Accounting for Property Taxes Tyler County's general fund starts the fiscal year 2020 w $250,000 balance for net property taxes receivable. The balance is net of a $200,000 allowance for u lectible taxes. The county also starts the year with $125,000 in deferred inflows from taxes collect advance, which are available for spending in fiscal 2020. The county records the following transac in fiscal 2020, related to property tax billings and collections. 1. Property tax bills totaling $40,000,000 are sent out. The county expects that $500,000 of these are uncollectible. 2. Property taxes of $39,135,000 are collected in cash. Of this amount, $275,000 is payment for 2019 taxes, $165,000 is fiscal 2021 taxes paid in advance, and the remainder is payment of 2020 property taxes. 3. The uncollected taxes for fiscal 2019 are written off. Of the uncollected fiscal 2020 property taxes, it is estimated that $950,000 will be collected w 60 days of year-end, and the remainder are uncollectible. 4.

Accounting for Property Taxes Tyler County's general fund starts the fiscal year 2020 w $250,000 balance for net property taxes receivable. The balance is net of a $200,000 allowance for u lectible taxes. The county also starts the year with $125,000 in deferred inflows from taxes collect advance, which are available for spending in fiscal 2020. The county records the following transac in fiscal 2020, related to property tax billings and collections. 1. Property tax bills totaling $40,000,000 are sent out. The county expects that $500,000 of these are uncollectible. 2. Property taxes of $39,135,000 are collected in cash. Of this amount, $275,000 is payment for 2019 taxes, $165,000 is fiscal 2021 taxes paid in advance, and the remainder is payment of 2020 property taxes. 3. The uncollected taxes for fiscal 2019 are written off. Of the uncollected fiscal 2020 property taxes, it is estimated that $950,000 will be collected w 60 days of year-end, and the remainder are uncollectible. 4.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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