The City of Pine Cove levied property taxes for the fiscal year ended June 30,2012 in the amount of $9,000,000.It is estimated that 2% will not be collected.During the year ended June 30,2012,$8,100,000 in property taxes was collected.It is estimated that $500,000 will be collected during the next 60 days,$265,000 will be collected after 60 days,and $160,000 will not be collected.What is the maximum amount Lonesome Pines can recognize as property tax revenue for the fiscal year ended June 30,2012 in its Governmental Funds Statement of Revenues,Expenditures,and Changes in Fund Balances,assuming there were no unpaid property taxes at the end of the previous year?

Question

Quizplus · Accepted Answer

The maximum amount recognized as revenue is the amount collected during the year plus the amount expected to be collected within 60 days after year-end: $8,100,000 + $500,000 = $8,600,000.

The City of Pine Cove Levied Property Taxes for the Fiscal