The General Fund levies property taxes in the amount of $1,000,000 for calendar year 2019. It expects to collect $950,000 during the year, $30,000 in the first 60 days of the next year, and $15,000 during the rest of the next year. It does not expect to collect the remaining $5,000. How much property tax revenue should it recognize for the year 2019?

Under the accrual basis, it should recognize $1,000,000 as property tax revenue for the year 2019.  The remaining $45,000 that it does not collect in year 2019 will be accounted for as Property Tax Receivable while the $5,000 will be recorded as Uncollectible Expense in 2019.

Explanation:

The accrual concept or basis of accounting requires that all revenues and expenses relating to a fiscal year be recognized in that accounting year.  It is not only the actual cash receipts and payments that should be recognized.  This means that any revenue that is due but not yet received will be accounted for in the year that the revenue arises.  And all the related expenses for raising the revenue will also be accounted for in the same year.

answer; specific performance;

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