$17.$ A city that has property taxes of $$720,000($of which $10$ percent are estimated to be uncollectible$)$ which are levied in October $2016$ to finance the activities of the fiscal year $2017.$ During $2017,$ cash collections related to property taxes levied in October $2016$ were $$600,000.$ In $2018$ the following amounts related to the property taxes levied in October $2016$ were collected: January $$30,000$; March $$6,000.$ For the fiscal year ended $12/31/17,$ what amount should be recognized as property tax revenues related to the $2016$ levy on the government$-$wide financial statements?

a$)$ $$720,000.$

b$)$ $$648,000.$

c$)$ $$630,000.$

d$)$ $$600,000.$

$18.$ A city that has a $12/31$ fiscal year end has adopted a policy of recognizing property tax revenue consistent with the $60-$day rule allowable period under GAAP. Property taxes of $$600,000($of which none are estimated to be uncollectible$)$ are levied in October $2016$ to finance the activities of fiscal year $2017.$ Property taxes are due in two installments June $20$ and December $20.$ Cash collections related to property taxes are as follows:

$1/15/17$ for property taxes levied in $2015,$ due in $2016$ $ $25,000$

$2/15/17$ for property taxes levied in $2015,$ due in $2016$ $ $15,000$

$3/15/17$ for property taxes levied in $2015,$ due in $2016$ $ $10,000$

$6/20/17$ First installment of taxes levied in $2016,$ due $6/20/17$ $$350,000$

$12/20/17$ Second installment of taxes levied in $2016,$ due $12/20/17$ $$150,000$

$1/15/18$ for property taxes levied in $2016,$ due in $2017$ $ $15,000$

$2/15/18$ for property taxes levied in $2016,$ due in $2017$ $ $10,000$

$3/15/18$ for property taxes levied in $2016,$ due in $2017$ $ $5,000$

The total amount of property tax revenue that should be recognized in the governmental fund financial statements in $2017$ is:

a$)$ $$600,000.$

b$)$ $$575,000.$

c$)$ $$535,000.$

d$)$ $$525,000.$

$19.$ A city that has a $12/31$ fiscal year end has adopted a policy of recognizing property tax revenue consistent with the $60-$day rule allowable period under GAAP. Property taxes of $$600,000($of which none are estimated to be uncollectible$)$ are levied in October $2016$ to finance the activities of fiscal year $2017.$ Property taxes are due in two installments June $20$ and December $20.$ Cash collections related to property taxes are as follows:

$1/15/17$ for property taxes levied in $2015,$ due in $2016$ $ $25,000$

$2/15/17$ for property taxes levied in $2015,$ due in $2016$ $ $15,000$

$3/15/17$ for property taxes levied in $2015,$ due in $2016$ $ $10,000$

$6/20/17$ First installment of taxes levied in $2016,$ due $6/20/17$ $$350,000$

$12/20/17$ Second installment of taxes levied in $2016,$ due $12/20/17$ $$150,000$

$1/15/18$ for property taxes levied in $2016,$ due in $2017$ $ $15,000$

$2/15/18$ for property taxes levied in $2016,$ due in $2017$ $ $10,000$

$3/15/18$ for property taxes levied in $2016,$ due in $2017$ $ $5,000$

The total amount of property tax revenue that will be recognized in the government$-$wide financial statements in $2017$ is:

a$)$ $$600,000.$

b$)$ $$575,000.$

c$)$ $$535,000.$

d$)$ $$525,000.$

$20.$ Under GAAP, property taxes levied in one fiscal period to finance the activities of the following fiscal period are recognized as revenue in the governmental fund financial statements

a$)$ in the year levied.

b$)$ in the year for which they are intended to finance the activities.

c$)$ when collected, regardless of when levied.

d$)$ in the year for which they are intended to finance the activities, if collected within that period or within a period no greater than $60$ days after the close of the fiscal year.

$21.$ Under GAAP, property taxes levied in one fiscal period to finance the activities of the following fiscal period are recognized as revenue in the government$-$wide financial statements

a$)$ in the year levied.

b$)$ in the year for which they are intended to finance the activities.

c$)$ when collected, regardless of when levied.

d$)$ in the year for which they are intended to finance the activities, if collected within that period or within a period no greater than $60$ days after the close of the fiscal year.