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in auditing the city of pippa passes general fund a staff member asks whether the fo 4237141

In auditing the City of Pippa Passes General Fund, a staff member asks whether the following items should be reported as calendar year 20X4 revenues:1. Property taxes—which are levied in December and due the following April 30a. Taxes for 20X4 levied in 20X3 and collected in April 20X4, $800,000b. Taxes for 20X5 levied in 20X4 and collected in May 20X5, $850,000c. Taxes for 20X3 levied in 20X2 and collected in January 20X4, $8,000d. Taxes for 20X4 levied in 20X3 and collected in January 20X5, $137,000e. Taxes for 20X5 levied and collected in 20X4, $22,000f. Taxes for 20X4 levied in 20X3, not expected to be collected until late 20X5 or 20X6, $12,0002. Proceeds of a 6%, 10-year general obligation bond issued December 28, 20X4, $540,0003. Sales taxesa. Returns filed (for 20X4 sales) and taxes collected in 20X4, $42,000b. Returns filed in 20X3 and taxes collected in June 20X4, $7,400c. Returns filed in 20X4 and taxes collected in the first week of 20X5, $6,2004. Proceeds of a 10% note payable, dated November 1, 20X4, and due March 1, 20X5, $15,0005. Grant awarded in 20X4—received in full in mid-20X4 (portion not used for designated purposes by 20X7 must be refunded)a. Total amount of award, $250,000b. Qualifying expenditures made in 20X4, $172,0006. 20X4 payment from a Special Revenue Fund to finance street improvements, $12,0007. Interest and penaltiesa. Accruing and collected during 20X4, $2,200b. Accruing, but not recorded in the accounts, during 20X0–X3 and collected in mid-20X4, $7,800c. Accruing during 20X4 and expected to be collected in early 20X5, $3,400d. Accruing during 20X4 and expected to be collected in 20X6 and later, $1,200Requireda. What is your recommendation for each of the preceding items? (Indicate how each item not reported as 20X4 revenue should be reported.) Explain your recommendations using this format:Item Recommendation(s) 20X4 Revenues Reason(s)b. What total revenue amount should Pippa Passes report for 20X4?View Solution:
In auditing the City of Pippa Passes General Fund a

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