The City of Smithfield levied property taxes in and for 2009 in the amount of $200 million. It is estimated that 1% will be uncollectible. During 2009, $180 million was collected and $12 million was collected during the next 60 days. Smithfield recognizes the maximum possible property taxes in its governmental funds. The adjustment, when moving from the governmental funds changes in fund balances to the governmental activities change in net assets would be:

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The Answer of The City of Smithfield levied property taxes in and for 2009 in the amount of $200 million. It is estimated that 1% will be uncollectible. During 2009, $180 million was collected and $12 million was collected during the next 60 days. Smithfield recognizes the maximum possible property taxes in its governmental funds. The adjustment, when moving from the governmental funds changes in fund balances to the governmental activities change in net assets would be:

The City of Smithfield Levied Property Taxes in and for 2009