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The following information pertains to property taxes levied by Oak City for calendar Year 6: Collections during Year 6 $500,000 Expected collections during the first
The following information pertains to property taxes levied by Oak City for calendar Year 6:
Collections during Year 6 | $500,000 | |
Expected collections during the first 60 days of Year 7 | 100,000 | |
Expected collections during the balance of Year 7 | 60,000 | |
Expected collections during January Year 8 | 30,000 | |
Estimated to be uncollectible | 10,000 | |
| ||
Total levy | $700,000 | |
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What amount should Oak report for Year 6 net property tax revenues?
$500,000
$690,000
$700,000
$600,000
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