A City Levies $200,000 of Property Taxes for Its Current

Multiple Choice

A city levies $200,000 of property taxes for its current fiscal year. One percent of the tax levy is expected to be uncollectible. The city collects $170,000 of its taxes during the year and another $25,000 during the first two months of the following year. In addition, the city 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 city report in the General Fund financial statements for the current fiscal year?

A) $200,000.
B) $198,000.
C) $197,000.
D) $195,000.