Please explain in detail..(the mathematical amount)
85. A city that has a 12/31 fiscal year end has adopted a policy of recognizing the maximum amount of property tax revenue allowable under GAAP. Property taxes of $720,000 (of which 10 percent are estimated to be uncollectible) are levied in October 2013 to finance the activities of the fiscal year 2014. During 2014, cash collections related to property taxes levied in October 2013 were $600,000. In 2015 the following amounts related to the property taxes levied in October 2013 were collected January $30,000; March, $6,000. For the fiscal year ended 12314. What amount should be recognized as property tax revenues related to the 2013 evon the govenmental fund financia statements? a) $720,000. b) S648,000. c) $630,000 a) $600,000. Su 86. A city that has a 12/31 fiscal year end has adopted a policy of recognizing the maximum amount of s th property tax revenue allowable under GAAP. Property taxes of $720,000 (of which 10 percent are estimated to be uncollectible) are levied in October 2013 to finance the activities of the fiscal year 2014. During 2014, cash collections related to property taxes levied in October 2013 were $600,000. In 2015the following amounts related to the property taxes levied in October 2013 were collected: January $30,000; March $6,000. For the fiscal year ended 12/31/14, what amount should be recognized as property tax revenues related to the 2013 levy on the government-wide financial statements? a) $720,000. b) $648,000. c) $630,000. d) $600,000. thoo rd a ayn city fisc On T 0 city chase e-yea 50. In accordance with bond covenants the township sets aside $1,000,000 to help ensure that it is able to , meet its first payment of principal and interest on the police station debt due one year from the date the bonds were issued. The amount of liability that the township should report in its debt service fund is: 0,0 lie ento 1S: a) SO b) $1,000,000 c) $9,000,000 d) $8,000,000 51. The City of Lakeview adopts its budget on a basis of accounting that permits outstanding purchase commitments to be charged against the budget in the year that the goods are ordered instead of in the year they are received. During the year the city ordered and received $4,000 of supplies (of which $3,000 had been paid and $1,000 was unpaid) and had $500 of outstanding purchase commitments for Sug s the ch chase In the budget-to-actual comparison, the expenditures for supplies would be a) $3,000. b) $3,500. c) $4,000. hod t ord al ayme city h 0 fisca On 12 city Su 87. A city that has a 12/31 fiscal year end has adopted a policy of reeognizing property tax revenue consistent with the 60-day rule allowable period under GAAP. Property taxes of $600,000 (of which s t none are estimated to be uncollectible) are levied in October 2013 to finance the activities of fiscal year 2014. Property taxes are due in two installments June 20 and December 20. Cash collections related to property taxes are as follows: cha 1/15/14 2/15/14 3/15/14 6/20/14 S 15,000 S 10,000 $350,000 12/20/14 Second installment of taxes levied in 2013, due 12/20/14 $150,000 S 15,000 S 10,000 S 5,000 for property taxes levied in 2012, due in 2013 for property taxes levied in 2012, due in 2013 for property taxes levied in 2012, due in 2013 ord ayr city O fisc On First installment of taxes levied in 2013, due 6/20/14 1/15/15 2/15/15 3/15/15 for property taxes levied in 2013, due in 2014 for property taxes levied in 2013, due in 2014 for property taxes levied in 2013, due in 2014 chase e-yea rance ering a The total amount of property tax revenue that should be recognized in the governmental fund financial statements in 2014 is: a) $600,000. b) $575,000. c) $535,000. d) $525,000
