A city collected $750,000 of taxes levied during the current fiscal year (the total levy was $780,000), $50,000 of past due taxes levied in a previous year, and $25,000 of prepayments for next year's taxes. The city should report tax revenue in the General Fund of

Question

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Tax revenue in the General Fund should include taxes collected for the current fiscal year ($750,000) plus collections of past due taxes from a previous year ($50,000), totaling $800,000. Prepayments for next year's taxes ($25,000) are not recognized as revenue in the current fiscal year.

A City Collected $750,000 of Taxes Levied During the Current