« 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 96 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?

The human body produces and destroys 15 million blood cells every second.

Did you know?

Of the estimated 2 million heroin users in the United States, 600,000–800,000 are considered hardcore addicts. Heroin addiction is considered to be one of the hardest addictions to recover from.

Did you know?

People with alcoholism are at a much greater risk of malnutrition than are other people and usually exhibit low levels of most vitamins (especially folic acid). This is because alcohol often takes the place of 50% of their daily intake of calories, with little nutritional value contained in it.

Did you know?

Signs and symptoms of a drug overdose include losing consciousness, fever or sweating, breathing problems, abnormal pulse, and changes in skin color.

Did you know?

There are more sensory neurons in the tongue than in any other part of the body.

Aftermath of the 2005 Texas City Refinery Explosion Aftermath of the 2005 Texas City Refinery Explosion
During the Pullman strike in Chicago, workers protesting wage cuts did $340,000 in property damage, During the Pullman strike in Chicago, workers protesting wage cuts did $340,000 in property damage,
Decremental property of graded potentials. Decremental property of graded potentials.
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
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
Video: Calvin cycle (The light-independent reactions )

For a complete list of videos, visit our video library