A town levies $100,000 of property taxes for its current fiscal year. One percent of the tax levy is expected to be uncollectible The city collects $70,000 of its taxes during the year and another $25,000 during the first two months of the following year. In addition, the town collected $3,000 of prior year taxes during the first two months of the current fiscal year and another $2,000 during the remainder of the current fiscal year What amount of property tax revenues should the town report in the General Fund financial statements for the current fiscai year? O $97,000 O $95.000 $98.000 O$100.000
A town levies $100,000 of property taxes for its current fiscal year. One percent of the tax levy is expected to be uncollectible The city collects $70,000 of its taxes during the year and another $25,000 during the first two months of the following year. In addition, the town collected $3,000 of prior year taxes during the first two months of the current fiscal year and another $2,000 during the remainder of the current fiscal year What amount of property tax revenues should the town report in the General Fund financial statements for the current fiscai year? O $97,000 O $95.000 $98.000 O$100.000
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
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Transcribed Image Text:A town levies $100,000 of property taxes for its current fiscal year. One percent of the tax levy is expected to be uncollectible
The city collects $70,000 of its taxes during the year and another $25,000 during the first two months of the following year. In
addition, the town collected $3,000 of prior year taxes during the first two months of the current fiscal year and another $2,000
during the remainder of the current fiscal year, What amount of property tax revenues should the town report in the General
Fund financial statements for the current fiscái year?
O $97,000
O $95.000
$98.000
$100.000
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