The City of Charlotte reported property tax revenues in 2015 in the amount of $10 million.The deferred inflow - property taxes reported in the General Fund's balance sheet was $ 300,000 on December 31,2014 and was $ 375,000 on December 31,2015. During 2015,$9,000,000 was collected. What amount should the city report for Property Tax Revenue in its year ended December 31,2015 government-wide Statement of Activities?

Question

Quizplus · Accepted Answer

The formula to calculate property tax revenue is:

Property Tax Revenue = Deferred Inflow - Beginning + Property Taxes Collected in the year

So, in this case:

Property Tax Revenue = $375,000 - $300,000 + $9,000,000
Property Tax Revenue = $9,075,000

Therefore, the answer is (C) $10,075,000.

The City of Charlotte Reported Property Tax Revenues in 2015