Required: 1. On the December 31, 2022, balance sheet for the Village’s general fund, what is the amount reported under assets for property taxes receivable(net)? 2. On the Village’s general fund statement of revenues, expenditures, and changes in fund balance for the year ended December 31, 2022, what is the amount reported for property tax revenue? 3. Make the adjusting journal entry as of December 31, 2022, to record the property taxes that are expected to be collected after March 1, 2023.
Required: 1. On the December 31, 2022, balance sheet for the Village’s general fund, what is the amount reported under assets for property taxes receivable(net)? 2. On the Village’s general fund statement of revenues, expenditures, and changes in fund balance for the year ended December 31, 2022, what is the amount reported for property tax revenue? 3. Make the adjusting journal entry as of December 31, 2022, to record the property taxes that are expected to be collected after March 1, 2023.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Unlike Illinois, the Village of Maple Park is located in a state in which property taxes are levied and collected in the same fiscal year. The information below pertains to the Village’s general fund for the year ended December 31, 2022:
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$9,819,000 of property tax revenue was included in the estimated revenues budget for 2022; |
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Property taxes were levied in February, 2022, and $171,000 of the levy was expected to be uncollectible; |
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On the two property tax collection dates, a total of $9,600,000 was collected; |
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At December 31, 2022, the Village expected property tax collections during the first 60 days of 2023 to be $38,000. |
Required:
1. On the December 31, 2022, balance sheet for the Village’s general fund, what is the amount reported under assets for property taxes receivable(net)?
2. On the Village’s general fund statement of revenues, expenditures, and changes in fund balance for the year ended December 31, 2022, what is the amount reported for property tax revenue?
3. Make the adjusting journal entry as of December 31, 2022, to record the property taxes that are expected to be collected after March 1, 2023.
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