The Following Data Applies to the Next Three Questions

question 56

Multiple Choice

The following data applies to the next three questions:
The City of Charlestown levied property taxes in the amount of $10,000,000. It is estimated that 2% will not be collected. The taxes were levied July 1, 2014 for the fiscal year ended June 30, 2015. During the year ended June 30, 2015, $8,900,000 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, 2015, and $180,000 will never be collected.
-How much will the city report as Deferred Inflow - Property Taxes in its June 30,2015 government-wide Statement of Net Position?

• A) $ 0.
• B) $ 180,000.
• C) $ 300,000.
• D) $ 620,000.

---

Definitions:

Job Evaluation

The process of analyzing and assessing various aspects of a job to determine its relative value or complexity within an organization.

Federal Laws

Statutes enacted by the national government that apply across the entire country and must be adhered to by individuals and organizations alike.

Provincial Laws

Regulations and statutes enacted by the legislative body of a province or state within a country.

Furniture Firm

A company that specializes in the design, manufacture, and/or sale of furniture products.