Answered step by step
Verified Expert Solution
Question
1 Approved Answer
The following information relates to Hudson City for its fiscal year ended December 3 1 , 2 0 X 2 . During the year, retailers
The following information relates to Hudson City for its fiscal year ended December X
During the year, retailers in the city collected $ in sales taxes owed to the city. As of December retailers have remitted $ $ is expected in January X and the remaining $ is expected in April X
On December X the Foundation for the Arts pledged to donate $ up to a maximum of $ million, for each $ that the museum is able to collect from other private contributors. The funds are to finance construction of the cityowned art museum. During X the city collected $ and received the matching money from the Foundation. In January and February X it collected an additional $ and also received the matching money.
During the year, the city imposed license fees on street vendors. All vendors were required to purchase the licenses by September X The licenses cover the oneyear period from October X through September X During X the city collected $ in license fees.
The city sold a fire truck for $ that it had acquired five years earlier for $ At the time of sale, the city had charged $ in depreciation.
The city received a grant of $ million to partially reimburse costs of training police officers. During the year, the city incurred $ of allowable costs and received $ It expects to incur an additional $ in allowable costs in January X and to be reimbursed for all allowable costs by the end of February X
Refer to the two lists that follow. Select the appropriate amounts from the lettered list for each item in the numbered list. An amount may be selected once, more than once, or not at all.
Amount of sales tax revenue that the city should recognize in its funds statements
Amount of sales tax revenue the city should recognize as revenue in governmentwide statements
Increase in deferred inflows in funds statements from sales tax revenues not yet received
Contribution revenue from Foundation for the Arts to be recognized in funds statements
Contribution revenue from Foundation for the Arts to be recognized in governmentwide statements
Revenue from license fees to be recognized in funds statements
Increase in general fund balance owing to sale of fire engine
Increase in net position governmentwide statements owing to sale of fire engine
Revenue in fund statements from police training grant
Revenue in governmentwide statements from police training grant
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
Please include computations for answers.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started