What is revenue reported in the fund financial statement

Assignment Help Financial Management

Reference no: EM131868157

Governmental and Not for Profit Accounting: Please explain how to get to the answer.

The fiscal year of the County ends on December 31. Property taxes are due March 31 of the year in which they are levied.

the county engaged the following transacctions in 2017 and 2018:

a. On January 15, 2017, the county council levied property taxes of $170 million for the year endingDecember 31, 2017. Officials estimated that 1 percent would be uncollectible.

b. During 2017 it collected $120 million.

c. In January and February 2018, prior to preparing its 2017 financial statements, it collected an additional$45 million in 2017 taxes. It reclassified as delinquent the $5 million of 2017 taxes not yet collected.

d. In January 2018, the county levied property taxes of $190 million, of which officials estimated1.1 percent would be uncollectible.

e. During the remainder of 2018 the county collected $2.5 million more in taxes relating to 2017,$160 million relating to 2018, and $1.9 million (in advance) applicable to 2019

f. In December 2018 it wrote off $1 million of 2017 taxes that it determined would be uncollectible.

Q: What is the revenue reported in the Fund Financial Statement for the period ended 12/31/2017?

Reference no: EM131868157

Questions Cloud

What coupon rate should the dairy delight set on its bonds : What coupon rate should The Dairy Delight set on its bonds?

Expected one year treasury yield two years from today : If a 2-year treasury security with a maturity risk premium of 0.1% yields 5.0%, what is the expected 1-year treasury yield two years from today?

Nick accumulated in his retirement account : How much has Nick accumulated in his retirement account?

Binomial model to find the price of the put : The current price of the stock is $130. The price volatility is 35%. Use a 8-period binomial model to find the price of the put.

What is revenue reported in the fund financial statement : What is the revenue reported in the Fund Financial Statement for the period ended 12/31/2017?

Components of any investment opportunity are risk and return : The two most basic components of any investment opportunity are risk and return.

Discuss the tax consequences to passive with respect : Discuss the tax consequences to Passive with respect to the $300,000 loss. See Tax Regulation Section 1.469-2T(d)(6).

What is the amount of dentist passive activity credit : In the current year, Dentist purchased two limited partnership interests. What is the amount of Dentist’s passive activity credit for the current year?

Describe non-manufacturing business : Describe a non-manufacturing business that could benefit from the use of standards.

User Account

All Pages