How much property tax should be recognized for the year end

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Reference no: EM13133693

The City of Charlestown levied property taxes in the amount of $7,000,000. It is estimated that 2% will not be collected. The taxes were levied July 1, 2006 for the fiscal year ended June 30, 2007. During the year ended June 30, 2007, $6,200,000 in property taxes were collected. It is estimated that $200,000 will be collected during the next 60 days, $460,000 will be collected more than 60 days after June 30, 2007, and $140,000 will never be collected. When preparing the government-wide financial statements, how much property tax should be recognized for the year ended June 30, 2007?

Reference no: EM13133693

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