Business, 04.03.2021 20:00 jessicamendozacelis2
For each of the following indicate the amount of revenue that Beanville should recognize in its 2020 (1) governmentâwide statements and (2) governmental fund statements. Provide a brief justification or explanation for your responses.
The state in which Beanville is located collects sales taxes for its cities and other local governments. The state permits small merchants to remit sales taxes quarterly. The state sales tax rate is 6 percent. In December 2019, city merchants collected $50 million in sales taxes that they remitted to the state on January 15, 2020. The state, in turn, transferred the taxes to the city on February 15, 2020.
In December 2019, the federal government awarded Beanville a reimbursement grant of $500,000 to train lawâenforcement agents. The city had applied for the grant in January of that year. The city may incur allowable costs any time after receiving notification of the award. In 2020, the city incurred $400,000 in allowable costs and was reimbursed for $350,000. It was reimbursed for the $50,000 balance in February 2021. In January and February 2021, it incurred the remaining $100,000 in allowable costs and was reimbursed for them in April 2021.
In December 2019, the city levied property taxes of $1 billion for the calendar year 2020. The taxes are due on June 30, 2020. The city collected these taxes as follows:
December 2019 $56 million
January 1, 2019, to December 31, 2019 $858 million
January 1, 2020, through March 31, 2020 ($18 million per month) $54 million
Total $968 million
It estimates the balance of $32 million would be uncollectible. In addition, in the period from January 1 through February 28, 2020, the city collected $16 million in taxes that were delinquent as of December 31, 2019. In the period March 1 through June 30 2020, the city collected $8 million of taxes that were also delinquent as of December 31, 2019.
In December 2020 Beanville sold a cityâowned warehouse to a private developer. Sales price was $4.2 million. The warehouse had cost $4 million when it was acquired 10 years earlier. It had an estimated useful life of 40 years (with no salvage value).
In December 2020, Beanville's cityâowned radio station held its annual fund drive. A local business offered to match all pledges made on December 2, 2020, up to $50,000, assuming that the amount pledged was actually collected. Based on past experience the city estimates that 90 percent of the pledges will actually be collected. By yearâend 2020, the city had collected $25,000 of the pledges, and in January and February it collected an additional $15,000. It received $25,000 of the matching funds on February 15, 2021. Respond with respect only to the $50,000 in matching funds.
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For each of the following indicate the amount of revenue that Beanville should recognize in its 2020...
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