When preparing the government-wide financial statements,how much property tax revenue should be recognized for the year ended June 30,2012?

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Quizplus · Accepted Answer

Property tax revenue should be recognized in the fiscal year in which it is levied, so the amount recognized should be the levy for the year, less any allowances for uncollectible taxes. From the information provided, the levy for the year ended June 30, 2012 was $9,000,000, and an allowance for uncollectible taxes of $180,000 was recorded. Therefore, the amount of property tax revenue that should be recognized is $8,820,000 ($9,000,000 - $180,000).

When Preparing the Government-Wide Financial Statements,how Much Property Tax Revenue