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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
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