The Following Data Applies to the Next Three Questions

question 136

Multiple Choice

The following data applies to the next three questions:
The City of Charlestown levied property taxes in the amount of $9,000,000. It is estimated that 2% will not be collected. The taxes were levied July 1, 2013 for the fiscal year ended June 30, 2014. During the year ended June 30, 2014, $7,900,000 in property taxes were collected from this levy. It is estimated that $620,000 will be collected during the next 60 days, $300,000 will be collected more than 60 days after June 30, 2014, and $180,000 will never be collected.
-When preparing the General Fund financial statements,how much property tax revenue should be recognized from this levy for the year ended June 30,2014?

• A) $7,900,000.
• B) $8,520,000.
• C) $8,820,000.
• D) $9,000,000.