$26.$ During $2017,$ a state has the following cash collections related to state income

taxes

Payroll withholdings and estimated payments related to $2017$ income $$360$

$4/15/17$ Balance of $2016($net of $$10$ refunds$)$ income taxes $ $40$

$1/15/18$ payroll withholdings and estimated payments related to $2017$ income $ $30$

$2/15/18$ payroll withholdings and estimated payments related to $2017$ income $ $35$

$3/15/18$ payroll withholdings and estimated payments related to $2018$ income $ $25$

$4/15/18$ Balance of $2017($net of $$5$ refunds$)$ income taxes $ $45$

Assuming that the state defines $$available$$ as the maximum period allowable for property taxes, what is the amount of revenue that will be recognized in the $2017$ governmental fund financial statements related to state income taxes?

a$)$ $$400.$

b$)$ $$430.$

c$)$ $$465.$

d$)$ $$490.$

$27.$ During $2017,$ a state has the following cash collections related to state income

taxes

Payroll withholdings and estimated payments related to $2017$ income $$360$

$4/15/17$ Balance of $2016($net of $$10$ refunds$)$ income taxes $ $40$

$1/15/18$ payroll withholdings and estimated payments related to $2017$ income $ $30$

$2/15/18$ payroll withholdings and estimated payments related to $2017$ income $ $35$

$3/15/18$ payroll withholdings and estimated payments related to $2017$ income $ $25$

$4/15/18$ Balance of $2017($net of $$5$ refunds$)$ income taxes $ $45$

Assuming that the state defines $$available$$ as the maximum period allowable for property taxes, what is the amount of revenue that will be recognized in the $2017$ government$-$wide financial statements related to state income taxes?

a$)$ $$400.$

b$)$ $$475.$

c$)$ $$430.$

d$)$ $$465.$

$28.$ GASB suggests that income tax revenues should be recognized in the governmental fund financial statements in the accounting period

a$)$ when collected in cash by the taxing authority.

b$)$ in which the underlying income was earned, regardless of when collected.

c$)$ governments base the amount of income to be recognized on the amount of withholding and estimated tax payments received during the year, adjusted for settlements and refunds when tax returns are actually filed

d$)$ when earned.

$29.$ Under GAAP, income tax revenues should be recognized in the government$-$wide financial statements in the accounting period

a$)$ when collected in cash by the taxing authority.

b$)$ in which the underlying income was earned, regardless of when collected.

c$)$ in which the underlying income was earned, if collected in the current period or soon enough thereafter to pay liabilities of the current period.

d$)$ when earned.