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A City That Has Adopted a 12/31 Fiscal Year End

question 3

Multiple Choice

A city that has adopted a 12/31 fiscal year end has adopted a policy of recognizing property tax revenue consistent with the 60-day rule allowable period under GAAP.Property taxes of $600,000 (of which none are estimated to be uncollectible) are levied in October 2000 to finance the activities of fiscal year 2001.Property taxes are due in two installments June 20 and December 20.Cash collections related to property taxes are as follows: 1/15/01 for property taxes levied in 1999, due in 2000 $ 25,000
2/15/01 for property taxes levied in 1999, due in 2000 $ 15,000
3/15/01 for property taxes levied in 1999, due in 2000 $ 10,000
6/20/01 First installment of taxes levied in 2000, due 6/20/01 $350,000
12/20/01 Second installment of taxes levied in 2000, due 12/20/01 $150,000
1/15/02 for property taxes levied in 2000, due in 2001 $ 15,000
2/15/02 for property taxes levied in 2000, due in 2001 $ 10,000
3/15/02 for property taxes levied in 2000, due in 2001 $ 5,000
The total amount of property tax revenue that will be recognized in the government-wide financial statements in 2001 is:

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Definitions:

Paid-in Capital

The total amount of capital that shareholders have contributed to a company in exchange for shares of stock.

Fair Market Value

The price that a willing buyer and a willing seller agree upon when both parties have reasonable knowledge of the relevant facts and neither is under compulsion to buy or sell.

Paid-in Capital

Funds received by a company from investors in exchange for stock, representing the capital that stockholders have invested in the company.