Collect the remainder of the taxes

Assignment Help Financial Accounting
Reference no: EM131803061

For the year ended December 31, 2011, the general fund of Karsten City levied property taxes of $1,000,000. The city estimated that $10,000 of the levy would not be collectible. By December 31, 2011, the city had collected $850,0000 of property taxes and expected to collect the remainder of the taxes as follows:

$100,000 by March 1, 2012
$40,000 during the remainder of 2012

In accordance with GASB 33, Accounting and Reporting for Non exchange Transactions, how much property tax revenue should be reported by the general fund on the statement of revenues, expenditures, and changes in fund balances prepared for the year ended December 31, 2011?

Reference no: EM131803061

Questions Cloud

What lessons do they provide : The movies cited in this case, think of other titles for business lessons such as Risky Business, Pirates of Silicon Valley, and Office Space.
Purchase of school buses : In November 2010, Maple Township received an unexpected state grant of $100,000 to finance the purchase of school buses, and an additional grant
How the customer personal information will be used : In many instances, the ways in which organizations state how the customer's personal information will be used is in small print on annual privacy notices.
Evaluate a companys weighted average cost of capital : evaluate and calculate a company's weighted average cost of capital and use the analysis to make company investment decisions.
Collect the remainder of the taxes : By December 31, 2011, the city had collected $850,0000 of property taxes and expected to collect the remainder of the taxes as follows:
Prepare journal entries to record the january transations : Additional Repair Parts Inventory acquired on account $4,000. Prepare journal entries to record each of the January transactions
What is the affect of insurance premiums on consumers : Many jurors assume the defendant has insurance coverage and therefor no harm is done by awarding the plaintiff damages. What are the moral hazards?
What issues do you think will become increasingly important : Moving forward with the knowledge you have gained from this course, as well as any work experience.
Convertible preferred stock was selling : What amount of the proceeds should be allocated to Rya's convertible preferred stock?

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

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