The following information pertains to property taxes levied by Coral City for the calendar year 2011:
|
Collections during 2011 |
$500,000 |
|
Expected collections during the first 60 days of 2012 |
100,000 |
|
Expected collections during the balance of 2012 |
60,000 |
|
Expected collections during January 2013 |
30,000 |
|
Estimated to be uncollectible |
10,000 |
|
Total levy |
$700,000 |
What amount should Coral City report for 2011 net property tax revenues?
a. $700,000
b. $690,000
c. $600,000
d. $500,000