Question Details

(Solved) This question involves property tax transactions and calculations and must be answered in the order presented. You may want to post T-accounts for...


Governmental & nonprofit accounting help! Need ASAP please.

This question involves property tax transactions and calculations and must be answered in the order
presented. You may want to post T-accounts for each of the receivable, allowance and revenue accounts
you use.
A general fund levies taxes in the amount of $20,000,000 for 2017. Taxes are historically 96% collectible.
By the end of the current fiscal year, $19,500,000 has been collected. (2 separate entries)
The estimated uncollectible allowance should be adjusted to equal 40% of the gross uncollected taxes as
of the end of the current fiscal year (1 entry).
Of the remaining balance in the property taxes receivable account referred to above, $200,000 is
expected to be received in the first 60 days of the next fiscal year. $100,000 is expected to be collected in
the remaining 305 days of the next fiscal year. The remainder is not expected to be collected. (1 entry)
What is the amount of tax revenue that the local government will report after the above entries for 2017?
What is the “net realizable value” of the taxes receivable at 12/31/2017 as a result of the above entries? The general fund is awarded a “reimbursement–style” grant from the federal government for training
employees on public speaking. The award is for $1,500,000. The city has received and paid invoices
from Toastmasters for instruction materials and programs held during 2017 totaling $935,000. The
general fund submits the invoices for reimbursement. (2 separate entries - 2 points) The City of Seattle has applied for and has been awarded (eligibility met) a federal grant of $4,000,000 for
the downtown beautification. Cash of $2,000,000 has been received to date. The city has just signed a
contract with Portland Construction for $2,500,000 to refurbish the exterior of historic buildings in the
central business district. This project will be accounted for in the city’s general fund. (2 Entries - 2 points) City council approves the sale of a public park for development of a water slide. The city’s cost basis of
the land is $14,000,000. The proceeds of sale are $25,000,000. (1 entry - 2 points)
A training derails carrying toxic waste accidentally discharges chemicals into the ground. Damages
incurred and paid by the local governmental unit to clean up the ground equaled $2,000,000. (1 entry - 2
points) The General Fund identifies expenditures of $70,000 for supplies properly chargeable to a special
revenue fund. The general fund submits an invoice to the Special Revenue Fund and both funds record
the appropriate accrual entry. (2 entries - 2 points)

 


Solution details:
STATUS
Answered
QUALITY
Approved
ANSWER RATING

This question was answered on: Sep 05, 2019

PRICE: $15

Solution~000200228255.zip (25.37 KB)

Buy this answer for only: $15

This attachment is locked

We have a ready expert answer for this paper which you can use for in-depth understanding, research editing or paraphrasing. You can buy it or order for a fresh, original and plagiarism-free copy from our tutoring website www.aceyourhomework.com (Deadline assured. Flexible pricing. TurnItIn Report provided)

Pay using PayPal (No PayPal account Required) or your credit card . All your purchases are securely protected by .
SiteLock

About this Question

STATUS

Answered

QUALITY

Approved

DATE ANSWERED

Sep 05, 2019

EXPERT

Tutor

ANSWER RATING

GET INSTANT HELP/h4>

We have top-notch tutors who can do your essay/homework for you at a reasonable cost and then you can simply use that essay as a template to build your own arguments.

You can also use these solutions:

  • As a reference for in-depth understanding of the subject.
  • As a source of ideas / reasoning for your own research (if properly referenced)
  • For editing and paraphrasing (check your institution's definition of plagiarism and recommended paraphrase).
This we believe is a better way of understanding a problem and makes use of the efficiency of time of the student.

NEW ASSIGNMENT HELP?

Order New Solution. Quick Turnaround

Click on the button below in order to Order for a New, Original and High-Quality Essay Solutions. New orders are original solutions and precise to your writing instruction requirements. Place a New Order using the button below.

WE GUARANTEE, THAT YOUR PAPER WILL BE WRITTEN FROM SCRATCH AND WITHIN YOUR SET DEADLINE.

Order Now