Question 1 The account Deferred Inflows of Resources - Unavailable Revenues is used in governmentalfunds to record Property taxes that have been collected but not yet earned. Property taxes that will not becollected within 60 days of fiscal year end. Property taxes that are considered uncollectible. Uncollectibleand unearned property taxes could be included in Deferred Inflows of Resources Unavailable Revenues. The account Deferred Inflows of Resources-Unavailable Revenues is used in governmental funds to recordA Property taxes that have been collected but not yet earned.B Property taxes that will not be collected within 60 days of fiscal year end.(D)Property taxes that are considered uncollectible.Uncollectible and unearned property taxes could be included in Deferred Inflows of Resources-Unavailable Revenues.

The objective of the question is to understand the purpose of the 'Deferred Inflows of Resources -…

Answered: Question 1 The account Deferred Inflows…

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 6 The following income received by officials and employees in the public sector are not subject to income tax and withholding tax on compensation, except The excess of the 13th month pay and other benefits paid or accrued during the year over P90,000 Representation and transportation allowance (RATA) granted under the General Appropriations Act Personnel Economic Relief Allowance (PERA) granted to government personnel Monetized value of leave credits paid to government officials and employees Question 7 S1: Gross income exclusion are flow of wealth to taxpayers which are not considered as part of gross income f
Long-term debt intended to be repaid from tax levies or special assessments is recorded in debt service funds. true false
For the 2022 property tax levy for local governments in Illinois, which of the following statements is correct? A. On the lien date in 2022, property tax revenue for 2023 is neither measurable nor available. B. On the levy date in 2022, property tax revenue for 2023 is measurable but not available. C. A and B. D. Neither A nor B.
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D Exercise 5-7A (Static) Which of the following statements are true about state and local income taxes? (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer. Any boxes left with a question mark will be automatically graded as incorrect.) W S X F2 ? All states tax employee earnings. ? Some localities levy income tax on employees. State tax rates on employee earnings vary among states. ? Certain states have no personal income tax deduction. # 3 E JUL 7 80 F3 $ 4 R Q F4 % 5 U * 00 8 DII F8 I ( 9 J K CVBNM A F9 0 < ) 0 F10 L W P 4 F11 { [ = F12 ?
General Fund expenditures for uncollectible accounts receivable should be reported in the period that the receivable is .a .Established .b No expenditure is recorded .C .Written off as uncollectible .d .Legally due and payable
The fund that records the payment of principal and interest associated with long-term debt is the _________________, and the fund that records construction project activity is the _______________. None of these capital projects fund; debt service fund general fund; permanent fund capital projects fund; general fund debt service fund; capital projects fund
How is depreciation handled in the federal government’s General Fund? How does it differ from how depreciation is handled in the General Fund of a state or local government?
3
14) When examining revenue transactions, which of the following transactions is classified as an exchange transaction? A) When a homeowner pays property taxes B) When a university receives a federal grant that mandates a certain type of research activity C) When an aquatic center receives cash for a group swim D) When an employer deducts money for state tax withholding
SCHEDULE 1(Form 1040)Department of the Treasury Internal Revenue Service Additional Income and Adjustments to Income ► Attach to Form 1040.► Go to www.irs.gov/Form1040 for instructions and the latest information. OMB No. 1545-0074 2018 AttachmentSequence No. 01 Name(s) shown on Form 1040Noah Yobs Your social security number 123-45-6789 Additional Income 1-9b Reserved . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1-9b 10 Taxable refunds, credits, or offsets of state and local income taxes . . . . . . 10 11 Alimony received . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 12 Business income or (loss). Attach Schedule C or C-EZ . . . . . . . . . . . . . . . 12 13 Capital gain or (loss). Attach Schedule D if required. If not required, check here ► ◻ 13 14 Other gains or (losses). Attach Form 4797 . . . . . . . . . . . . . . . . . . . . . . . . 14 15a…
gener a rullu neverve rullu TULOA Revenues Property taxes Intergovernmental Miscellaneous Total revenues Expenditures Current Personnel services Supplies Capital outlay Debt service Principal Interest Total expenditures Excess of revenues over expenditures Other financing sources (uses): Issuance of debt Transfers from other funds Transfers to other funds Total other financing sources (uses) Fund balance beginning of year Excess of revenues and other sources over (under) expenditures and other uses Fund balance end of year Additional information: $ 284,000 29,700 4,800 $ 20,100 318,500 20,100 $ 284,000 49,800 4,800 338,600 145,500 22,500 14,100 159,600 22,500 115,000 115,000 5,000 7,800 5,000 7,800 $ 295,800 $ 14,100 $ 309,900 22,700 6,000 28,700 38,400 38,400 7,700 7,700 (7,700) (7,700) 30,700 7,700 38,400 53,400 13,700 67,100 24,200 8,200 32,400 $ 77,600 $ 21,900 $ 99,500 a. Property taxes expected to be collected more than 60 days following year-end are deferred in the fund-basis…

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