« 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 98 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?

IgA antibodies protect body surfaces exposed to outside foreign substances. IgG antibodies are found in all body fluids. IgM antibodies are the first type of antibody made in response to an infection. IgE antibody levels are often high in people with allergies. IgD antibodies are found in tissues lining the abdomen and chest.

Did you know?

For pediatric patients, intravenous fluids are the most commonly cited products involved in medication errors that are reported to the USP.

Did you know?

The FDA recognizes 118 routes of administration.

Did you know?

People with high total cholesterol have about two times the risk for heart disease as people with ideal levels.

Did you know?

Asthma is the most common chronic childhood disease in the world. Most children who develop asthma have symptoms before they are 5 years old.

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
An artificial vagina, used to collect horse semen An artificial vagina, used to collect horse semen
In 2013, Americans learned that the federal government massively surveys their phone calls and e-mai In 2013, Americans learned that the federal government massively surveys their phone calls and e-mai
The giant grass hoppers are invading the city! The giant grass hoppers are invading the city!
Frederick Law Olmsted and Calvert Vaux, Central Park, New York City. Frederick Law Olmsted and Calvert Vaux, Central Park, New York 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
Video: Premenstrual Syndrome

For a complete list of videos, visit our video library