Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Record the following transactions for the Wayneland County General Fund. 1. Property taxes of $7.100,000 were levied. 1.6 percent of these taxes are estimated to

image text in transcribed
Record the following transactions for the Wayneland County General Fund. 1. Property taxes of $7.100,000 were levied. 1.6 percent of these taxes are estimated to be uncollectible. 2. The County Clerk's Office inappropriately had duplicate bills for the same properties in the amount of $33,000, 3. $6,900,000 in property taxes were collected. 4.$59,000 in property taxes were determined to be uncollectible. 5. At year end Tax Receivable estimates indicated that: $20,000 would be received 120 days after year-end $45,000 would be received 90 days after year-end $22,000 would be received 60 days after year-end $21,000 would be received 30 days after year-end Record the following transactions for the Wayneland County General Fund. 1. Property taxes of $7.100,000 were levied. 1.6 percent of these taxes are estimated to be uncollectible. 2. The County Clerk's Office inappropriately had duplicate bills for the same properties in the amount of $33,000, 3. $6,900,000 in property taxes were collected. 4.$59,000 in property taxes were determined to be uncollectible. 5. At year end Tax Receivable estimates indicated that: $20,000 would be received 120 days after year-end $45,000 would be received 90 days after year-end $22,000 would be received 60 days after year-end $21,000 would be received 30 days after year-end

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

Internal Auditing Assurance And Consulting Services

Authors: Kurt F. Reding, Paul J. Sobel, Urton L. Anderson, Michael J. Head, Sridhar Ramamoorti, Mark Salamasick, Contributing Writer, Cris Ridd, Richard Tuschman

1st Edition

0894136100, 978-0894136108

More Books

Students also viewed these Accounting questions

Question

How We Listen?

Answered: 1 week ago