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Accounting 512- governmental and nonprofit problems. Need in next hour please! This question involves property tax transactions and calculations and must be answered in the
Accounting 512- governmental and nonprofit problems. Need in next hour please!
This question involves property tax transactions and calculations and must be answered in the order presented. You may want to post T-accounts for each of the receivable, allowance and revenue accounts you use. A general fund levies taxes in the amount of $20,500,000 for 2017. Taxes are historically 99% collectible. By the end of the current fiscal year, $19,500,000 has been collected. (2 separate entries) The estimated uncollectible allowance should be adjusted to equal 19% of the gross uncollected taxes as of the end of the current fiscal year (1 entry). Of the remaining balance in the property taxes receivable account referred to above, $500,000 is expected to be received in the first 60 days of the next fiscal year. $280,000 is expected to be collected in the remaining 305 days of the next fiscal year. The remainder is not expected to be collected. (1 entry) What is the amount of tax revenue that the local government will report after the above entries for 2017? What is the \"net realizable value\" of the taxes receivable at 12/31/2017 as a result of the above entries? The general fund is awarded a \"reimbursement-style\" grant from the federal government for training employees on work place protocol. The award is for $2,000,000. The city has received and paid invoices from the Dale Carnegie Institute for instruction materials and programs held during 2017 totaling $1,535,000. The general fund submits the invoices for reimbursement. (2 separate entries - 2 points) The City of Seattle has applied for and has been awarded (eligibility met) a federal grant of $4,000,000 for the downtown beautification. Cash of $2,000,000 has been received to date. The city has just signed a contract with Portland Construction for $2,500,000 to refurbish the exterior of historic buildings in the central business district. This project will be accounted for in the city's general fund. (2 Entries - 2 points) City council approves the sale of public land to a developer for casino construction. The city's cost basis of the land is $100,000. The proceeds of sale are $10,000,000. (1 entry - 2 points) A freighter carrying toxic chemicals accidentally discharges chemicals into a local waterway. Damages incurred and paid by the local governmental unit to clean up the water and shoreline equaled $12,000,000. (1 entry - 2 points) The General Fund identifies expenditures of $80,000 for supplies properly chargeable to a special revenue fund. The general fund submits an invoice to the Special Revenue Fund and both funds record the appropriate accrual entry. (2 entries - 2 points)Step by Step Solution
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