CPA · Question 05 · Area III: State & Local Governments
Blue City's General Fund reported the following for the fiscal year:<br/>- Property taxes levied: $5,000,000<br/>- Collected during the year: $4,200,000<br/>- Collected within 60 days after year-end: $300,000<br/>- Collected between 61 and 90 days after year-end: $100,000<br/>- Estimated uncollectible: $50,000<br/><br/>Under the modified accrual basis of accounting, what amount of property tax revenue should be recognized?
Answer options:
$4,200,000
$4,500,000
$4,600,000
$4,950,000
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