Reference no: EM132663930
Questions -
Q1. Calculate the amount of property tax revenues that Dale City would recognize in the year 2013 given the following information.
According to the General Fund balance sheet on December 31, 2012, Dale City reported Property Taxes Receivable of $40,000 and Deferred Property Tax Revenues of $15,000. At the start of the year in 2013, Dale City made the following journal entry to record its property tax levy:
Property Taxes Receivable 850,000
Allowance for uncollectible property taxes 10,000
Revenues - property taxes 840,000
Q2. During the year 2013, the city collected all of the property taxes receivable outstanding at December 31, 2012. It also collected $920,000 of the receivables recognized at the beginning of 2013, and wrote off $6,000 of bad debts against the allowance account. On December 31, 2013, the Dale City finance director made the following determinations regarding the property taxes outstanding at that date:
A. All outstanding property taxes would be collected, so there was no need for the allowance for uncollectible property taxes.
B. The city would collect $15,000 of the outstanding property taxes during the first 60 days of 2014 and the remainder in the latter part of 2014.
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