A city with a 12/31 fiscal year-end requires that restaurants buy a license, renewable yearly. Proceeds of the license fees are intended to pay the salaries of inspectors in the health department. Licenses are issued for a fiscal year from October 1 to September 30. During 2014, cash collections related to licenses were as follows:
Licenses issued during 2013 for the 10/1/13-9/30/14 fiscal year $ 30
Licenses issued during 2014 for the 10/1/14-9/30/15 fiscal year $180
It is anticipated that during 2015 the amount collected on licenses for the 10/1/14-9/30/15 fiscal year will be $45. In September 2013 the amount collected related to 10/1/13-9/30/14 licenses was $144.
What amount should be recognized as revenue in the fund financial statements for the fiscal year ended 12/31/14?
a) $180. b) $183. c) $210. d) $225.
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