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TEST BANK and SOLUTION MANUAL for Accounting for Governmental Nonprofit Organizations Second Edition
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1. A city levies property taxes in the amount of $4,000,000. Experience shows that about $100,000 of the amount levied will not be collected. Answer: Property taxes receivable 4,000,000 Allowance for refunds and uncollectible taxes 100,000 Revenues – property taxes 3,900,000 Practice Exercise © Cambridge Business Publishers 17 2. A city collects cash of $3,800,000 on the property tax levy. Answer: Cash 3,800,000 Property taxes receivable 3,800,000 Record Property Tax Entries © Cambridge Business Publishers 18 Record appeals of tax assessments if taxpayer wins appeal 1. Debit Allowance for refunds and uncollectible taxes 2. Credit Cash (if taxes must be refunded to taxpayer) 3. Credit Property taxes receivable
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