The county collector of Suncoast County is responsible for collecting all property taxes levied by funds...

 

Transcribed Image Text:

The county collector of Suncoast County is responsible for collecting all property taxes levied by funds and governments within the boundaries of the county. To reimburse the county for estimated administrative expenses of operating the tax custodial fund, the custodial fund deducts 2.3 percent from the collections for the town, the school district, and the other towns. The total amount deducted is added to the collections for the county and remitted to the Suncoast County General Fund. The following events occurred during the year: 1. Current-year tax levies to be collected by the custodial fund were County General Fund Town of Bayshore General Fund Suncoast County Consolidated School District Other towns Total $10,413,000 4,880,000 6,590,000 3,200,000 $25,083,000 2. $13,780,000 of current taxes was collected during the first half of the year. 3. Liabilities to all funds and governments as a result of the first half-year collections were recorded. (A schedule of amounts collected for each participant, showing the amount withheld for the county General Fund and net amounts due the participants, is recommended for determining amounts to be recorded for this transaction.) 4. All cash in the tax custodial fund was distributed. 5. All additions and deductions were recorded by the custodial fund. Additions and deductions are aggregated because resources are held less than three months. No A B C D Transaction 1 2 3 4 General Journal Taxes Receivable for Other Funds and Governments-Current Due to Other Funds and Governments Cash Taxes Receivable for Other Funds and Governments-Curren Due to Other Funds and Governments Due to County General Fund Due to Town of Bayshore Due to Suncoast County Consolidated School District Due to Various Towns Due to County General Fund Due to Town of Bayshore Due to Suncoast County Consolidated School District Due to Various Towns Cash Debit 25,083,000 13,780,000 13,780,000 Credit 25,083,000 13,780,000 13,780,000 E 5 Deductions-Administrative Fee Deductions Payments Of Property Taxes To Other Government Additions Property Tax Collections For Other Governments The county collector of Suncoast County is responsible for collecting all property taxes levied by funds and governments within the boundaries of the county. To reimburse the county for estimated administrative expenses of operating the tax custodial fund, the custodial fund deducts 2.3 percent from the collections for the town, the school district, and the other towns. The total amount deducted is added to the collections for the county and remitted to the Suncoast County General Fund. The following events occurred during the year: 1. Current-year tax levies to be collected by the custodial fund were County General Fund Town of Bayshore General Fund Suncoast County Consolidated School District Other towns Total $10,413,000 4,880,000 6,590,000 3,200,000 $25,083,000 2. $13,780,000 of current taxes was collected during the first half of the year. 3. Liabilities to all funds and governments as a result of the first half-year collections were recorded. (A schedule of amounts collected for each participant, showing the amount withheld for the county General Fund and net amounts due the participants, is recommended for determining amounts to be recorded for this transaction.) 4. All cash in the tax custodial fund was distributed. 5. All additions and deductions were recorded by the custodial fund. Additions and deductions are aggregated because resources are held less than three months. No A B C D Transaction 1 2 3 4 General Journal Taxes Receivable for Other Funds and Governments-Current Due to Other Funds and Governments Cash Taxes Receivable for Other Funds and Governments-Curren Due to Other Funds and Governments Due to County General Fund Due to Town of Bayshore Due to Suncoast County Consolidated School District Due to Various Towns Due to County General Fund Due to Town of Bayshore Due to Suncoast County Consolidated School District Due to Various Towns Cash Debit 25,083,000 13,780,000 13,780,000 Credit 25,083,000 13,780,000 13,780,000 E 5 Deductions-Administrative Fee Deductions Payments Of Property Taxes To Other Government Additions Property Tax Collections For Other Governments

Answer rating: 100% (QA)

Total Current taxes 25083000 Less Current Taxes already collected 13780000 Balance Current Taxes 113... View the full answer