« 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 108 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?

Pink eye is a term that refers to conjunctivitis, which is inflammation of the thin, clear membrane (conjunctiva) over the white part of the eye (sclera). It may be triggered by a virus, bacteria, or foreign body in the eye. Antibiotic eye drops alleviate bacterial conjunctivitis, and antihistamine allergy pills or eye drops help control allergic conjunctivitis symptoms.

Did you know?

If all the neurons in the human body were lined up, they would stretch more than 600 miles.

Did you know?

Asthma occurs in one in 11 children and in one in 12 adults. African Americans and Latinos have a higher risk for developing asthma than other groups.

Did you know?

The average office desk has 400 times more bacteria on it than a toilet.

Did you know?

Vampire bats have a natural anticoagulant in their saliva that permits continuous bleeding after they painlessly open a wound with their incisors. This capillary blood does not cause any significant blood loss to their victims.

Wolf Spider in Maricopa City, Arizona, roughly 25mm (1 inch) while legs were retracted Wolf Spider in Maricopa City, Arizona, roughly 25mm (1 inch) while legs were retracted
Ulysses S. Grant poses at City Point, Virginia, during the siege of Petersburg. Ulysses S. Grant poses at City Point, Virginia, during the siege of Petersburg.
Lewis Hine’s 1910 photograph shows a tenement alley in New York City. More famous for his “unsettlin Lewis Hine’s 1910 photograph shows a tenement alley in New York City. More famous for his “unsettlin
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
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
The population of a city has continued to grow since 1950. The population of a city has continued to grow since 1950.
Video: Structures that affect circulation - kidneys, blood volume and venous tone

For a complete list of videos, visit our video library