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Hi Does anyone know how to solve this using the BASE formula? I’m so confused….. Thanks
The following information is relevant to one of the City of Mullins’ General Fund’s derived tax revenues:
Fiscal year-end June 30
Beginning receivables $450,000
Beginning deferred revenues 100,000
Beginning allowance for doubtful accounts 50,000
Receipts 1,250,000
Ending receivables 600,000
Receivables collected 6/30 – 8/30 125,000
Ending allowance for doubtful accounts 60,000
The City of Mullins considers derived tax receivables collected within 60 days after the close of the fiscal year to be “available.” Furthermore, the City wrote off $30,000 of receivables as uncollectible during the year.
What would be the amount of deferred revenues reported at the fund level for year-end?
Correct A. $415,000
Deferred Revenues
Ending receivable $600,000
Less collections June 30 through August 30 (125,000)
Less ending allowance for doubtful accounts (60,000)
$415,000
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A- pass
F- pass
R- pass
B - August 2014 - pass - YAY!!!!
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