« previous next »

Author Question: A city levies property taxes of 1,050,000, but believes that it will not be able to collect 50,000 ... (Read 77 times)

leo leo

  • Hero Member
  • *****
  • Posts: 566
on: Jul 5, 2018
A city levies property taxes of 1,050,000, but believes that it will not be able to collect 50,000 of those taxes. What entry should it make when the taxes are levied?
 
  a. Property taxes receivable 1,050,000 Allowance for uncollectible taxes 50,000
   Revenues - property taxes 1,000,000
   b. Revenues - property taxes 50,000
   Allowance for uncollectible taxes 50,000
   c. Property taxes receivable 1,000,000
   Revenues - property taxes 1,000,000
   d. Allowance for uncollectible taxes 50,000
   Revenues - property taxes 50,000
   e. No entry is required because cash has not yet been received.

Question 2

Which of the following funds would you not expect to find in federal government accounting?
 
  A. General fund.
  B. Special funds.
  C. Revolving funds.
  D. Capital projects funds.


prumorgan

  • Sr. Member
  • ****
  • Posts: 326
Reply #1 on: Jul 5, 2018
Answer to Question 1

a

Answer to Question 2

D


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question

leo leo

  • Hero Member
  • *****
  • Posts: 566
Reply #2 on: Jul 5, 2018
Thank you :)


prumorgan

  • Sr. Member
  • ****
  • Posts: 326
Reply #3 on: Jul 5, 2018
Happy to help you


« previous next »
 

Did you know?

Your heart beats over 36 million times a year.

Did you know?

The Babylonians wrote numbers in a system that used 60 as the base value rather than the number 10. They did not have a symbol for "zero."

Did you know?

Certain chemicals, after ingestion, can be converted by the body into cyanide. Most of these chemicals have been removed from the market, but some old nail polish remover, solvents, and plastics manufacturing solutions can contain these substances.

Did you know?

People who have myopia, or nearsightedness, are not able to see objects at a distance but only up close. It occurs when the cornea is either curved too steeply, the eye is too long, or both. This condition is progressive and worsens with time. More than 100 million people in the United States are nearsighted, but only 20% of those are born with the condition. Diet, eye exercise, drug therapy, and corrective lenses can all help manage nearsightedness.

Did you know?

The liver is the only organ that has the ability to regenerate itself after certain types of damage. As much as 25% of the liver can be removed, and it will still regenerate back to its original shape and size. However, the liver cannot regenerate after severe damage caused by alcohol.

A Fossil Hominid Exhibit at The Museum of Osteology, Oklahoma City, Oklahoma A Fossil Hominid Exhibit at The Museum of Osteology, Oklahoma City, Oklahoma
In the summer of 1793, a yellow fever epidemic struck Philadelphia, killing nearly 4,000. Tens of th In the summer of 1793, a yellow fever epidemic struck Philadelphia, killing nearly 4,000. Tens of th
Matthew Ritchie, three stills from The Iron City. Matthew Ritchie, three stills from The Iron City.
Working and Living and Playing in the City Dump of Phnom Penh, Cambodia Working and Living and Playing in the City Dump of Phnom Penh, Cambodia
Members of the British Punitive Expedition to Benin City Members of the British Punitive Expedition to Benin City
The population of a city has continued to grow since 1950. The population of a city has continued to grow since 1950.
Video: Splitting of Sugar, Oxidation/ Reduction & ATP Generation

For a complete list of videos, visit our video library