185. During the current year, Wythe County levied$2,000,000 property taxes, 1% of which is expectedto be uncollectible. During the year, the county col-lected $1,800,000 and wrote off $15,000 as uncol-lectible. What amount should Wythe County reportas property tax revenue in its government-widestatement of activities for the current year?a. $1,800,000b. $1,980,000c. $1,985,000d. $2,000,000186. Harland County received a $2,000,000 capitalgrant to be equally distributed among its five munici-palities. The grant is to finance the construction ofcapital assets. Harland had no administrative or directfinancial involvement in the construction. In whichfund should Harland record the receipt of cash?a. Agency fundb. General fund.c. Special revenue fund.d. Private purpose trust fund.

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During the cun 0,000 property uncollectible. a $1,800,000 a le. What amou горerty tax re ment of activitie

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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Question

185. During the current year, Wythe County levied
$2,000,000 property taxes, 1% of which is expected
to be uncollectible. During the year, the county col-
lected $1,800,000 and wrote off $15,000 as uncol-
lectible. What amount should Wythe County report
as property tax revenue in its government-wide
statement of activities for the current year?
a. $1,800,000
b. $1,980,000
c. $1,985,000
d. $2,000,000
186. Harland County received a $2,000,000 capital
grant to be equally distributed among its five munici-
palities. The grant is to finance the construction of
capital assets. Harland had no administrative or direct
financial involvement in the construction. In which
fund should Harland record the receipt of cash?
a. Agency fund
b. General fund.
c. Special revenue fund.
d. Private purpose trust fund.

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