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Chap017-baker 20

Chap017-baker 20 - Chapter 17 Governmental Entities...

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Chapter 17 - Governmental Entities: Introduction and General Fund Accounting 17-20 E17-8 Computation of Revenues Reported on the Statement of Revenues, Expenditures, and Changes in Fund Balance for the General Fund Gilbert City Revenue Reported by the General Fund For the Year Ended June 30, 20X8 Property tax revenue $1,862,000 Interest revenue on advance 1,500 Grant revenue used to acquire computer equipment 235,000 Sales tax revenue 125,000 Liquor license revenue 66,000 Total revenue reported $2,289,500 Notes: (1) The amount reported for property tax revenue, $1,862,000 is computed in the following way: Levy $2,000,000 Less: Property taxes expected to be collected after August 31, 20X8 – the 60 day rule for property tax (100,000) collections – report in balance sheet as deferred revenue at June 30, 20X8, net of $2,000 allowance for uncollectible taxes (2%) The allowance for uncollectible taxes on this period’s revenue [($2,000,000 - $100,000 deferred) X .02] (38,000) Property tax revenue for year ended June 30, 20X8 $1,862,000 (2) The receipt of $50,000 for the repayment of the advance is recorded in the
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