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Use the Following Information to Answer Bellow Questions

Question 50

Multiple Choice

Use the following information to answer bellow Questions.
At the beginning of 2020, the balance sheet of a county general fund reports $500,000 in property taxes receivable from 2019, of which $350,000 are considered uncollectible. During 2020 the county sends out tax bills in the amount of $10,000,000, of which $600,000 are expected to be uncollectible. Cash collections on 2019 taxes are $140,000, and the remaining uncollected taxes are written off. Cash collections on 2020 taxes are $9,500,000. Of the $500,000 uncollected at the end of 2020, $100,000 are expected to be collected within 60 days, $65,000 are expected to be collected more than 60 days after year-end, and the rest are uncollectible.
-The general fund's balance sheet at the end of 2020 will include:


A) Property taxes receivable, net of uncollectibles, of $100,000
B) Deferred inflows of $65,000
C) Property taxes receivable, net of uncollectibles, of $500,000
D) Deferred inflows of $165,000

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