For its fiscal year ending September 30, 20X2, Twin City levied $500 million in property taxes. It
Question:
For its fiscal year ending September 30, 20X2, Twin City levied $500 million in property taxes. It collected taxes applicable to fiscal 20X2 as follows (in millions):
June 1, 20Xl, through September 30, 20Xl..................................................$ 20
October l, 20Xl, through September 30, 20X2..........................................$440
October 1, 20X2, through November 30, 20X2..........................................$ 15
December 20X2................................................................................................$ 4
The city estimates that $10 million of the outstanding balance will be uncollectible. For the fiscal year ending September 30, 20X2, how much should Twin City recognize in property tax revenue (in millions) in its general fund?
a. $440
b. $460
c. $475
d. $490
Step by Step Answer:
Government And Not For Profit Accounting Concepts And Practices
ISBN: 9781119803898
9th Edition
Authors: Michael H. Granof, Saleha B. Khumawala, Thad D. Calabrese