The Town of Heartland levied property taxes in the amount of $1,600,000. The town estimates that 1 percent will be uncollectible. The ournal entry to record the tax levy in the General Fund will include:
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The Town of Heartland levied property taxes in the amount of $1,600,000. The town estimates that 1 percent will be uncollectible. The
journal entry to record the tax levy in the General Fund will include:
Multiple Choice
A debit to Cash for $1,584,000.
A credit to Revenues for $1,584,000.
A debit to Allowance for Uncollectible Current Taxes for $16,000.
A debit to Estimated Revenues for $1,600,000.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F397a03a4-5558-47da-952e-9091e568a307%2Fe06e5585-9e06-49cf-9802-48bc31d9ae82%2F1h9vd7q_processed.png&w=3840&q=75)
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- The City of Touchstone issued $1,000,000 general obligation bonds at 102 to build a new community center. As part of the bond issue, the city also paid a $2,500 underwriter fee and $4,000 in debt issue costs. What amount should the City of Touchstone report as other financing sources? From Governmental Non-Profit Accounting ClassThe City of Castleton’s General Fund had the following post-closing trial balance at June 30, 2019, the end of its fiscal year: Debits Credits Cash $ 476,000 Taxes Receivable—Delinquent 601,000 Allowance for Uncollectible Delinquent Taxes $ 189,120 Interest and Penalties Receivable 28,080 Allowance for Uncollectible Interest and Penalties 12,960 Inventory of Supplies 17,900 Vouchers Payable 166,500 Due to Federal Government 77,490 Deferred Inflows of Resources—Unavailable Revenues 427,000 Fund Balance—Nonspendable—Inventory of Supplies 17,900 Fund Balance—Unassigned 232,010 $ 1,122,980 $ 1,122,980 Prepare a General Fund balance sheet as of June 30, 2020.The Town Debt Service Fund accumulates resources to pay its $3 million general obligation debt. The debt is payable in equal annual installments of principal over 20 years with 5% interest on the unpaid principal. Prepare journal entries to record the following transactions in the Debt Service Fund. The Town levies a special property tax amounting to $550,000 to pay debt service on its long-term general obligation debt. The tax must be accounted for in the Debt Service Fund. All the property taxes levied for debt service purposes are collected. The Town invests $250,000 in a six-month certificate of deposit. Debt service (interest of $150,000 and principal of $150,000) becomes due and payable. The debt service liabilities from 4. are paid. The certificate of deposit in 3. matures and the Town receives a total of $261,000.
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- Trapper City issued 30-year bonds for the purpose of building a new City Hall. The proceeds of the bonds are deposited in the General Fund. For the governmental fund financial statements, in what fund will Bonds Payable appear? General Fund. Internal service fund. Permanent Fund. Debt Service Fund. Bonds Payable do not appear in governmental fund financial statements.The city of Belle collects property taxes for other local governments—Beau County and the Landis Independent School District (LISD). The city uses a Property Tax Collection Custodial Fund to account for its collection of property taxes for itself, Beau County, and LISD.The following transactions and events occurred for Belle's Custodial Fund.1. Property taxes were levied for Belle ( $1,000,000), Beau County ( $500,000) andLISD ( $1,500,000). Assume taxes collected by the Custodial Fund will bepaid to Belle’s General Fund.2. Property taxes in the amount of $2,250,000 are collected. The percentage collectedfor each entity is in the same proportion as the original levy.3. The amounts owed to Beau County and LISD are recognized.4. The Custodial Fund distributes the amounts owed to the three governments.Prepare journal entries to record the above transactions and events for Belle’s Custodial Fund. If an entry affects more than one debit or credit account, enter the accounts in order of…Ibri township issued the following bonds during the year. The bond issued to purchase equipment for vehicle repair service that is accounted for in an internal service fund RO 30,000, The bonds issued to construct a new city hall RO 10,000 The bonds issued to improve its water utility, which is accounted for in an enterprise fund RO 50,000. The amount of bond issued to be reported in the general fund is a. RO 10,000 b. RO 50,000 c. None of the options d. RO 30,000
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