Use the Following to Answer the Next Two Questions

question 37

Multiple Choice

Use the following to answer the next two questions:
The City of Kale levied property taxes in the amount of $10,000,000 for the fiscal year ended December 31, 2012. It is estimated that 3% will not be collected. During the year ended December 31, 2012, $8,900,000 in property taxes were collected. It is estimated that $500,000 would be collected during the next 60 days, $200,000 would be collected during the remainder of 2013, $100,000 would be collected in 2014, and $300,000 would not be collected. Kale has a policy of recognizing the maximum possible in property taxes.
-What amount of property tax revenue would be reported in its General Fund Statement of Revenues,Expenditures,and Changes in Fund Balances for the year ended December 31,2012? (ignore the effect of collection of any taxes levied prior to 2012)

• A) $8,900,000.
• B) $9,400,000.
• C) $9,600,000.
• D) $9,700,000.

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