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Author Question: (Entries to prepare government-wide statements - property tax revenue deferral) When it prepared ... (Read 134 times)

Destiiny22

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on: Jul 5, 2018
(Entries to prepare government-wide statements - property tax revenue deferral)
 
  When it prepared its financial statements for
 
  calendar year 2012, Watson Town assumed that it would collect all unpaid property taxes during the first 60 days of 2013 . As a result, no deferred revenues were reported. The following facts pertain to the property tax revenues for calendar years 2013 and 2014 . Make adjusting entries needed to prepare both the fund-level and the government-wide financial statements for 2013 and 2014 . Watson Town does not record deferred revenues until it makes end of the year adjustments.
 
   2013 2014
   Tax levy 700,000 730,000
   Taxes collected in cash from the year's levy 670,000 690,000
   Taxes expected to be collected in first
   60 days of the following year  22,000  29,000
   Taxes expected to be collected later in
   the following year  8,000  11,000
 
  Assume that all taxes expected to be collected in the following year were actually collected when expected. Also assume that all journal entries to record the tax levy, tax collections and so on were made, as appropriate.
 
  What will be an ideal response?

Question 2

A typical account number for a contra-account would be
 a. 185.
   b. 185.c.
   c. 185.1.
   d. 185.contra.


briezy

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Reply #1 on: Jul 5, 2018
Answer to Question 1

2013 Fund-level
Revenues - property taxes 8,000
Deferred revenues 8,000

2013 Government-wide
Deferred revenues 8,000
Revenues - property taxes 8,000

2014 Fund-level
Revenues - property taxes 11,000
Deferred revenues 11,000

2014 Government-wide
Deferred revenues 11,000
Revenues - property taxes 3,000
Net position 8,000



Answer to Question 2

c


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