Note: This Is a Kaplan CPA Review Question

question 11

Multiple Choice

Note: This is a Kaplan CPA Review Question
Pine City's year end is June 30. Pine levies property taxes in January of each year for the calendar year. One-half of the levy is due in May and one-half is due in October. Property tax revenue is budgeted for the period in which payment is due. The following information pertains to Pine's property taxes for the period from July 1, 20X4, to June 30, 20X5:
The $40,000 balance due for the May 20X5 installments was expected to be collected in August 20X5. What amount should Pine recognize for property tax revenue for the year ended June 30, 20X5?

• A) $2,160,000
• B) $2,200,000
• C) $2,360,000
• D) $2,400,000

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Definitions:

Pulmonary Veins

Blood vessels that carry oxygenated blood from the lungs back to the left atrium of the heart.

Fibrous Pericardium

The outer layer of the heart's pericardium, consisting of tough connective tissue that protects the heart and anchors it within the chest.

Epicardium

The outermost layer of the heart wall, consisting of an inner visceral layer of the pericardium that protects and lubricates the heart.

Venous Cavity

A space within the body where deoxygenated blood is collected from the venous system before being returned to the heart.