In October 2018, the Village of Mason levied $80 million of property taxes for its 2019 fiscal
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In December 2018, the state announced that the village would receive $3 million in state assistance. The funds were paid in January 2019 and could have been used (per terms of the state legislation) to cover any legitimate village expenditures incurred in 2019.
1. Prepare fund journal entries to summarize the property tax and grant activity for the fiscal years ending December 31, 2018 and 2019.
2. How would you justify any apparent inconsistencies as to if and when you recognized the taxes receivable as opposed to the grants receivable?
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Related Book For
Government and Not for Profit Accounting Concepts and Practices
ISBN: 978-1118983270
7th edition
Authors: Michael Granof, Saleha Khumawala, Thad Calabrese, Daniel Smith
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