Benton County includes an independent school district and two individually chartered towns within the County. Benton County's
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Question:
1). The County Levied taxes as follows
Benton County General Fund $25,000,000
School District $12,500,000
Towns $2,500,000
Total $40,000,000
2). The property taxes levied in part (a) were collected.
3). The amounts collected were paid to the school district and towns.
Required:
a). Prepare journal entries for Benton County and the Benton County Independent School District--identify the funds.
b). Will tax collection funds typically report a non-zero net position? Explain.
c). Are there other custodial funds that typically repost a positive net position? Give an example
Related Book For
Government and Not for Profit Accounting Concepts and Practices
ISBN: 978-1118983270
7th edition
Authors: Michael Granof, Saleha Khumawala, Thad Calabrese, Daniel Smith
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