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Collect the remainder of the taxes

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Reference no: EM131803061

For the year ended December 31, 2011, the general fund of Karsten City levied property taxes of $1,000,000. The city estimated that $10,000 of the levy would not be collectible. By December 31, 2011, the city had collected $850,0000 of property taxes and expected to collect the remainder of the taxes as follows:

$100,000 by March 1, 2012
$40,000 during the remainder of 2012

In accordance with GASB 33, Accounting and Reporting for Non exchange Transactions, how much property tax revenue should be reported by the general fund on the statement of revenues, expenditures, and changes in fund balances prepared for the year ended December 31, 2011?

Reference no: EM131803061

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