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I already answer the problems below but I need hel...

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I already answer the problems below but I need help to make sure if they are correct and if not if someone can help me please in finding out what the correct answer is. 1. Which of the following is always reported as governmental fund revenue? a. Taxes b. Fines and forfeitures c. Special assessments d. Payments in lieu of taxes (assume the payments are essentially charges for services). e. All of the above are properly reported as governmental fund revenues (answer) 2. Generally, sales tax revenues should be recognized by a local government in the period. a. In which the local government receives the cash b. That the underlying sale occurs, whether or not the local government receives the cash in that period. c. In which the state?which collects all sales taxes in the state?receives the cash from the collecting merchants (answer) d. In which the state?which collects all sales taxes in the state?receives the cash from the collecting merchants if the local government collects the taxes from the state in that period or soon enough in the next period to be used as a resource for payment of liabilities incurred in the first period. 3. On June 1, 20X4, a school district levies the property taxes for its fiscal year that will end on June 30, 20X5. The total amount of the levy is $1,000,000, and it is expected that 1% will be uncollectible. Of the levy, $250,000 is collected in June 20X4 and another $500,000 is collected in July and August 20X4. What amount of property tax revenue associated with the June 1, 20X4, levy should be reported as revenue in the fiscal year ending June 30, 20X4? a. $0 b. $750,000 c. $760,000 (Answer) d. $990,000 4. A city levied $2,000,000 of property taxes for its current fiscal year. The city collected $1,700,000 cash on its tax receivable during the year and granted $72,000 in discounts to taxpayers who paid within the legally established discount period. It is expected that the city will collect another $88,000 on these taxes receivable during the first two months of the next fiscal year. One percent of the tax levy is expected to be uncollectible. What amount of property tax revenues should the city report for the current fiscal year? a. $1,788,000 (answer) b. $1,860,000 c. $1,980,000 d. $2,000,000 5. What would the answer be to 4 if the city also collected $100,000 of the prior year?s taxes during the first two months of the current fiscal year and another $53,000 of the prior year?s taxes during the remainder of the current year? a. $1,788,000 b. $1,860,000 c. $1,941,000 (answer) d. $1,980,000 6. A count received $3,000,000 from the state. $1,500,000 of the $3,000,000 was received under an entitlement program and was not restricted as to use. The other $$1,500,000 was received under a grant agreement that requires the funds to be used for specific health and welfare programs. The county accounts for the resources from both of these programs in a Special Revenue Fund. Expenditures of that fund that qualified under the grant agreement totaled $900,000 in the year that the grant and entitlement were received. What amount of revenues should the county recognize in that year with respect to the entitlement and the grant? a. $0 b. $900,000 c. $1,500,000 (answer) d. $1,800,000 e. $2,400,000 7. A Special Revenue Fund expenditure of $40,000 was initially paid from and recorded in the General Fund. The General Fund is now being reimbursed. The General Fund should report a. Revenues of $40,000 (answer) b. Other financing sources of $40,000 c. a $40,000 reduction in expenditures d. other changes in fund balances of $40,000 e. transfers in of $40,000 8. A state received a gift of $80,000 of stocks and bonds from a private donor. The General Fund statement of revenues, expenditures, and changes in fund balance should report a. Revenues of $80,000 b. Other financing sources of $80,000 (answer) c. Special items for all such gifts d. Extraordinary items for all such gifts 9. A city has formalized tax liens of $50,000 against a property on which there are delinquent taxes receivable. The estimated salable value of the property is $39,000. The remaining total balances in Property Taxes Receivable?Delinquent and the related allowance are $113,000 and $28,000, respectively. What amount should be reclassified from allowance for uncollectible delinquent taxes to allowance for uncollectible tax liens? a. $0 (answer) b. $11,000 c. $28,000 d. $8,589 10. If the city in the previous question decides to keep the property for its own use, what amount of expenditures should be recognized? a. $0 b. $39,000 c. $50,000 (answer) d. None of the above

 

Paper#7840 | Written in 18-Jul-2015

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