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The fiscal year of Queens County ends on December 31. Property taxes are due March 31...
The fiscal year of Queens County ends on December 31. Property taxes are due March 31 of the year in which they are levied. Queens county engaged the following transacctions in 2017 and 2018: a. On January 15, 2017, the county council levied property taxes of $170 million for the year endingDecember 31, 2017. Officials estimated that 1 percent would be uncollectible. b. During 2017 it collected $120 million. c. In January and February 2018, prior to preparing its 2017 financial statements, it collected an additional$45 million in 2017 taxes. It reclassified as delinquent the $5 million of 2017 taxes not yet collected. d. In January 2018, the county levied property taxes of $190 million, of which officials estimated1.1 percent would be uncollectible. e. During the remainder of 2018 the county collected $2.5 million more in taxes relating to 2017,$160 million relating to 2018, and $1.9 million (in advance) applicable to 2019 .f. In December 2018 it wrote off $1 million of 2017 taxes that it determined would be uncollectible. Q: What is the deferred inflow reported in the Fund Financial Statement as of 12/31/2018?
Solutions
Expert Solution
| S.no | Particulars | Debit | Credit |
| e | Cash | 164,400,000 | |
| Property taxes receivable | 160,000,000 | ||
| Property taxes receivable - delequint | 2,500,000 | ||
| Property taxes collected in advance | 1,900,000 | ||
| f | Allowance for uncollectable taxes | 1,000,000 | |
| Property taxes receivable - del |
***a to d are in the image, please give a like for the solution.
Thanks***
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