Question
1. Property taxes were levied against property owners in the city amounting to $40,000,000. Of this amount, the city expects that 15% will be uncollectible.
1. Property taxes were levied against property owners in the city amounting to $40,000,000. Of this amount, the city expects that 15% will be uncollectible.
2. Of the amount of property taxes that the city expects to collect, 10% will not be received within 60 days after the year end date.
3. The city has a city-wide sales tax. During the year, the city received $4,000,000 in sales taxes.
4. Additional sales taxes of $750,000 are expected to be received after year end. Of that amount, $50,000 will not be received in time to settle current year liabilities.
5. The city is entitled to receive a grant of up to $500,000 from the Federal Government for
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