Question
1. The Village of Greenton is preparing worksheet adjustments for their government-wide statements. For each of the following situations, record the correct worksheet adjustments: A.
1. The Village of Greenton is preparing worksheet adjustments for their government-wide statements. For each of the following situations, record the correct worksheet adjustments: A. The village levied property taxes for the current fiscal year in the amount of $8,000,000. At year-end, $720,000 of the taxes had not been collected. It was estimated that $330,000 of that amount would be collected during the 60 days after the end of the fiscal year and that $290,000 would be collected after that time and the balance would be uncollectible. B. $131,000 of property taxes had been deferred at the end of the previous year. C. In addition to the expenditures allowed under modified accrual accounting, the village computed that an additional $72,000 should be accrued for compensated absences. D. In the Statement of Revenues, Expenditures, and Changes in Fund Balances, General Fund transfers out included $332,000 to a debt service fund and $350,000 to a special revenue fund. General Fund transfers in included $1,000,000 from an enterprise
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