A county that had not previously levied a property tax levies a property tax for the...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
A county that had not previously levied a property tax levies a property tax for the first time for $900,000 in December 2022. The tax is for the budget year January 1 to December 31, 2023. Because it sends out the bills on December 1, it actually collects $500,000 in cash by December 31, 2022. It collects an additional $375,000 of 2023 property taxes during calendar year 2023, $15,000 during January 1 through February 28, 2024, and the remaining $10,000 in June 2024. How much property tax revenue should the county report in its 2023 governmental fund and government-wide financial statements? Fund Statements O $875,000 Fund Statements. $375,000 Fund Statements. $890,000 Fund Statements $875,000 Government-Wide Statements $890,000 Government-Wide Statements $400,000 Government-Wide Statements $900,000 Government-Wide Statements $900,000 A county that had not previously levied a property tax levies a property tax for the first time for $900,000 in December 2022. The tax is for the budget year January 1 to December 31, 2023. Because it sends out the bills on December 1, it actually collects $500,000 in cash by December 31, 2022. It collects an additional $375,000 of 2023 property taxes during calendar year 2023, $15,000 during January 1 through February 28, 2024, and the remaining $10,000 in June 2024. How much property tax revenue should the county report in its 2023 governmental fund and government-wide financial statements? Fund Statements O $875,000 Fund Statements. $375,000 Fund Statements. $890,000 Fund Statements $875,000 Government-Wide Statements $890,000 Government-Wide Statements $400,000 Government-Wide Statements $900,000 Government-Wide Statements $900,000
Expert Answer:
Answer rating: 100% (QA)
The detailed answer for the above question is provided below Answe... View the full answer
Related Book For
Intermediate Accounting
ISBN: 978-0324300987
10th Edition
Authors: Loren A Nikolai, D. Bazley and Jefferson P. Jones
Posted Date:
Students also viewed these accounting questions
-
During January 2010, Foxy Corporation for the first time decided to acquire some equity securities as a means of putting some of its idle cash to work. The securities are classified as investments...
-
For the first time in two years, Big G (the cereal division of General Mills) raised cereal prices by 2 percent. If, as a result of this price increase, the volume of all cereal sold by Big G dropped...
-
In 2012, the FOMC stated for the first time that it aims at an inflation rate of 2 percent (based on the price index of personal consumption expenditures). How might this announcement help secure...
-
Jellio, Maker of Whimsical Furnishings, Considers Growth. Start by asking yourself, who is the customer for this product, not who is currently buying it. There is a difference. Then, where would they...
-
The Public Company Accounting Oversight Board (PCAOB) is a direct outcome of the Sarbanes-Oxley Act of 2002. This is considered one of the most significant pieces of legislation to have been enacted...
-
Conduct an environmental scan in which you focus on both the internal and external factors that could affect your success within your chosen industry. Include in responses to the following. Use the...
-
Consider the following system of periodic processes executing on a single CPU: Can we add another instance of P1 to the system and meet all the deadlines using RMS? Process Execution time Deadline...
-
1. Record the following 20X9 transactions in the Percy County General Fund General Ledger. Assume: a. The county entered into a capital lease for police safety equipment. The capitalizable cost of...
-
You contemplate issuing a callable, 10-year, 5% coupon bond with annual coupon payments. The bond can be called after 5 years, and it has a price of $95 with a face value of $100. What would be the...
-
A rigid foundation is subjected to a vertical column load, P = 355 kN, as shown in Figure 11.43. Estimate the elastic settlement due to the net applied pressure, ÎÏ, on the foundation....
-
Sheridan, Inc. is considering purchasing equipment costing $37000 with a 7-year useful life. The equipment will provide cost savings of $7600 and will be depreciated straight-line over its useful...
-
The gravitational force between two volleyball players is 3.510 7 N . If the masses of the players are 65 kg and 73 kg , what is their separation? Express your answer to two significant figures and...
-
Compare various ways to use touch gestures to drag and scale on-screen objects, using onTouchEvent(), in order to intercept touch events. In your post, Explain how various touch movements or events...
-
When a company creates a situation where the firms in an industry continue to improve products or services to the point where they are actually better than a sizable portion of their clientele's...
-
You are asked to complete an investigation into the efficiency of removal of your toilet. The bowl hold 5 liters of water. When you flush almost all flows out, but some does remain. You inject dye...
-
The array spacing is 5D by 10D, for 1 MW wind turbines, 60 m diameter. a. How many turbines can be placed in a square kilometer? b. Assuming the average wind power potential is 500 W/m2 at 50 m...
-
Consider the variation of the effective index of the optical modes of a multimode silica fiber with the normalised frequency (V number), at an operating wavelength of 1.55 mm, as shown the figure...
-
On average there are four traffic accidents in a city during one hour of rush-hour traffic. Use the Poisson distribution to calculate the probability that in one such hour there arc (a) No accidents...
-
The following are the inventories for the years 2007, 2008, and 2009 for the Parry Company: Required Prepare journal entries to record the lower of cost or market for each of the following...
-
The Johnson Company is considering three different time periods for an insurance policy on its main office building. The premiums on a fire insurance policy covering the building for the amount of...
-
What are the primary issues in accounting for current liabilities?
-
See Table 2.5 showing financial statement data and stock price data for Mydeco Corp. a. Compute Mydecos PE ratio each year from 2019 to 2023. In which year was it the highest? b. What was Mydecos...
-
In early 2018, United Airlines (UAL) had a market capitalization of \($25.14\) billion, debt of \($12.73\) billion, and cash of \($5.59\) billion. United also had annual revenues of \($38.72\)...
-
See Table 2.5 showing financial statement data and stock price data for Mydeco Corp. a. Compute Mydecos ROE each year from 2019 to 2023. b. Compute Mydecos ROA each year from 2019 to 2023. c. Which...
Study smarter with the SolutionInn App