Assume the following transactions occurred in a school district General Fund during the year:
-Charges for services collected - $25,000
-Taxes levied - $2,450,000
-Taxes collected from current year levy and prior year tax levies - $2,320,000
-Tax prepayments received - $10,000
-Grants earned and received during the year - $300,000
-Grants awarded but not yet available - $250,000
The amount of revenues recorded in the General Fund for the year would be

Question

Assume the following transactions occurred in a school district General Fund during the year: 
-Charges for services collected - $25,000
-Taxes levied - $2,450,000
-Taxes collected from current year levy and prior year tax levies - $2,320,000
-Tax prepayments received - $10,000
-Grants earned and received during the year - $300,000
-Grants awarded but not yet available - $250,000
The amount of revenues recorded in the General Fund for the year would be

Quizplus · Accepted Answer

The charges for services collected amounting to $25,000 is a revenue for the General Fund. 
The taxes levied amounting to $2,450,000 is not yet a revenue, but it is an estimate of the revenue the school district expects to collect. 
The taxes collected from current year levy and prior year tax levies amounting to $2,320,000 is a revenue for the General Fund. 
The tax prepayments received amounting to $10,000 is a revenue for the General Fund. 
The grants earned and received during the year amounting to $300,000 is a revenue for the General Fund. 
The grants awarded but not yet available amounting to $250,000 is not a revenue but a promise of future revenue.

Therefore, the total revenues recorded in the General Fund for the year would be:

$25,000 (charges for services collected) + $2,320,000 (taxes collected) + $10,000 (tax prepayments received) + $300,000 (grants earned and received) = $2,645,000.

Hence, the correct answer is C ($2,645,000).

Assume the Following Transactions Occurred in a School District General