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At the beginning of the year 2009, a town recorded General Fund property tax receivables of $600,000. By year-end (December 31), taxpayers had paid a total $575,000. Based on previous experience, the town expected to collect the $25,000 of delinquent taxes as follows: $10,000 in January and February of 2010 and $15,000 between March and August of 2010. How much should the town report as property tax revenue in its General Fund statements for the year 2009?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M950754

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