A town levied property taxes of $790,000 on January 1, 2017 for calendar year 2017....
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Accounting
A town levied property taxes of $790,000 on January 1, 2017 for calendar year 2017. An allowance of $15,000 was established for collectible taxes. The town collected $755,000 during the year. The finance director expected that $13,000 of the unpaid taxes would be collected by February 28, 2018, and the remaining $7,000 would be collected during the rest of 2018.
How much will be reported as Deferred Inflows- Property Taxes on the 2017 financial statements?
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