Assume that City A’s General Fund had cash collections of $11,108,900 associated

Question

Assume that City A’s General Fund had cash collections of $11,108,900 associated with property taxes as of June 30, 20X8. The levy for the fiscal year ending June 30, 20X8, net of the allowance for uncollectible accounts, was $11,925,700. Of the amount collected, $108,000 collected in November 20X7 was for past due taxes of previous fiscal years and $25,000 collected in June 20X8 represented prepayments for the next year’s levy. In addition, $975,900 was collected in July 20X8, $325,000 in August 20X8, and $100,500 in September 20X8, all associated with the tax year that ended June 30, 20X8. The amount of property tax revenues reported in the governmental activities for the year ended June 30, 20X8, would be

a. $12,409,800.
b. $11,925,700.
c. $11,108,900.
d. $11,900,700.
e. $12,384,800.

Explanation / Answer

11108900 Less 108000 25000 add 325000 100500 975900 12377300

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