The following information relates to Hudson City for its fiscal year ended December 31, 2017. •…

The following information relates to Hudson City for its
fiscal year ended December 31, 2017. • During the year, retailers in the city
collected $1,700,000 in sales taxes owed to the city. As of December 31,
retailers have remitted $1,100,000. $200,000 is expected in January 2018, and
the remaining $400,000 is expected in April 2018. • On December 31, 2016, the
Foundation for the Arts pledged to donate $1, up to a maximum of $1 million, for
each $3 that the museum is able to collect from other private contributors. The
funds are to finance construction of the city-owned art museum. During 20
View complete question »

The following information relates to Hudson City for its
fiscal year ended December 31, 2017. • During the year, retailers in the city
collected $1,700,000 in sales taxes owed to the city. As of December 31,
retailers have remitted $1,100,000. $200,000 is expected in January 2018, and
the remaining $400,000 is expected in April 2018. • On December 31, 2016, the
Foundation for the Arts pledged to donate $1, up to a maximum of $1 million, for
each $3 that the museum is able to collect from other private contributors. The
funds are to finance construction of the city-owned art museum. During 2017,
the city collected $600,000 and received the matching money from the
Foundation. In January and February 2018 it collected an additional $2,400,000
and also received the matching money. • During the year the city imposed
license fees on street vendors. All vendors were required to purchase the
licenses by September 30, 2017. The licenses cover the one-year period from
October 1, 2017, through September 30, 2018. During 2017 the city collected
$240,000 in license fees. • The city sold a fire truck for $40,000 that it had
acquired five years earlier for $250,000. At the time of sale the city had
charged $225,000 in depreciation. • The city received a grant of $2 million to
partially reimburse costs of training police officers. During the year the city
incurred $1,500,000 of allowable costs and received $1,200,000. It expects to
incur an additional $500,000 in allowable costs in January 2018 and to be
reimbursed for all allowable costs by the end of February 2018. Refer to the
two lists that follow. Select the appropriate amounts from the lettered list
for each item in the numbered list. An amount may be selected once, more than
once, or not at all. 1. Amount of sales tax revenue that the city should
recognize in its funds statements 2. Amount of sales tax revenue the city
should recognize as revenue in government-wide statements 3. Increase in
deferred inflows in funds statements from sales tax revenues not yet received
4. Contribution revenue from Foundation for the Arts to be recognized in funds
statements 5. Contribution revenue from Foundation for the Arts to be
recognized in government-wide statements 6. Revenue from license fees to be
recognized in funds statements 7. Increase in general fund balance owing to
sale of fire engine 8. Increase in net position (government-wide statements)
owing to sale of fire engine

»