On the first day of its fiscal year (January 1, 2019), 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 2020 and $15,000 between March 5^th and August 30^th of 2020. How much should the town report as property tax revenue in its General Fund statements for the year 2019?

Question

Quizplus · Accepted Answer

The town will report property tax revenue of $585,000. This includes the $575,000 paid to the town from taxpayers during the year and the $10,000 collected during the first sixty days (January and February) of the next year.

On the First Day of Its Fiscal Year (January 1