Question
Problem II. (25 points). On October 9, 2019, the City of Happiness, AL had estimated revenues from property taxes of $4,200,000 with approximately 4% of
Problem II. (25 points). On October 9, 2019, the City of Happiness, AL had estimated revenues from property taxes of $4,200,000 with approximately 4% of the gross tax levy deemed as uncollectible. Taxes assessments occur in early October and are due no later than November 30, 2019. 1. Calculate the gross tax levy assessed on October 9, 2019 (show all of your calculations) (round to the nearest dollar): 2. Prepare the October 9, 2019 entry at the Governmental Activities (Government-wide level) to record the property tax assessment: 3. Prepare the November 30, 2019 entry in the General Fund to record $3,987,000 in tax collections: 4. Prepare the December 1, 2019 entry in the General Fund to record the reclassification of current property taxes for any delinquent taxes as of that date.
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