Make the adjustment needed to prepare the governmental

Assignment Help Accounting Basics
Reference no: EM13872599

Honesdale levies property taxes in March of each year to help finance the General Fund expenditures for the calendar year. Property owners are required to pay the taxes in equal installments in April and October. Taxes remaining uncollected are declared delinquent at the end of the year. The facts regarding property taxes levied and collected for calendar years 2012 and 2013 are as follows: 2012: Honesdale levied property taxes of $ 700,000, anticipating the entire amount to be collected. It actually collected $ 650,000 during the year. When the village prepared its financial statements, it assumed all the delinquent taxes would be collected during 2013: $ 37,000 in the first 60 days and the remaining $ 13,000 later in 2013. 2013: Regarding the $ 50,000 of delinquent 2012 taxes, Honesdale collected $ 40,000 in the first 60 days of 2013 and $ 8,000 during the rest of 2013, and the village wrote off the remaining $ 2,000 as uncollectible.
For calendar year 2013, Honesdale levied property taxes of $ 730,000, again expecting the entire amount to be collected. It actually collected $ 690,000 in the year of the levy. When it prepared its 2013 financial statements, the village assumed $ 37,000 of the delinquent 2013 taxes would be collected during 2014: $ 30,000 in the first 60 days and $ 7,000 later in the year. It established an allowance of $ 3,000 for uncollectible taxes.
Prepare journal entries as follows:
a. Record the year 2012 transactions in the General Fund, including the year end adjustment needed to prepare the fund financial statements.
b. Make the adjustment needed to prepare the governmental activities column of the 2012 government wide statements.
c. Record the year 2013 transactions in the General Fund, including the year end adjustment needed to prepare the fund financial statements.
d. Make the adjustment needed to prepare the governmental activities column of the 2013 government wide statements.
e. Also, calculate the amount of property tax revenues Honesdale should recognize in its fund financial statements and in its government- wide statements for 2012 and 2013.

Reference no: EM13872599

Questions Cloud

Fnd out the ratio of wheat consumers in kerala to punjab : Fnd out the ratio of wheat consumers in Kerala to Punjab
What are the aims for the marketisation of education of 1988 : What are the aims for the marketisation of education of 1988
Cordova company entered into a contract : In January 2010, Cordova Company entered into a contract to acquire a new machine for its factory.
Statement or description of the social problem : Your Final Paper should include a problem statement or description of the social problem you have selected, a discussion of the scope and consequences of the problem, and an assessment of society's responses to the problem (including public policies ..
Make the adjustment needed to prepare the governmental : Make the adjustment needed to prepare the governmental activities column of the 2012 government wide statements Record the year 2013 transactions in the General Fund, including the year end adjustment needed to prepare the fund financial statements.
Child''s school using public funds : Should parents be allowed to choose their child's school using public funds?
Identified and clarified the nature : This final paper will be the culmination of what we have accomplished in our first and second writing assignments. Now that we have identified and clarified the nature of our chosen social problem, and examined two key organizations that address this..
The following information is taken from hamilton : The following information is taken from Hamilton Township December 31, 2013, trial balance after all adjustments were made for preparation of the government wide financial statements.
Comment on mahatma gandhi''s role in the national movement : 2.Comment on Mahatma Gandhi's role in the national movement. 3. What do you understand by the term 'social structure'? Discuss.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Kirkland theater sells season tickets for six events at a

kirkland theater sells season tickets for six events at a price of 180. in pricing the tickets the planners assigned

  General capital assets

General Capital Assets. Make all necessary entries in the appropriate governmental fund general journal and the government-wide governmental activities

  Louis industries normally produces and sells 5000 keyboards

louis industries normally produces and sells 5000 keyboards for personal computers each month. variable manufacturing

  Compute the payback-arr-npv of water planet

Water Planet is considering purchasing a water park in Atlanta, Georgia, for $1,870,000. The new facility will generate annual net cash inflows of $460,000 for eight years.

  Determine discount on bonds payable at date of issuance

On January 1, 2014, Jack Company issues $4,717,000, 7%, 10-year bonds for cash of $3,835,239 when the market rate of interest is 10%. The bonds pay interest semi-annually on June 30 and December 31.

  Fundamentals of financial accounting

Using Home Depot, Inc. 2008 Annual Report located in Appendix A of the text, Fundamentals of Financial Accounting, prepare a 1,050-1,750-word paper in which you answer the following questions:

  A company recently approached baseballs management about

baseball products manufactures a single product with the following full unit costs at a volume of 2000 unitsdirect

  Lennon co recorded sales all credit of 870000 during the

lennon co. recorded sales all credit of 870000 during the current year. the ending balance in accounts receivable was

  A company reports its cost of goods sold as 150 billionin

a a company reports its 2007 cost of goods sold at15.0 million. its ending inventory for 2007 is 1.6 millionand for

  What is the total manufacturing cost ie both fixed and

big thumbs company manufactures portable flash drives for computers. big thumbs incurs monthly depreciation costs of

  An employee earns 40 per hour and 175 times that rate for

an employee earns 40 per hour and 1.75 times that rate for all hours in excess of 40 hours per week. assume that the

  A law firm uses activity-based pricing the companys

a law firm uses activity-based pricing. the companys activity pools are as follows cost pool annual estimated cost cost

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