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

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?

• Expert Answer

To determine the revenue that the City must recognize in 2015 from this tax lien we need to consider View the full answer