Author Question: On January 1, 2013, a city recorded General Fund property tax revenues of 750,000, but made no ... (Read 115 times)

gbarreiro · **on:** Jul 5, 2018

On January 1, 2013, a city recorded General Fund property tax revenues of 750,000, but made no provision for uncollectible receivables or tax refunds.

During the year, it collected property taxes of 720,000, wrote off 4,000 as uncollectible, and made tax refunds of 3,000 . At year-end, the city finance director concluded that 10,000 of the delinquent taxes would be collected in January and February of 2014, 12,000 would be collected later in 2014, and 1,000 would need to be written off as uncollectible. How much should the city report as property tax revenue in its General Fund financial statements for the year 2013?
a. 720,000
b. 730,000
c. 742,000
d. 713,000

Question 2

In batch processing, business event data are collected and processed
a. as soon as possible
b. one at a time
c. in groups
d. using OLRT systems