Income from Operations is Gross Profit minus Operating Expenses.
Indicate whether the statement is true or false
Question 2
In Year 1, a county levied 1,500,000 of property taxes and collected 1,400,000 of that levy; in Year 2, the levy was 1,550,000 and the related collections totaled 1,495,000; in
Year 3, the levy was 1,575,000 and the related collections totaled 1,530,000 . Also, collections of past due taxes in Years 1, 2, and 3 were 15,000, 14,000, and 19,000, respectively. Assuming that the General Fund's deferred revenue at the beginning of Year 1 was 410,000, what would deferred revenue be as of the end of Year 3?
A. 362,000.
B. 562,000.
C. 610,000.
D. 658,000.
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