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(Deferred Taxes) The following information is for the governmental funds (total) of Bell County for 20X6. Assume the deferred tax revenues meet the earnings criteria. Deferred Tax Revenues (January 1)  .......................... $    800,000 Deferred Tax Revenues (December 31)  ....................... 1,300,000 Tax Revenues (20X6)  ......................................              8,000,000   Explain the worksheet adjustments to derive the tax revenues to be reported for governmental activities in the government-wide financial statements.

(Deferred Taxes) The following information is for the governmental funds (total) of Bell County for 20X6. Assume the deferred tax revenues meet the earnings criteria. Deferred Tax Revenues (January 1)  .......................... $    800,000 Deferred Tax Revenues (December 31)  ....................... 1,300,000 Tax Revenues (20X6)  ......................................              8,000,000   Explain the worksheet adjustments to derive the tax revenues to be reported for governmental activities in the government-wide financial statements.

FINANCIAL ACCOUNTING
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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(Deferred Taxes) The following information is for the governmental funds (total) of Bell County for 20X6. Assume the deferred tax revenues meet the earnings criteria.

Deferred Tax Revenues (January 1)  .......................... $    800,000

Deferred Tax Revenues (December 31)  ....................... 1,300,000

Tax Revenues (20X6)  ......................................              8,000,000

 

  1. Explain the worksheet adjustments to derive the tax revenues to be reported for governmental activities in the government-wide financial statements.
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