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A city levied $2,000,000 of property taxes for its current fiscal year. The city collected $1,700,000 cash on its tax receivable during the year and granted $72,000 in discounts to taxpayers who paid within the legally established discount period. It is expected that the city will collect another $88,000 on these taxes receivable during the first two months of the next fiscal year. One percent of the tax levy is expected to be uncollectible. What amount of property tax revenues should the city report for the current fiscal year?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9102359

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