Basics of governmental fund financial statements

Assignment Help Accounting Basics
Reference no: EM13140324

A city that has a 12/31 fiscal year end has adopted a policy of recognizing the maximum amount of property tax revenue allowable under GAAP. Property taxes of $600,0000 (of which 10% are estimated to be uncollectible) are levied in October 2007 to finance the activities of the fiscal year 2008. During 2008, cash collections related to property taxes levied in October 2007 were $500,000. In 2009 the following amounts related to the property taxes levied in October 2007 were collected: January $25,000; March, $5,000. For the fiscal year ended 12/31/08, what amount should be recognized as property tax revenues related to the 2007 levy on the governmental fund financial statements?

a) $600,000.

b) $540,000.

c) $525,000.

d) $500,000.

Reference no: EM13140324

Questions Cloud

How many grams of o2 are needed : How many grams of O2 are needed to react with 20.9 grams of Mg?
Explain capacitor and electric automobile : Do you think that an electric automobile based on capacitive energy storage is feasible?
Why donot pigs and humans share the same order : Why don't pigs and humans share the same order? Humans are primates and pigs- Artiodactyla. No copy and paste answers. Real answers only please!
Theological or scriptural images or writings : What theological or scriptural images or writings might help to inform the direction of organizational and development in youth ministry?
Basics of governmental fund financial statements : January $25,000; March, $5,000. For the fiscal year ended 12/31/08, what amount should be recognized as property tax revenues related to the 2007 levy on the governmental fund financial statements?
Write an essay about adding more days to school : write an essay about adding more days to school
System theory of church administration : In looking at the System Theory of church administration, how does church long range planning relate to organization structures inclusive of the combination of human, physical, and spiritual resources, the church influences, the political structur..
Uses and gratifications of facebook : Use the questionnaire on 'Uses and Gratifications of Facebook' in Moodle under the 'Assessment 2' link. Darren, a student at CQUniversity is doing a research on Facebook and its uses and gratifications for university students.
Find the number who consider themselves baseball fans : Find the probability that the number who consider themselves baseball fans is (a) exactly eight, (b) at least eight, and (c) less than eight.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Fixed expenses of entire company

In the most recent month, Product D99P had sales of $33,000 and variable expenses of $15,840. Product G71P had sales of $42,000 and variable expenses of $4,410. The fixed expenses of the entire company were $49,790.

  Job-order costing variables

On July 1, Job 46 had a beginning balance of $1,235. During July, prime costs added to the job totaled $560. Of that amount, direct materials were three times as much as direct labor. The ending balance of the job was $1,921.

  Application of linear eqautions

An art dealer sold two artworks at $1520 thereby making a profit of 25% on the first work and 10% on the second, where as if he had approached any exhibition he would have sold them together for $1535 with a profit of 10% on the first and 25% on t..

  Shares and other operating improvements

Frantic Fast food had earnings after taxes of $390,000 in the year 2009 with 300,000 shares outstanding. On January 1, 2010, the firm issued 25,000 new shares. Because of the proceeds from these new shares and other operating improvements, earning..

  Computing budgeted cost of work performed

Provide and show all answers and step by step work to obtain the answer, not skipping any steps. Show all equations, acronyms (ie ETC, ACWP, etc), and if applicable, a description of how you came to the answer.

  Flexible budget and a static budget

Which one of the following would be the same total amount on a flexible budget and a static budget if the activity level is different for the two types of budgets?

  Roles of accountants and auditors

What is the differences and similarities between the roles of accountants and auditors. What additional expertise must an auditor possess beyond that of an accountant?

  Preparing an income statement for wayside

Prepare an income statement for Wayside Inc. for the year ended December 31, 2010. (List multiple entries from largest to smallest amounts, e.g. 10, 5, 1.)

  Which location would you choose for the new subsidiary

Below is the summary of the subsidiary's expected pre-tax cash flows for the first five years in each location. Even though most operating cash flows will be in pesos or bahts, the company anticipates some US dollar denominated expenses.

  Reallocation of fixed costs

If a division is reporting losses, does that necessarily mean that it must be closed? Was the reallocation of the fixed costs across divisions unethical?

  Calculate the amount of interest capitalized

On January 2, 2011, the Highlands Company began construction on a new manufacturing facility for its own use. The building was completed in 2012. The company borrowed $1,500,000 at 8% on January 1 to help finance the construction.

  Evaluate the current requirements for companies

Deduce extant problems with interim reporting and authoritative positions of the issues, and make recommendations you believe would help further resolve the problems. Provide specific examples to support your response.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd