Required information[The following information applies to the questions displayed below.]The county collector of Sun County is responsible for collecting all property taxes levied by funds and governments withinthe boundaries of the county. To reimburse the county for estimated administrative expenses of operating the taxcustodial fund, the custodial fund deducts 4 percent from the collections for the town, the school district, and the othertowns. The total amount deducted is added to the collections for the county and remitted to the Sun County GeneralFund.The following events occurred during the year:1. Current-year tax levies to be collected by the custodial fund wereCounty General FundTown of BayshoreSun County Consolidated School DistrictTotal$10,473,0004,910,0006,620,000$22,003,0002. During the year, $13,840,000 of the current year's taxes was collected.3. The 4 percent administrative collection fee was recorded. A schedule of amounts collected for each participant,showing the amount withheld for the county General Fund and net amounts due to the participants, is recommendedfor determining the amount to be recorded for this transaction.4. All cash in the tax custodial fund was distributed.5. Necessary closing entries were made at fiscal year-end. Required information[The following information applies to the questions displayed below.]The county collector of Sun County is responsible for collecting all property taxes levied by funds and governments withinthe boundaries of the county. To reimburse the county for estimated administrative expenses of operating the taxcustodial fund, the custodial fund deducts 4 percent from the collections for the town, the school district, and the othertowns. The total amount deducted is added to the collections for the county and remitted to the Sun County GeneralFund.The following events occurred during the year:1. Current-year tax levies to be collected by the custodial fund wereCounty General FundTown of BayshoreSun County Consolidated School DistrictTotal$10,473,0004,910,0006,620,000$22,003,0002. During the year, $13,840,000 of the current year's taxes was collected.3. The 4 percent administrative collection fee was recorded. A schedule of amounts collected for each participant,showing the amount withheld for the county General Fund and net amounts due to the participants, is recommendedfor determining the amount to be recorded for this transaction.4. All cash in the tax custodial fund was distributed.5. Necessary closing entries were made at fiscal year-end.

[The following information applies to the questions displayed below.] The county collector of Sun County is responsible for collecting all property taxes levied by funds and governments withi the boundaries of the county. To reimburse the county for estimated administrative expenses of operating the tax custodial fund, the custodial fund deducts 4 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 Sun 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 Sun County Consolidated School District Total $10,473,000 4,910,000 6,620,000 $22,003,000 2. During the year, $13,840,000 of the current year's taxes was collected. 3. The 4 percent administrative collection fee was recorded. A schedule of amounts collected for each participant, showing the amount withheld for the county General Fund and net amounts due to the participants, is recommended for determining the amount to be recorded for this transaction. 4. All cash in the tax custodial fund was distributed.

[The following information applies to the questions displayed below.] The county collector of Sun County is responsible for collecting all property taxes levied by funds and governments withi the boundaries of the county. To reimburse the county for estimated administrative expenses of operating the tax custodial fund, the custodial fund deducts 4 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 Sun 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 Sun County Consolidated School District Total $10,473,000 4,910,000 6,620,000 $22,003,000 2. During the year, $13,840,000 of the current year's taxes was collected. 3. The 4 percent administrative collection fee was recorded. A schedule of amounts collected for each participant, showing the amount withheld for the county General Fund and net amounts due to the participants, is recommended for determining the amount to be recorded for this transaction. 4. All cash in the tax custodial fund was distributed.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The county collector of Sun 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 2.9 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 Sun 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 Sun County Consolidated School District_ 6.615.000 $10.463.000 4,905,000 Total S21,983.000 2. During the year, $13,830,000 of the current year's taxes was collected. 3. The 5 percent administrative collection fee was recorded. A schedule of amounts collected for each participant, showing the amount withheld for the county General Fund and net amounts due to the…
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