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.

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.

SWFT Essntl Tax Individ/Bus Entities 2020

23rd Edition

ISBN:9780357391266

Author:Nellen

Publisher:Nellen

Chapter12: Corporations: Organization, Capital Structure, And Operating Rules

Section: Chapter Questions

Problem 42P

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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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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. 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…
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Pretax accounting income is $206,000. Depreciation for tax is $111,000; depreciation for accounting is $29,000. Bad debt expense for tax is $12,000; bad debt expense for accounting is $9000. A fine for pollution of a river was imposed by the state of Kentucky for $7000. The tax rate is 20%. The deferred tax asset is Increased by $3000 x .20 Increased by $9000 x .20 Decreased by $12,000 x .20 Decreased by $3000 x .20
Pretax accounting income is $206,000. Depreciation for tax is $111,000; depreciation for accounting is $29,000. Bad debt expense for tax is $12,000; bad debt expense for accounting is $9000. A fine for pollution of a river was imposed by the state of Kentucky for $7000. The tax rate is 20%. The deferred tax liability is Increased by 82,000 x .20 Reduced by $111,000 x .20 Increased by $29,000 x .20 Reduced by $82,000 x .20
Subject :- Accounting During the current year, Knoxx County levied property taxes of $2,000,000 of which is 1% is is expected to be uncollectable. The following amounts were collected during the current year: Prior year taxes collected within the first 60 days of the current year: $50,000 Prior year taxes collected between 60 and 90 days into the current year: $120,000 Current year taxes collected in the current year: $1,800,000 Current year taxes collected within the first 60 days of the subsequent year: $80,000 What amount of property tax revenue should knoxx county report in its government-wide statement of activities? a. $1,980,000 b. $2,000,000 c. $1,800,000 d. $1,970,000
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…
Pretax accounting income is $206,000. Depreciation for tax is $111,000; depreciation for accounting is $29,000. Bad debt expense for tax is $12,000; bad debt expense for accounting is $9000. A fine for pollution of a river was imposed by the state of Kentucky for $7000. The tax rate is 20%. Taxable income is $292,000 $128,000 $114,000 $134,000