Reference no: EM131734524

Q1. Variable Village levied property taxes in the amount of $800,000 for calendar year 2013.  By year-end, the village had collected $775,000.  It expected to collect $15,000 more in January and February of 2014 and the remaining $10,000 after February but before September 2014.  Answer the following question regarding the fund financial statements for the General Fund as of December 31, 2013 (their calendar-year end for reporting). What amount of property tax revenues should be recognized for calendar-year 2013?

Q2. Same information as previously given for Variable Village.  Variable Village levied property taxes in the amount of $800,000 for calendar year 2013.  By year-end, the village had collected $775,000.  It expected to collect $15,000 more in January and February of 2014 and the remaining $10,000 after February but before September 2014.  Answer the following question regarding the fund financial statements for the General Fund as of December 31, 2013 (their calendar-year end for reporting).

What amount of property taxes receivable should be reported at December 31, 2013?

Q3. Same information as previously given for Variable Village.  Variable Village levied property taxes in the amount of $800,000 for calendar year 2013.  By year-end, the village had collected $775,000.  It expected to collect $15,000 more in January and February of 2014 and the remaining $10,000 after February but before September 2014.  Answer the following question regarding the fund financial statements for the General Fund as of December 31, 2013 (their calendar-year end for reporting).

What amount of deferred property tax revenue should be reported at December 31, 2013?

Q4. On April 1, 2012, the city issues general obligation bonds in the amount of $1,000,000 to build a new city hall.  The debt is to be paid off at the rate of $100,000 a year, with 5% interest, starting April 1, 2013.  The city has a debt service fund, but has not transferred any resources to the fund for debt service as of December 31, 2012 (the city's calendar year end). As of December 31, 2012, how much should the city report as Debt Service Fund expenditures?

Q5. On April 1, 2012, the city issues revenue bonds in the amount of $1,000,000 to build a new gold club house for the city's municipal golf course.  The debt is to be paid off at the rate of $100,000 a year, with 5% interest, starting April 1, 2013.  The city has a debt service fund, but has not transferred any resources to any funds for debt service as of December 31, 2012 (the city's calendar year end). As of December 31, 2012, how much should the city report as interest expense?

Q6. Nuevo York County maintains the Metro Bus Enterprise Fund to account for the activities of its muicipal bus service.  The following information is reported in the fund's statement of net position at year-end: Buses and bus garage - $2,500,000; Accumulated depreciation, buses and bus garage - $1,100,000; Current portion of bonds payable - $250,000; Noncurrent portion bonds payable - $1,000,000.  The bonds were issued to finance acquisition of the buses and the bus garage.  How much should the fund report as Invested in Capital Assets, Net of Related Debt in the statement of net position?

Q7. On January 1, 2012, Thomas Town had outstanding property taxes receivable of $40,000 and deferred property tax revenue of $10,000.  On that same date, it levied property taxes of $1,000,000 for calendar-year 2012.  During 2012, it collected the entire $40,000 of receivables that had been outstanding as of January 1, as well as $975,000 against the 2012 levy.  With regard to the uncollected 2012 taxes, they expected to collect $20,000 during the first 60 days of 2013 and the remaining $5,000 during the rest of 2013.  How much should Thomas Town recognize as property tax revenues in its General Fund for calendar year 2013.