The City of Casper levied property taxes for 2024 in the amount of $9,000,000. By the end of the year, $8,260,000 had been collected. It was estimated that $500,000 would be collected during the next 60 days of 2024 and that $240,000 would be collected after that and the remainder would be uncollectible. The City has a policy of recognizing the full amount possible for property taxes. Which of the following statements is true?
The City of Casper levied property taxes for 2024 in the amount of $9,000,000. By the end of the year, $8,260,000 had been collected. It was estimated that $500,000 would be collected during the next 60 days of 2024 and that $240,000 would be collected after that and the remainder would be uncollectible. The City has a policy of recognizing the full amount possible for property taxes. Which of the following statements is true?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text:TB MC Qu. 08-91 The City of Casper levied property...
The City of Casper levied property taxes for 2024 in the amount of $9,000,000. By
the end of the year, $8,260,000 had been collected. It was estimated that
$500,000 would be collected during the next 60 days of 2024 and that $240,000
would be collected after that and the remainder would be uncollectible. The City
has a policy of recognizing the full amount possible for property taxes. Which of the
following statements is true?
Multiple Choice
The amount reported for property tax revenue in the
government-wide Statement of Activities would be
$7,700,000.
The amount reported for property tax revenue in the
Governmental Fund Statement of Revenues, Expenditures,
and Changes in Fund Balances would be $7,940,000.
Both of the choices are true.
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