The county collector of Sun coast County is responsible for collecting all property taxes levied by funds
Question:
1. Current-year tax levies to be collected by the agency were:
County General Fund....................................................... $10,333,000
Town of Bay shore General Fund........................................... 4,840,000
Sun coast County Consolidated School District........................... 6,550,000
Other towns..................................................................... 3,120,000
Total.............................................................................. $24,843,000
2. $13,700,000 of current taxes was collected during the first half of 2017.
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 agency fund was distributed.
Required
a. Make journal entries for each of the foregoing transactions that affected the tax agency fund.
b. Make journal entries for each of the foregoing transactions that affected the Sun coast County General Fund. Begin with the tax levy entry, assuming 4 percent of the gross levy will be uncollectible.
c. Make journal entries for each of the foregoing entries that affected the Town of Bay shore General Fund. Begin with the tax levy entry, assuming 2 percent of the gross levy will be uncollectible.
d. Which financial statements would be prepared by the tax agency fund?
Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial...
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Related Book For
Accounting for Governmental and Nonprofit Entities
ISBN: 978-0078025822
17th edition
Authors: Jacqueline Reck, Suzanne Lowensohn, Earl Wilson
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