Morris County's general fund has the following balances as of the beginning of 2020, pertaining to unpaid 2019 taxes: Property taxes receivable Allowance for uncollectible taxes $5,000,000 (3,600,000) During 2020, the County collects $1,300,000 related to 2019 taxes and writes off the rest. Property tax bills for 2020 in the amount of $90.000,000 are sent out. The county estimates that 5% are uncollectible. The County collects $85,200,000 of 2020 taxes. Of the remaining $4,800,000 in uncollected taxes for 2020, the County estimates that $500,000 will be collected within 60 days after the end of the year, and $100,000 are expected to be collected more than 60 days from year-end. The remainder are uncollectible. Required Prepare the journal entries to record the above events
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- During 2019, a county debt service fund receives $5,000,000 from the general fund for budgeted payment of principal and interest on general obligation bonds. The debt service fund makes $4,000,000 in interest and $1,000,000 in principal payments. How is this reported on the debt service fund’s 2019 operating statement? a. Expenditures, $4,000,000; revenues, $5,000,000 b. Expenditures, $4,000,000; other financing sources, $5,000,000 c. Expenditures, $5,000,000; other financing sources, $5,000,000 d. Expenditures, $5,000,000; revenues $5,000,0001. At the beginning of 2020, the balance sheet of a county general fund reports $500,000 in property taxes receivable from 2019, of which $350,000 are considered uncollectible. During 2020 the county sends out tax bills in the amount of $10,000,000, of which $600,000 are expected to be uncollectible. Cash collections on 2019 taxes are $140,000, and the remaining uncollected taxes are written off. Cash collections on 2020 taxes are $9,500,000. Of the $500,000 uncollected at the end of 2020, $100,000 are expected to be collected within 60 days, $65,000 are expected to be collected more than 60 days after year-end, and the rest are uncollectible.The general fund's balance sheet at the end of 2020 will include: Select one: A. Property taxes receivable, net of uncollectibles, of $100,000 B. Deferred inflows of $65,000 C. Property taxes receivable, net of uncollectibles, of $500,000 D. Deferred inflows of $165,000 2. Below is the preclosing trial balance of a town's general fund at…Property Taxes Fairmont County's general fund starts 2023 with a $450.000 balance for property taxes receivable, net of a $360.000 allowance for uncollectible taxes. The county also starts the year with $216.000 in deferred inflows from 2022 taxes receivable, expected to be collected more than 60 days after the start of 2023. The county records the following transactions in 2023, related to property tax billings and collections. 1. Property tax bills totaling $72,000,000 are sent out. The county expects that $900,000 of these bills are uncollectible. 2. Property taxes of $70.443,000 are collected in cash. Of this amount. $495,000 is payment for 2022 taxes and the remainder is for 2023 taxes. 3. The uncollected taxes for 2022 are written off. 4. Of the uncollected 2023 property taxes at year-end, it is estimated that $900,000 will be collected within 60 days of year-end, and $360,000 will be collected later in 2024. Required a. At the beginning of 2023, Fairmont County has $810,000 in…
- For its fiscal year ending December 31, 2020, Twin City levied $500 million in property taxes. It collected taxes applicable to fiscal 2020 as follows (in millions): December 15, 2019 $20M January 20, 2020 $440M February 2, 2021 $15M April 5, 2021 $25M For the fiscal year ending December 31, 2020, how much should Twin City recognize in property tax revenue (in millions) in its general fund? A. $455M. B. $440M. C. $500M. D. $475M.The adjusted beginning and ending balances of three of Towson County's general fund accounts for 2023 are below. All accounts relate to property taxes, and deferred inflows relate to taxes receivable that are not expected to be collected within 60 days. December 31, 2023 January 1, 2023 Taxes receivable $1,700,000 $1,600,000 Allowance for uncollectible taxes (360,000) (400,000) Deferred inflows (70,000) (60,000) The county sent out 2023 property tax bills totaling $20,700,000 at the beginning of the year, of which 2 percent were considered uncollectible. During 2023, $20,000,000 was collected in cash, including $1,000,000 related to past-due taxes from 2022. Towson County writes off all remaining balances related to 2022 taxes by the end of 2023. Of the total 2023 taxes still unpaid at year-end, how much tax does the county expect to collect within 60 days of year-end? Select one and explain: a. $1,270,000 b. $1,340,000 c. $360,000 d. $430,000The unadjusted trial balance for the General Fund of the City of Allensville at June 30, 2019 is as follows: Debits Accounts Receivable $40,000 Cash 75,000 Due from Agency Fund 25,000 Encumbrances 60,000 Estimated Revenues 975,000 Expenditures 750,000 Taxes Receivable 250,000 $2,175,000 Credits Allowance for Doubtful Accounts $ 5,000 Allowance for Uncollectible Taxes 50,000 Appropriations 785,000 Due to a Utility Fund 40,000 Unassigned Fund Balance (160,000) Estimated…
- The unadjusted trial balance for the General Fund of the City of Allensville at June 30, 2019 is as follows: Debits Accounts Receivable $40,000 Cash 75,000 Due from Agency Fund 25,000 Encumbrances 60,000 Estimated Revenues 975,000 Expenditures 750,000 Taxes Receivable 250,000 $2,175,000 Credits Allowance for Doubtful Accounts $ 5,000 Allowance for Uncollectible Taxes 50,000 Appropriations 785,000 Due to a Utility Fund 40,000 Unassigned Fund Balance (160,000) Estimated…The City of Mayville had total fund balance in its General Fund of $200,000 on December 31, 2019. The City of Maysville’s General Fund balance sheet for its December 31, 2019 year end shows inventory of $8,000 and prepaid rent of $10,000. The City also had $60,000 of outstanding encumbrances in its General Fund at year-end. In December 2019, a grantor provided the City with $42,000 that must be used to buy musical instruments for the City’s youth orchestra. No instruments had been purchased at year-end. How much should the City report as unassigned fund balance in its General Fund on December 31, 2019? $38,000 $60,000 $80,000 $102,000 $120,000Revenue accruals and other adjustmentsMonroe County is preparing financial statements for the year ended December 31, 2022. Based on the following facts, prepare journal entries to record the appropriate year-end revenue accruals and other adjustments in the county’s General Fund.1. At year-end, Monroe’s delinquent property tax receivables were $66,000. The county estimated that $38,500 of those delinquencies would be collected by March 1, 2023, and the balance would trickle in during the rest of 2023. 2. Sales taxes are collected by the state on behalf of the county. On January 20, 2023, the state advised the county that (a) it would send the county a check for $165,000 before February 29, 2023, for taxes collected by merchants for the fourth quarter of 2022; and (b) based on past experience, it anticipated sending an additional check for approximately $49,500 during March or April for taxes received from late filers. Monroe's policy regarding sales taxes is to consider as "available"…
- On January 1, 2019, a city recorded General Fund property tax revenues of $750,000 but made no provision for uncollectible receivables or tax refunds. During the year, it collected property taxes of $720,000, wrote off $4,000 as uncollectible, and made tax refunds of $3,000. At year-end, the city finance director concluded that $10,000 of the delinquent taxes would be collected in January and February of 2020, $12,000 would be collected later in 2020, and $1,000 would need to be written off as uncollectible. How much should the city report as property tax revenue in its General Fund financial statements for the year 2019? a.713,000 b.730,000 c.720,000 d.742,000During fiscal year 2019, a municipality issued the following debt instruments: Tax anticipation notes : $2,500,000 Utility bonds : 3,000,000 General obligation bonds : 8,000,000 How much of this debt should be reported in the fund financial statement?On July 1, 2020, the beginning of its fiscal year, Ridgedale County recorded gross property tax levies of $4,400,000. The county estimated that 2 percent of the taxes levied would be uncollectible. As of April 30, 2021, the due date for all property taxes, the county had collected $4,090,000 in taxes. During the current fiscal year, the county collected $54,000 in delinquent taxes and $5,000 in interest and penalties on the delinquent taxes. The county imposed penalties and interest in the amount of $14,700 but only expects to collect $12,900 of that amount. At the end of the fiscal year (June 30, 2021), uncollected taxes, interest, and penalties are reclassified. They are not expected to be collected within the first 60 days for the following fiscal year. Required Record entries for the above transactions as stated in the individual statements below, and post corresponding information into the Revenues ledger as appropriate. Prepare journal entries to record the tax levy on July 1,…