The General Fund of the City of Lexington Approved a Tax

Multiple Choice

The General Fund of the City of Lexington approved a tax levy for the calendar year 2017 in the amount of $2,600,000. During 2017, $2,250,000 was collected. During 2018, $95,000 was collected during the first 30 days, $75,000 was collected during days 31-60, and $70,000 was collected during the days 61-90. The balance is expected to be uncollectible. During the post-audit, you discovered that the City showed $2,600,000 in revenues. How much revenue should the City recognize in 2017 from this tax levy?

A) $ 2,250,000
B) $ 2,345,000
C) $ 2,420,000
D) $ 2,465,000