GASB standards for property tax revenue recognition under the modified accrual basis of accounting provide that revenue is permitted to be recorded if the expected amount to be collected can be determined and collection is reasonably assured, even if the taxes are expected to be collected more than 60 days after the fiscal year end.
Answer the following statement true (T) or false (F)
False
GASB standards require property taxes expected to be collected within 60 days of year end to be included in revenues of the year assessed. Taxes expected to be collected later than 60 days after year-end are deferred and recognized as revenue in the following year.
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S. Laney, Attorney, reports federal unemployment taxes payable for the third quarter of $589.25 . The journal entry to record the payment of this transaction would involve a
a. debit to Federal Unemployment Tax Expense. b. debit to Federal Unemployment Tax Payable. c. debit to Cash. d. credit to Federal Unemployment Tax Payable.
Blanton Company bought equipment on January 1, 2012, with a cost of $160,000, an estimated residual value of $40,000, and an estimated life of 15 years was depreciated by the straight-line method for 4 years. Due to obsolescence, it was determined at the beginning of 2016 that the useful life should be shortened by 3 years and the residual value changed to zero. What is the accumulated
depreciation at the end of 2015? a. $42,667 b. $32,000 c. $40,000 d. $8,000
Google defended its Library Project on the grounds of fair use.
Answer the following statement true (T) or false (F)
Identify the adverb or adverbs in the sentence. My drawing of the gazebo in the town square is quite different from yours