Question
70. The General Fund of the City of Lexington approved a tax levy for the calendar year 2015 in the amount of $2,000,000. Of that
70. The General Fund of the City of Lexington approved a tax levy for the 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 collected. During 2016, $100,000 was collected during the first 30 days, $50,000 was collected during days 31-60, and $70,000 was collected during the days 61-90. During the post-audit, you discovered that the City showed $2,000,000 in revenues. How much revenue should the City recognize in 2015 from this tax levy?
A) $ 1,850,000
B) $ 1,900,000
C) $ 1,920,000
D) $ 2,000,000
please show how you got answer.
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