P 4-2 Government and not- for- Profit Accounting

this a problem from accounting 410 Government and not profit accounting. p-42 .is attached.

5. How the year 2001. the teachers of the New School D e 536 For each of the following indicate the amount of reventh Beamishould brief government-wide statements and (2) governmental fundaments Provide mation for your responses 1. The state in which Beanville is located collects sales for its cities and other local 6 perce The state permits small merchants to remit sales taxes quarterly. The state Sales in less that they made the December 2019, city merchants collected $50 15. January 15, 2020. The state in turn, transferred the taxes to the city on Feb of $500.000 2. In December 2019. the federal government awarded Beanville a reimbursement to train law enforcement agents. The city had applied for the grant in many of the year. The e may incur allowable costs any time after receiving notification of the ward. In 2000, they inced $400,000 in allowable costs and was reimbursed for $350.000. It was reibuned for the s balance in February 2021. In January and February 2021. it incurred the remaining S100,000 in town able costs and was reimbursed for them in April 2021. In December 2019. the city levied property taxes of $1 billion for the calendar year 2000. The last due on June 30, 2020. The city collected these taxes as follows: $56 million 5855 il December 2019 January 1, 2019. to December 31, 2019 5968 January 1. 2020, through March 31, 2020 (518 million per month) Total It estimates the balance of 532 million would be uncollectible. In addition, in the period from January 1 through February 28, 2020, the city collected $16 million in taxes that were delinquents of December 31. 2019. In the period March 1 through June 30 2020. the city collected S8 million of taxes that were also delinquent as of December 31, 2019 In December 2020 Beanville sold a city-owned warehouse to a private developer. Sales price was 42 million. The warehouse had cost $4 million when it was acquired 10 years earlier. It had an estimated useful life of 40 years with no salvage value). In December 2020. Beanville's city-owned radio station held its annual fund drive. A local business offered to match all pledges made on December 2. 2020. up to $50,000, assuming that the amount pledged was actually collected. Based on past experience the city estimates that 90 percent of the pledges will actually be collected. By year-end 2020, the city had collected $25.000 of the pledges, and in January and February it collected an additional $15.000. It received $25.000 of the matching funds on February 15, 2021. Respond with respect only to the $50,000 in matching funds 5. 6. 5. How the year 2001. the teachers of the New School D e 536 For each of the following indicate the amount of reventh Beamishould brief government-wide statements and (2) governmental fundaments Provide mation for your responses 1. The state in which Beanville is located collects sales for its cities and other local 6 perce The state permits small merchants to remit sales taxes quarterly. The state Sales in less that they made the December 2019, city merchants collected $50 15. January 15, 2020. The state in turn, transferred the taxes to the city on Feb of $500.000 2. In December 2019. the federal government awarded Beanville a reimbursement to train law enforcement agents. The city had applied for the grant in many of the year. The e may incur allowable costs any time after receiving notification of the ward. In 2000, they inced $400,000 in allowable costs and was reimbursed for $350.000. It was reibuned for the s balance in February 2021. In January and February 2021. it incurred the remaining S100,000 in town able costs and was reimbursed for them in April 2021. In December 2019. the city levied property taxes of $1 billion for the calendar year 2000. The last due on June 30, 2020. The city collected these taxes as follows: $56 million 5855 il December 2019 January 1, 2019. to December 31, 2019 5968 January 1. 2020, through March 31, 2020 (518 million per month) Total It estimates the balance of 532 million would be uncollectible. In addition, in the period from January 1 through February 28, 2020, the city collected $16 million in taxes that were delinquents of December 31. 2019. In the period March 1 through June 30 2020. the city collected S8 million of taxes that were also delinquent as of December 31, 2019 In December 2020 Beanville sold a city-owned warehouse to a private developer. Sales price was 42 million. The warehouse had cost $4 million when it was acquired 10 years earlier. It had an estimated useful life of 40 years with no salvage value). In December 2020. Beanville's city-owned radio station held its annual fund drive. A local business offered to match all pledges made on December 2. 2020. up to $50,000, assuming that the amount pledged was actually collected. Based on past experience the city estimates that 90 percent of the pledges will actually be collected. By year-end 2020, the city had collected $25.000 of the pledges, and in January and February it collected an additional $15.000. It received $25.000 of the matching funds on February 15, 2021. Respond with respect only to the $50,000 in matching funds 5. 6