During 2017, a State Has the Following Cash Collections Related

question 38

Multiple Choice

During 2017, a state has the following cash collections related to state income taxes 1/15/18 payroll withholdings and estimated payments related to 2017 income $ 30
2/15/18 payroll withholdings and estimated payments related to 2017 income $ 35
3/15/18 payroll withholdings and estimated payments related to 2017 income $ 25
4/15/18 Balance of 2017 (net of $5 refunds) income taxes $ 45
Assuming that the state defines "available" as the maximum period allowable for property taxes, what is the amount of revenue that will be recognized in the 2017 government-wide financial statements related to state income taxes?

• A) $400.
• B) $475.
• C) $430.
• D) $465.

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Definitions:

Verbal Promise

An agreement or commitment made orally rather than in written form; its enforceability varies depending on the nature of the agreement and the context under law.

Executor

A person or institution appointed by a testator to carry out the terms of their will.

Charitable Tax Relief

Financial deductions available to taxpayers who make contributions to legally recognized nonprofit organizations.

Valid and Enforceable

Pertaining to a contract or agreement that is legally binding and can be upheld in a court of law.