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31) The following information pertains to property taxes levied by Sycamore City for 20X7: ...

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Accounting

31) The following information pertains to property taxes levied by Sycamore City for 20X7:

Collections during 20X7

$

1,200,000

Expected collections during the first 60 days of 20X8

200,000

Expected collections during the balance of 20X8

110,000

Expected collections during January 20X9

40,000

Estimated to be uncollectible

30,000

Total levy

$

1,580,000

What amount should Sycamore report for 20X7 net property tax revenues?

A) $1,200,000

B) $1,400,000

C) $1,550,000

D) $1,580,000

Answer: B

Please explain clearly using math

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