At the beginning of the new fiscal year, the City of Namtip established a Tax Agency...

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At the beginning of the new fiscal year, the City of Namtip established a Tax Agency Fund for the benefit of various other governmental units in and around the city to record receivables, collections and disbursements of all property tax collections. The City of Namtip's Tax Agency Fund charges 1.5% of collections as a fee for maintaining the agency fund. A. Assuming the City of Namtip maintains its books and records in a manner that facilitates the preparation of its governmental fund financial statements, record the journal entry in the City of Namtip's Tax Agency Fund in good form, without explanation, to record that the following property taxes were levied: $4,200,000 by the City's General Fund, $700,000 by the Namtip County General Fund, and $5,100,000 by the Namtip Independent School District. Each of the taxing entities estimate that 1.5% of the taxes will be uncollectible. B. Assume that during the year the tax agency fund collected a total of $7,740,000 cash for all of the governmental entities and disbursed the cash collected to the respective governmental entities. Showing all supporting calculations (round dollar calculations to the nearest whole dollar), determine the amount that should be distributed to each of the City's General Fund, County's General Fund, and the Namtip School District. At the beginning of the new fiscal year, the City of Namtip established a Tax Agency Fund for the benefit of various other governmental units in and around the city to record receivables, collections and disbursements of all property tax collections. The City of Namtip's Tax Agency Fund charges 1.5% of collections as a fee for maintaining the agency fund. A. Assuming the City of Namtip maintains its books and records in a manner that facilitates the preparation of its governmental fund financial statements, record the journal entry in the City of Namtip's Tax Agency Fund in good form, without explanation, to record that the following property taxes were levied: $4,200,000 by the City's General Fund, $700,000 by the Namtip County General Fund, and $5,100,000 by the Namtip Independent School District. Each of the taxing entities estimate that 1.5% of the taxes will be uncollectible. B. Assume that during the year the tax agency fund collected a total of $7,740,000 cash for all of the governmental entities and disbursed the cash collected to the respective governmental entities. Showing all supporting calculations (round dollar calculations to the nearest whole dollar), determine the amount that should be distributed to each of the City's General Fund, County's General Fund, and the Namtip School District.

Answer rating: 100% (QA)

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