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The City of Casper levied property taxes for 2009 in the amount of $8,000,000. The amount estimated to be uncollectible is 2%. By the end of the year, $7,200,000 had been collected. It was estimated that $400,000 would be collected during the next 60 days of 2008 and that $240,000 would be collected after that. The City has a policy of recognizing the full amount possible for property taxes. Which of the following statements is true?

A. The amount reported for property tax revenue in the government-wide Statement of Activities would be $7,840,000

B. The amount reported for property tax revenue in the governmental fund Statement of Revenues, Expenditures and Changes in Fund Balances would be $7,600,000

C. Both of the above

D. Neither of the above

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Accounting Basics, Accounting

Category:- Accounting Basics
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