Multiple choice

The following information pertains to Walnut Corners:

2011 governmental fund revenues that became measurable and

available in time to be used for payment of 2011 liabilities

$16,000,000

Revenues earned in 2009 and 2010 and included in the

$16,000,000 indicated

2,000,000

Sales taxes collected by merchants in 2011 but not required to

be remitted to Walnut Corners until January 2012

3,000,000

For the year ended December 31, 2011, Walnut Corners should recognize revenues of:

a. $14,000,000

b. $16,000,000

c. $17,000,000

d. $19,000,000