Reference no: EM132050489

Question - The following information relates to the first three questions in the list that follows. A village levied property taxes in the amount of $ 800,000 for calendar year 2013. By year end, the village had collected $ 775,000. It expected to collect $ 15,000 more in January and February of 2014 and the remaining $ 10,000 after February but before September 2014. Answer the following questions regarding the fund financial statements for the General Fund as of December 31, 2013, and for the calendar year 2013.

1. What amount of property tax revenues should be recognized for calendar year 2013?

a. $ 775,000

b. $ 785,000

c. $ 790,000

d. $ 800,000

2. What amount of property taxes receivable should be reported at December 31, 2013? a. $ 0 b. $ 10,000

c. $ 15,000

d. $ 25,000

3. What amount of deferred property tax revenues should be reported at December 31, 2013?

a. $ 0

b. $ 10,000

c. $ 15,000

d. $ 25,000