Items 1 and 2 are based on the following information for Oak City for the calendar year 2005:
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Collections during 2005 |
$500,000 |
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Expected collections during the first sixty days of 2006 |
100,000 |
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Expected collections during the balance of 2006 |
60,000 |
|
|
Expected collections during January 2008 |
30,000 |
|
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Estimated to be uncollectible |
10,000 |
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Total levy |
$700,000 |
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What amount should Oak City report for 2005 property tax revenues in the Statement of Revenues, Expenditures, and Changes in Fund Balances prepared for governmental funds?
- $700,000
- $690,000
- $600,000
- $500,000
What amount should Oak City report for 2005 property tax revenues in the government-wide Statement of Activities?
- $700,000
- $690,000
- $600,000
- $500,000