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Problem - The city of Pine's fiscal year end is June 30. Pine levies property taxes in January of each year for the calendar year. One-half of the levy is due in May, and one-half is due in October. Property tax revenue is budgeted for the period in which payment is due. The following information pertains to Pine's property taxes for the period from July 1, Year 5, to June 30, Year 6:
Calendar Year
Year 5
Year 6
Levy
$2,000,000
$2,400,000
Collected in:
May
950,000
1,100,000
July
50,000
60,000
October
920,000
December
80,000
The $40,000 balance due for the May Year 6 installments was expected to be collected in August Year 6. What amount should Pine recognize for property tax revenue for the fiscal year ended June 30, Year 6?
a. $2,200,000
b. $2,360,000
c. $2,160,000
d. $2,400,000
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