ACCT 360 Week 8 Exercise Assignment Help | Accounting Assignment Help | Franklin University
- Franklin University / ACCT 360
- 25 Jan 2019
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ACCT 360 Week 8 Exercise Assignment Help | Accounting Assignment Help | Franklin University
- E12-4 (Property
Tax Agency Fund)
o
(a) Prepare general journal entries for the following transactions in
the appropriate funds and General Capital Assets and General Long-Term
Liabilities accounts of a county, the county school district, and a town within
the county. The county serves as the tax collection agent for the county, the
county school district, and the town.
1.
Taxes were levied and bills were sent to taxpayers. The county tax levy
was for $4,000,000; the school district tax levy was for $5,000,000; the town
tax levy was for $2,000,000. Two percent of the taxes are expected to be
uncollectible. The county charges the school district and the town a collection
fee of 1% of the taxes collected.
2.
Tax collections for the year totaled $8,960,000: $3,200,000 for the
county; $4,000,000 for the school district; and $1,760,000 for the town.
3.
All amounts due to the county General Fund, the school district, and the
town were paid from the Tax Agency Fund.
o
(b) Prepare the Statement of Net Position for the county Tax Agency Fund
at year end. Assume that taxes receivable at the beginning of the year were
$100,000 for the county, $125,000 for the school district, and $50,000 for the
town.
USA 
India