The City of Lexington General Fund approved a tax levy for calendar year 2015 in the amount
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Question:
The City of Lexington General Fund approved a tax levy for calendar year 2015 in the amount of $2,000,000. Of that amount, $30,000 is expected to be uncollectible. During 2015, $1,750,000 was raised. During 2016 $100,000 was raised for the first 30 days, $50,000 for days 31-60, and $70,000 for days 61-90. During the subsequent audit, he discovered that the City showed $2,000,000 in revenue.
How much revenue must the City recognize in 2015 from this tax lien?
Related Book For
Governmental and Nonprofit Accounting
ISBN: 978-0132751261
10th edition
Authors: Robert Freeman, Craig Shoulders, Gregory Allison, Robert Smi
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