Granof, Saleha B. Khumawala
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