Online College Courses for Credit

+
ACC 548 Week 2 Textbook Problems (2017 version)

ACC 548 Week 2 Textbook Problems (2017 version)

Rating:
Rating
(0)
Author: l marshall
Description:

Click link for download:http://assignment.store/acc-548-week-2-textbook-problems-2017-version/

EX. 4-3

Property taxes are not necessarily recognized as revenue in the year collected.
The fiscal year of Duchess County ends on December 31. Property taxes are due March 31 of the year in which they are levied.
Prepare journal entries (excluding budgetary and closing entries) to record the following property tax-related transactions in which the county engaged in 2017 and 2018.
On January 15, 2017, the county council levied property taxes of $170 million for the year ending December 31, 2017. Officials estimated that 1 percent would be uncollectible.
During 2017 it collected $120 million.
In January and February 2018, prior to preparing its 2017 financial statements, it collected an additional $45 million in 2017 taxes. It reclassified as delinquent the $5 million of 2017 taxes not yet collected.
In January 2018, the county levied property taxes of $190 million, of which officials estimated 1.1 percent would be uncollectible.
During the remainder of 2018 the county collected $2.5 million more in taxes relating to 2017, $160 million relating to 2018, and $1.9 million (in advance) applicable to 2019.
In December 2018 it wrote off $1 million of 2017 taxes that it determined would be uncollectible.
Suppose the county were to prepare government-wide statements and account for property taxes on a full accrual basis of accounting rather than the modified accrual basis. How would your entries differ? Explain.
 
EX. 5-7

Irrespective of how capital assets are acquired, they are recorded differently in governmental funds than in businesses.
In a recent year Ives Township acquired six police cars at a total cost of $200,000. The vehicles are expected to have a useful life of four years.
Prepare the journal entries that the township would make in its general fund in the year of acquisition for each of the following assumptions:
It paid for the cars in cash at the time of acquisition.
It leased the cars and agreed to make, starting in the year of acquisition, four equal payments of $63,095, an amount that represents the annuity required to liquidate a loan of $200,000 at 10 percent interest. The lease would satisfy the criteria necessary to be accounted for as a capital lease.
It issued $200,000 in installment notes to the car dealer, agreeing to repay them in four annual payments of $63,095, starting in the year of acquisition.
Comment on how any “off the balance sheet” assets or obligations would be reported in supplementary schedules and the government-wide statements
3.     It paid for the cars in cash at the time of acquisition.
4.     It leased the cars and agreed to make, starting in the year of acquisition, four equal payments of $63,095, an amount that represents the annuity required to liquidate a loan of $200,000 at 10 percent interest. The lease would satisfy the criteria necessary to be accounted for as a capital lease.
5.     It issued $200,000 in installment notes to the car dealer, agreeing to repay them in four annual payments of $63,095, starting in the year of acquisition.

(more)
See More
Fast, Free College Credit

Developing Effective Teams

Let's Ride
*No strings attached. This college course is 100% free and is worth 1 semester credit.

37 Sophia partners guarantee credit transfer.

299 Institutions have accepted or given pre-approval for credit transfer.

* The American Council on Education's College Credit Recommendation Service (ACE Credit®) has evaluated and recommended college credit for 33 of Sophia’s online courses. Many different colleges and universities consider ACE CREDIT recommendations in determining the applicability to their course and degree programs.

Tutorial