Use the Following to Answer the Next Two Questions

question 11

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 would be reported in the government-wide Statement of Activities 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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Definitions:

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