The City of Charlestown Levied Property Taxes in the Amount

question 57

Multiple Choice

The City of Charlestown levied property taxes in the amount of $10,000,000. The taxes were levied July 1, 2016 for the fiscal year ended June 30, 2017. During the year ended June 30, 2017, $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, 2017, and $180,000 will never be collected.
-When preparing the government-wide financial statements, how much property tax revenue should be recognized for the year ended June 30, 2017?

• A) $ 8,900,000.
• B) $ 9,800,000.
• C) $ 9,820,000.
• D) $10,000,000.

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Definitions:

Unemployment

The situation in which individuals who are able and willing to work are not finding employment.

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It refers to the total demand for all goods and services within a particular economy at current price levels.

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The amount of money required to purchase a good or service, serving as a signal for scarcity and demand in the market.