A County,that Did Not Previously Have a Property Tax Levies

question 23

Short Answer

A county,that did not previously have a property tax levies a property tax for $900,000 in December 2012.The tax is for the budget year January 1 - December 31,2013.Because it sends out the bills on December 1,it actually collects $500,000 in cash before December 31,2012.It collects an additional $375,000 of 2013 property taxes during calendar year 2013,$20,000 during January 1 - February 28,2014,and the remaining $5,000 in June 2014.How much property tax revenue should the county report in its 2013 fund and government-wide financial statements? $\begin{array}{lll}&\text { Fund } & \text { Government-wide } \\&\text { Statements } & \text { Statement }\\\text { a. } & \$ 375,000 & \$ 100,000 \\\text { b. } & \$ 875,000 & \$ 900,000 \\\text { c. } & \$ 875,000 & \$ 895,000 \\\text { d. } & \$ 895,000 & \$ 900,000\end{array}$

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Definitions:

Afferent Arterioles

Small arteries that lead towards the capillaries in the kidneys, playing a key role in regulating blood pressure and filtration rate.

Angiotensin II

A potent vasoconstrictive peptide hormone that plays a crucial role in regulating blood pressure and fluid balance in the body.

Supply Curve

A graphical representation of the relationship between the price of a good and the quantity of the good that suppliers are willing to sell.

Quantity Supplied

The amount of a good or service that producers are willing and able to sell at a given price within a specified period.