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Cassandra, Tax Preparer
Category: Tax
Satisfied Customers: 306
Experience:  8yrs experience in taxation for individuals. CTEC Registered and an Authorized E-filer with the IRS
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Non-profit/government

Customer Question

6. Assume the same facts as in the previous example. How
much should Twin City recognize in property tax revenue
(in millions) in its government-wide statement of
activities?
a. \$440
b. \$460
c. \$475
d. \$490

7. Central City was awarded two state grants during its
fiscal year ending September 30, 2007: a \$2 million
block grant that can be used to cover any operating
expenses incurred during fiscal 2008, and a \$1 million
grant that can be used any time to acquire equipment
for its police department. For the year ending September
30, 2007, Central City should recognize in grant
revenue in its funds statements (in millions)
a. \$0
b. \$1
c. \$2
d. \$3
Submitted: 8 years ago.
Category: Tax
Expert:  Cassandra replied 8 years ago.
helloCustomerand again welcome to just answer

for question I need the rest of the previous example to answer this question

For question 8 the answer is 1 million in the general fund, answer B.
Customer: replied 8 years ago.
For its fiscal year ending September 30, 2007, Twin
City levied \$500 million in property taxes. It collected
taxes applicable to fiscal 2007 as follows (in millions):
June 1, 2006, through September 30, 2006 \$ 20
October 1, 2006, through September 30,
2007 440
October 1, 2007, through November 30,
2007 15
December 2007 4
The city estimates that \$10 million of the outstanding
balance will be uncollectible. For the fiscal year ending
September 30, 2007, how much should Twin City
recognize in property tax revenue (in millions) in its
general fund?
Expert:  Cassandra replied 8 years ago.
Ok, since it is a cash basis we need to add the amounts actually collected by the 2007 ending fiscal period of September 2007. \$20+\$440= \$460 million was actually collected. Answer B \$460 million.