Business, 12.02.2020 23:51 jj1077348

A city borrows $800,000 in January because it does not receive property taxes until May. It borrows on a tax anticipation note, which it will repay in May when taxes are collected. How would the city classify the proceeds from the note if it were to prepare governmental-type fund financial statements on March 31?

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A city borrows $800,000 in January because it does not receive property taxes until May. It borrows...