Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

need help wifh figuring out journal entry 5b and property tax revenue for general fund level cor part c. During the current year, the City

need help wifh figuring out journal entry 5b and property tax revenue for general fund level cor part c. image text in transcribed
image text in transcribed
image text in transcribed
During the current year, the City of Plattsburgh recorded the following transactions related to its property taxes: 1. Levied property taxes of $6,600,000, of which 2 percent is estimated to be uncollectible. 2. Collected current property taxes amounting to $5,975,000. 3. Collected $53,000 in delinquent taxes and $4,800 in interest and penalties on the delinquent taxes. These amounts had been recorded as Deferred Inflows of Resources in the prior year. 4. Imposed penalties and interest in the amount of $7,500 but only expects to collect $6,200 of that amount. 5. Reclassified uncollected taxes and interest and penalties as delinquent. These amounts are not expected to be collected within the first 60 days of the following fiscal year. Required a Prepare journal entries to record the property tax transactions in the General Fund. b. Prepare journal entries to record the property tax transactions in the governmental activities journal c. Determine the amount of property tax revenue recognized during the current year in the General Fund and at the government-wide level. 5. Reclassified uncollected taxes and interest and penalties as delinquent. These amounts are not expected to be collected within the first 60 days of the following fiscal year General Fund 5a Record the reclassification of uncollected taxes. Taxes Receivable-Delinquent Allowance for Uncollectible Current Taxes Taxes Receivable Current Allowance for Uncollectible Delinquent Taxes 625,000 132,000 625,000 132,000 5b Record the entry to reclassify the net receivable, interest and penalties. as deferred inflow of resources. Revenues Deferred Inflows of Resources-Unavailable Revenues Required A Required B Required C Determine the amount of property tax revenue recognized during the current year in the General Fund and at the government-wide level. Tax Revenue General Fund Level $ 6,468,000 Government-wide Level 6,468,000

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

More Books

Students also viewed these Accounting questions

Question

9 How can training be evaluated?

Answered: 1 week ago

Question

Explain the steps involved in training programmes.

Answered: 1 week ago