回T | 一、国,图,|=|,=- Aa1 úlgic 1توکیدúlgillblasi9. I 10 I 11: I 12. I 13: I 14.I1516Question Four:The Village of Darby's budget calls for property tax revenues for the fiscal year endingDecember 31, 2014, of $2,660,000. Village records indicate that, on average, 2 percent oftaxes levied are not collected. The county tax assessor has assessed the value of taxableproperty located in the village at $135,714,300.Required1. Record the tax levy for 2011 in the General Fund. (Ignore subsidiary detail andentries at the government-wide level.)2. By December 31, 2011, $2,540,000 of the current property tax levy had been collected.Record the amounts collected and reclassify the uncollected amount as delinquent.3. Interest and penalties of 6 percent were immediately due on the delinquent taxes, but thefinance director estimates that 10 percent will not be collectible. Record the interest andpenalties receivable. (Round all amounts to the nearest dollar.)Question Five:The follewi

Working: Calculation of estimated property taxes : Estimated Property Tax: = Budgeted tax Revenue /…

The Village of Darby's budget calls for property tax revenues for the fiscal December 31, 2014, of $2,660,000. Village records indicate that, on average, 2 taxes levied are not collected. The county tax assessor has assessed the value property located in the village at $135,714,300. equired 1. Record the tax levy for 2011 in the General Fund. (Ignore subsidiary deta entries at the government-wide level.) 2. By December 31, 2011, $2,540,000 of the current property tax levy had bee Record the amounts collected and reclassify the uncollected amount as de 3. Interest and penalties of 6 percent were immediately due on the delinquent ta finance director estimates that 10 percent will not be collectible. Record the i:

The Village of Darby's budget calls for property tax revenues for the fiscal December 31, 2014, of $2,660,000. Village records indicate that, on average, 2 taxes levied are not collected. The county tax assessor has assessed the value property located in the village at $135,714,300. equired 1. Record the tax levy for 2011 in the General Fund. (Ignore subsidiary deta entries at the government-wide level.) 2. By December 31, 2011, $2,540,000 of the current property tax levy had bee Record the amounts collected and reclassify the uncollected amount as de 3. Interest and penalties of 6 percent were immediately due on the delinquent ta finance director estimates that 10 percent will not be collectible. Record the i:

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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