Remaining Time: 54 minutes, 13 seconds. Question Completion Status: QUESTION 6 Baly City uses the consumption method to account for supplies. At the beginning of the year the city had no supplies on hand. During the year the city purchased $600,000 of supplies for use by activities accounted for in the general fund. The city used $400,000 of those supplies during the year. Assuming that the city maintains its books and records in a manner that facilitates the preparation of its fund financial statements, at fiscal year-end the appropriate account balances related to supplies expenditures and supplies inventory would be Expenditures 5600,000, Supplies inventory 5200,000. Expenditures 5600,000, Supplies inventory $0. Expenditures $400,000: Supplies inventory $200.000 Expenditures $400,000; Supplies inventory $0. QUESTION 7 A city that has a 12/31 fiscal year end has adopted a policy of recognizing the maximum amount of property tax revenue allowable under GAAP. Property taxes of $720,000 (of which o percent are estimated to be uncollectible) are levied in October 2013 to finance the activities of the fiscal year 2014. During 2014, cash collections related to property taxes levied in October 2013 were $600,000. In 2015the following amounts related to the property taxes levied in October 2013 were collected: January $30,000February $6,000. For the fiscal year ended 12/31/14, what amount should be recognized as property tax revenues related to the 2013 levy on the government-wide financial statements? 5720,000 5648,000 $630,000 5600,000 QUESTIONS To close Reserve for encumbrances at the end of the year which of the following entries should be made? click owe and submit to see and whit. Chick Save All Anvers to awe allowers MacBook Air