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For its fiscal year ending September 30, 2017, Twin City levied $500 million in property taxes. It collected taxes applicable to fiscal 2017 as follows
For its fiscal year ending September 30, 2017, Twin City levied $500 million in property taxes. It collected taxes applicable to fiscal 2017 as follows (in millions): June 1, 2016, through September 30, 2016 $ 20 October 1, 2016, through September 30, 2017 $440 October 1, 2017, through November 30, 2017 $ 15 December 2017 $ 4 The city estimates that $10 million of the outstanding balance will be uncollectible. For the fiscal year ending September 30, 2017, how much should Twin City recognize in property tax revenue (in millions) in its general fund? $440 $460 $475 $490 Assume the same facts as in the previous example. How much should Twin City recognize in property tax revenue (in millions) in its government-wide statement of activities? $440 $460 $475 $490
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