Question

On January 1, 2019, a city recorded General Fund property tax revenues of $750,000 but made no provision for uncollectible receivables or tax refunds. During the year, it collected property taxes of $720,000, wrote off $4,000 as uncollectible, and made tax refunds of $3,000. At year-end, the city finance director concluded that $10,000 of the delinquent taxes would be collected in January and February of 2020, $12,000 would be collected later in 2020, and $1,000 would need to be written off as uncollectible. How much should the city report as property tax revenue in its General Fund financial statements for the year 2019

Answer 1

$730,000

Step-by-step explanation:

Calculation for How much should the city report as property tax revenue in its General Fund financial statements for the year 2019

Using this formula

Property tax revenue=Collected property taxes +Delinquent taxes

Let plug in the formula

Property tax revenue=$720,000+$10,000

Property tax revenue=$730,000

Therefore How much should the city report as property tax revenue in its General Fund financial statements for the year 2019 is $730,000