Accounting for Governmental and Nonprofit Entities 15th Edition by Earl Wilson,Jacqueline Reck,Susan Kattelus

Exercise 4

If the General Fund of a certain city needs $6,720,000 of revenue from property taxes to finance estimated expenditures of the next fiscal year and historical experience indicates that 4 percent of the gross levy will not be collected, what should be the amount of the gross levy for property taxes Show all computations in good form.