Answered step by step
Verified Expert Solution
Question
1 Approved Answer
2 points Save Ang During year 2021, Edward City levied property taxes of $4,000,000, of which 0.625 percent is estimated to be uncollectible. Edward
2 points Save Ang During year 2021, Edward City levied property taxes of $4,000,000, of which 0.625 percent is estimated to be uncollectible. Edward collected $3,600,000 of current property taxes in cash. Edward expected it will collect $250,000 in the first 60 days of year 2022 and $125,000 after the first 60 days of year 2022. Edward also collected $56,000 in delinquent taxes from year 2020 during January-March of year 2021. $20,000 out of $56,000 was collected in March. (Do not add dollar sign: do not add comma by yourself to your amount; round the answer to the whole number; use minus sign if the amount is negative) 1. The amount of property taxes revenues reported on the year 2021 general fund operating statement would be 2. The amount of property taxes revenues reported on the year 2021 government-wide statement of activities would be
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started