A City with a 12/31 Fiscal Year-End Requires That Restaurants

question 66

Multiple Choice

A city with a 12/31 fiscal year-end requires that restaurants buy a license, renewable yearly. Proceeds of the license fees are intended to pay the salaries of inspectors in the health department. Licenses are issued for a fiscal year from October 1 to September 30. During 2017, cash collections related to licenses were as follows Licenses issued during 2016 for the 10/1/16-9/30/17 fiscal year $ 30
Licenses issued during 2017 for the 10/1/17-9/30/18 fiscal year $180
It is anticipated that during 2018 the amount collected on licenses for the 10/1/17-9/30/18 fiscal year will be $45. In September 2016 the amount collected related to 10/1/16-9/30/17 licenses was $144. What amount should be recognized as revenue in the fund financial statements for the fiscal year ended 12/31/17?

• A) $180.
• B) $183.
• C) $210.
• D) $225.

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Definitions:

Parallel Resonant Circuits

Circuits where components are connected in parallel, bringing the circuit to resonance at a specific frequency where the inductive and capacitive reactances are equal in magnitude but opposite in phase.

Q

In electrical and electronic engineering, Q or quality factor refers to the measure of the efficiency of a reactive component, such as an inductor or capacitor, representing the ratio of stored vs. dissipated energy per cycle.

Voltage

The difference in electric potential between two points in a circuit, measured in volts.

RLC Parallel Circuit

An electrical circuit consisting of a resistor (R), inductor (L), and capacitor (C) connected in parallel, used to analyze resonance and filtering applications.