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In: Accounting

Central City levies taxes of $950,000 in 2019. It collects $ 600,000 of this in 2019,...

Central City levies taxes of $950,000 in 2019. It collects $ 600,000 of this in 2019, $180,000 in February 2020, $120,000 in May 2020 and the remaining in February 2021. The fiscal year of the City ends on December 31. In 2019, the city will recognize tax revenues at the governmental activities level of:

$600,000

$780,000

$900,000

$950,000

Solutions

Expert Solution

The answer is $950,000

The accrual system of accounting is followed while recognizing revenues.

Hence, the whole amount will be recognized in the year 2019 since taxes are levied in the year 2019

ekkarill92 answered 2 years ago
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