Mile-High City’s year-end is June 30. Mile-High levies property taxes in January of each year for the calendar year. One-half of the levy is due inMay, and one-half is due in October. Property tax revenue is budgeted for the period in which payment is due. The following information pertains toMile-High’s property taxes for the period from July 1, 2018, to June 30, 2019: Calendar Year 2018 2019 Levy . . . Collected in: May . . . July. . . . October. . . . December . . . . $2,000,000 950,000 50,000 920,000 80,000 $2,200,000 1,000,000 30,000 The $70,000 balance due for the May 2019 installments was expected to be collected in August 2019. What amount should Mile-High recognize for property tax revenue for the year ended June 30, 2019?a. $2,100,000b. $2,200,000c. $2,360,000d. $2,400,000
Mile-High City’s year-end is June 30. Mile-High levies property taxes in January of each year for the calendar year. One-half of the levy is due inMay, and one-half is due in October. Property tax revenue is budgeted for the period in which payment is due. The following information pertains toMile-High’s property taxes for the period from July 1, 2018, to June 30, 2019:
| Calendar Year | ||
| 2018 | 2019 | |
|
Levy . . . Collected in: May . . . July. . . . October. . . . December . . . . |
$2,000,000
950,000 50,000 920,000 80,000 |
$2,200,000
1,000,000 30,000
|
The $70,000 balance due for the May 2019 installments was expected to be collected in August 2019. What amount should Mile-High recognize for property tax revenue for the year ended June 30, 2019?
a. $2,100,000
b. $2,200,000
c. $2,360,000
d. $2,400,000
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