In Year 1, a county levied $1,500,000 of property taxes and collected $1,400,000
ID: 2420367 • Letter: I
Question
In Year 1, a county levied $1,500,000 of property taxes and collected $1,400,000 of that levy; in Year 2, the levy was $1,550,000 and the related collections totaled $1,495,000; in Year 3, the levy was $1,575,000 and the related collections totaled $1,530,000. Also, collections of past due taxes in Years 1, 2, and 3 were $15,000, $14,000, and $19,000, respectively. Assuming that the General Fund's deferred revenue at the beginning of Year 1 was $410,000, what would deferred revenue be as of the end of Year 3?
Explanation / Answer
General Revenue's Deferred Revenue Account (All amounts in $) Year 1 Opening Balance 410000 Property Taxes Levied 1500000 Collections against levy 1400000 100000 Past Collections of Taxes 15000 85000 Year 2 Opening Balance 495000 Property Taxes Levied 1550000 Collections against levy 1495000 55000 Past Collections of Taxes 14000 41000 Year 3 Opening Balance 536000 Property Taxes Levied 1575000 Collections against levy 1530000 45000 Past Collections of Taxes 19000 26000 Year 3 Closing Balance 562000
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