August, $15,000; September and October, $10,000; and November, $5,000. How much should the governmental unit normally report as property tax revenue for fiscal year 20X1-20X2?
August, $15,000; September and October, $10,000; and November, $5,000. How much should the governmental unit normally report as property tax revenue for fiscal year 20X1-20X2?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![At the beginning of the fiscal year 20X1-20X2, a governmental unit recorded
property tax revenues of $600,000. By fiscal year end (June 30, 20X2), taxpayers
had paid a total of $570,000. The remaining $30,000 is considered delinquent.
Based upon previous experience, the governmental unit expects that it will collect
the delinquent taxes in fiscal year 20X2-20X3 in the following manner: July and
August, $15,000; September and October, $10,000; and November, $5,000. How
much should the governmental unit normally report as property tax revenue for fiscal
year 20X1-20X2?
$600,000.
$595,000.
$585,000.
$570,000.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F1a88f93e-9dfb-4d45-837c-60cfbeefd36f%2F5590550b-d425-4dd6-8c8c-5f9dce146254%2Fzn5itj_processed.jpeg&w=3840&q=75)
Transcribed Image Text:At the beginning of the fiscal year 20X1-20X2, a governmental unit recorded
property tax revenues of $600,000. By fiscal year end (June 30, 20X2), taxpayers
had paid a total of $570,000. The remaining $30,000 is considered delinquent.
Based upon previous experience, the governmental unit expects that it will collect
the delinquent taxes in fiscal year 20X2-20X3 in the following manner: July and
August, $15,000; September and October, $10,000; and November, $5,000. How
much should the governmental unit normally report as property tax revenue for fiscal
year 20X1-20X2?
$600,000.
$595,000.
$585,000.
$570,000.
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