Question 5 0.6 pts Point Roberts levies $200,000 of property taxes for its current fiscal year. One percent of the tax levy is expected to be uncollectible. The city collects $170,000 of the taxes during the current year and another $25,000 during the first two months of the following year. In addition, the city collected $3,000 of prior years' taxes during the first two months of the current fiscal year and another $2,000 during the remainder of the current fiscal year. What amount of property tax revenues should the City of Point Roberts report in the government-wide financial statements for the current fiscal year? O $198.000. o $197.000. O $195.000 o $200.000 Question 6 0.6 pts The City of Ferndale has calculated that the general fund property tax revenues of $4,608,000 are required for the current fiscal year. Over the past several years, the city has collected 96 percent of all property taxes levied. The city levied property taxes in the amount that will generate the required $4,608,000. Which of the following general journal entries would correctly record the property tax levy? O Debit taxes receivable-current for $4,800,000; credit allowance for uncollectible taxes for $192,000; and credit revenues for $4,608,000. o Debit taxes receivable-current for $4,800,000; credit deferred inflow of resources for $192,000; and credit revenues for $4,608,000. o Debit taxes receivable-current for $4,608,000; credit deferred inflow of resources for $184,320; and credit revenues for $4,423,680. O Debit taxes receivable-current for $4,800,000; credit allowance for uncollectible taxes for $184,320; and credit revenues for $4,423,680. Question 7 0.6 pts The Village of Custer borrowed $1,000,000 from a local bank by issuing 4 percent tax anticipation notes. If the village repaid the tax anticipation notes six months later after collecting its next installment of property taxes, the general fund journal entry to record the repayment will include: o Only a debit to tax anticipation notes payable for $1,000,000. o Only a debit to expenditures for $1,020,000. o Only a debit to expenditures for $20,000. O A debit to expenditures for $20,000 and a debit to tax anticipation notes payable for $1,000,000. Question 8 0.6 pts Which of the following transactions is reported on the government-wide financial statements? o An interfund loan from the general fund to a special revenue fund. o The City of Bellingham airport fund, an enterprise fund, transfers a portion of boarding fees charged to passengers to the general fund. O An interfund transfer is made between the general fund and the debt service fund. O Equipment used by the general fund transferred to an internal service fund that predominantly serves departments that are engaged in governmental activities. Question 9 0.6 pts Sumas Township was approved for a grant from the federal government. The grant provides for reimbursement up to $200,000 for expenditures incurred to weatherize homes for low-income residents. Upon notification that the grant had been approved, but before weatherization activities have begun, Sumas Township should: O Debit due from the federal government for $200.000 and credit deferred inflow of resources for $200,000. o Credit deferred inflow of resources for $200,000 o Record no journal entry. o Debit due from the federal government for $200,000. Question 10 0.6 pt: The City of Birch Bay uses the purchases method for recording inventory of supplies in the general fund. Rather than using a perpetual inventory system, inventories are updated at year-end based on a physical inventory count. Physical inventories were $112,000 for the prior fiscal year and $128,000 for the current fiscal year. The adjusting journal entry at the end of the current fiscal year will include a: o Credit to expenditures for $16,000. O Credit to inventory of supplies for $16,000. o Debit to expenditures for $16,000. o Debit to inventory of supplies for $16,000