During the current year, the City of Plattsburgh recorded the following transactions related to its property taxes: Levied property taxes of $6,670,000, of which 2 percent is estimated to be uncollectible. Collected current property taxes amounting to $6,035,000. Collected $58,000 in delinquent taxes and $4,800 in interest and penalties on the delinquent taxes. These amounts had been recorded as Deferred Inflows of Resources in the prior year. Imposed penalties and interest in the amount of $6,600 but only expects to collect $6,200 of that amount. Reclassified uncollected taxes and interest and penalties as delinquent. These amounts are not expected to be collected within the first 60 days of the following fiscal year. Question Prepare journal entries to record the property tax transactions in the General Fund.

During the current year, the City of Plattsburgh recorded the following transactions related to its property taxes: Levied property taxes of $6,670,000, of which 2 percent is estimated to be uncollectible. Collected current property taxes amounting to $6,035,000. Collected $58,000 in delinquent taxes and $4,800 in interest and penalties on the delinquent taxes. These amounts had been recorded as Deferred Inflows of Resources in the prior year. Imposed penalties and interest in the amount of $6,600 but only expects to collect $6,200 of that amount. Reclassified uncollected taxes and interest and penalties as delinquent. These amounts are not expected to be collected within the first 60 days of the following fiscal year. Question Prepare journal entries to record the property tax transactions in the General Fund.

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter6: Business Expenses

Section: Chapter Questions

Problem 53P

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During the current year, the City of Plattsburgh recorded the following transactions related to its property taxes: Levied property taxes of $6,670,000, of which 2 percent is estimated to be uncollectible. Collected current property taxes amounting to $6,035,000. Collected $58,000 in delinquent taxes and $4,800 in interest and penalties on the delinquent taxes. These amounts had been recorded as Deferred Inflows of Resources in the prior year. Imposed penalties and interest in the amount of $6,600 but only expects to collect $6,200 of that amount. Reclassified uncollected taxes and interest and penalties as delinquent. These amounts are not expected to be collected within the first 60 days of the following fiscal year. Required Prepare journal entries to record the property tax transactions in the General Fund.
During the current year, the City of Plattsburgh recorded the following transactions related to its property taxes: Levied property taxes of $6,590,000, of which 2 percent is estimated to be uncollectible. Collected current property taxes amounting to $5,973,000. Collected $52,900 in delinquent taxes and $4,800 in interest and penalties on the delinquent taxes. These amounts had been recorded as Deferred Inflows of Resources in the prior year. Imposed penalties and interest in the amount of $7,400 but only expects to collect $6,200 of that amount. Reclassified uncollected taxes and interest and penalties as delinquent. These amounts are not expected to be collected within the first 60 days of the following fiscal year. Required Prepare journal entries to record the property tax transactions in the General Fund. Prepare journal entries to record the property tax transactions in the governmental activities journal. Determine the amount of property tax revenue recognized during the…
During the current year, the City of Plattsburgh recorded the following transactions related to its property taxes: 1. Levied property taxes of $6,650,000, of which 2 percent is estimated to be uncollectible. 2. Collected current property taxes amounting to $6,015,000. 3. Collected $57,000 in delinquent taxes and $4,800 in interest and penalties on the delinquent taxes. These amounts had been recorded as Deferred Inflows of Resources in the prior year. 4. Imposed penalties and interest in the amount of $7,200 but only expects to collect $6,200 of that amount. 5. Reclassified uncollected taxes and interest and penalties as delinquent. These amounts are not expected to be collected within the first 60 days of the following fiscal year. Required a. Prepare journal entries to record the property tax transactions in the General Fund. b. Prepare journal entries to record the property tax transactions in the governmental activities journal. c. Determine the amount of property tax revenue…
During the current year, the town of Salo Alto recorded the following transactions related to its property taxes. Levied property taxes of $3,300,000, of which 2% is estimated to be uncollectible. Collected current property taxes amounting to $2,987,500. Collected $26,500 in delinquent taxes and $2,400 in interest and penalties on the delinquent taxes. These amounts had been recorded as Deferred Inflows of Resources in the prior year. Imposed penalties and interest in the amount of $3,750 but only expects to collect $3,100 of that amount. None is expected to be collected this year or within 30 days of year-end. Reclassified uncollected taxes as delinquent. These amounts are not expected to be collected within the first 60 days of the following fiscal year. Prepare the journal entry. (If no entry is required for a transaction or event, select "No Journal Entry Required" in the first account field.)
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At the beginning of the fiscal year 20X1-20X2, a governmental unit recorded property tax revenues of $600,000. By fiscal year end (June 30, 20X2), taxpayers had paid a total of $570,000. The remaining $30,000 is considered delinquent. Based upon previous experience, the governmental unit expects that it will collect the delinquent taxes in fiscal year 20X2-20X3 in the following manner: July and August, $15,000; September and October, $10,000; and November, $5,000. How much should the governmental unit normally report as property tax revenue for fiscal year 20X1-20X2? $600,000. $595,000. $585,000. $570,000.
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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.
For fiscal 2022, Lake City levied a property tax of $270,000. The city estimated that 4% of the tax will not be collected. By fiscal year end, the city, based on the cash already collected, declares the uncollected amount of $10,200 as delinquent. Of the delinquent taxes, $5,700 is estimated to be collected within 60 days of year end and the rest is uncollectible. In fiscal 2023, Lake City collects $4,800 of the delinquent taxes and writes off the remaining delinquent taxes. Prepare the journal entries to record all the property tax transactions in fiscal 2022. Determine the amount of tax revenues reported for fiscal 2022. Prepare the journal entries to record the collection and write-off of delinquent taxes in fiscal 2023.
The following information concerns tax revenues for the city of Fairfield. The balances concerning property taxes on January 1, 2018, were as follows:Delinquent property taxes receivable . . . . . . . . . . . . . . . . . . . . . . . . $105,000Allowance for uncollectible delinquent taxes . . . . . . . . . . . . . . . . . . (30,000)Tax liens receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40,000Allowance for uncollectible tax liens . . . . . . . . . . . . . . . . . . . . . . . . . (23,000)Prepare entries in the general fund for the following 2018 events:Jan. Since current property taxes would not be collected for several months, $275,000 was borrowed using tax anticipation notes.Feb. Tax liens of $10,000 were collected; in addition, $2,000 of interest was collected that had not been accrued. The balance of tax liens was settled by receiving $13,000 for the property subject to the tax liens.Apr. Collections on delinquent property taxes were $100,000,…
Levied property taxes of $6,670,000, of which 2 percent is estimated to be uncollectible. Collected current property taxes amounting to $6,035,000. Collected $58,000 in delinquent taxes and $4,800 in interest and penalties on the delinquent taxes. These amounts had been recorded as Deferred Inflows of Resources in the prior year. Imposed penalties and interest in the amount of $6,600 but only expects to collect $6,200 of that amount. Reclassified uncollected taxes and interest and penalties as delinquent. These amounts are not expected to be collected within the first 60 days of the following fiscal year. question Determine the amount of property tax revenue recognized during the current year in the General Fund and at the government-wide level.