[The following information applies to the questions displayed below.]The county collector of Suncoast County is responsible for collecting all property taxes levied by funds and governmentswithin the boundaries of the county. To reimburse the county for estimated administrative expenses of operating the taxcustodial fund, the custodial fund deducts 1.7 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 Suncoast 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 Bayshore General FundSuncoast County Consolidated School DistrictOther townsTotal$10,353,0004,850,0006,560,0003,140,000$24,903,0002. $13,720,000 of current taxes was collected during the first half of the year.3. Liabilities to all funds and governments as a result of the first half-year collections were recorded. (A schedule ofamounts collected for each participant, showing the amount withheld for the county General Fund and net amounts duethe participants, is recommended for determining amounts to be recorded for this transaction.)4. All cash in the tax custodial fund was distributed.5. All additions and deductions were recorded by the custodial fund. Additions and deductions are aggregated becauseresources are held less than three months.b. Prepare journal entries for each of the foregoing transactions that affected the Suncoast County General Fund. Begin with the taxlevy entry, assuming 4 percent of the gross levy will be uncollectible. (If no entry is required for a transaction/event, select "NoJournal Entry Required" in the first account field. Do not round intermediate calculations. Round your answers to the nearestwhole dollar amount.) b. Prepare journal entries for each of the foregoing transactions that affected the Suncoast County General Fund. Begin with the taxlevy entry, assuming 4 percent of the gross levy will be uncollectible. (If no entry is required for a transaction/event, select "NoJournal Entry Required" in the first account field. Do not round intermediate calculations. Round your answers to the nearestwhole dollar amount.)View transaction listJournal entry worksheetARecord the revenues receivable and uncollectible.Note: Enter debits before credits.TransactionGeneral JournalTaxes Receivable-CurrentEstimated Uncollectible Current TaxesRevenuesRecord entryClear entryDebitCreditView general journal>

General Fund -The main money source used by a government agency is called a general fund. Every…

The following information applies to the questions displayed below.] The county collector of Suncoast County is responsible for collecting all property taxes levied by funds and governm within the boundaries of the county. To reimburse the county for estimated administrative expenses of operating the custodial fund, the custodial fund deducts 1.7 percent from the collections for the town, the school district, and the ot towns. The total amount deducted is added to the collections for the county and remitted to the Suncoast County Gen 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 General Fund Suncoast County Consolidated School District Other towns Total $10,353,000 4,850,000 6,560,000 3,140,000 $24,903,000 2. $13,720,000 of current taxes was collected during the first half of the year. 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 a the participants, is recommended for determining amounts to be recorded for this transaction)

The following information applies to the questions displayed below.] The county collector of Suncoast County is responsible for collecting all property taxes levied by funds and governm within the boundaries of the county. To reimburse the county for estimated administrative expenses of operating the custodial fund, the custodial fund deducts 1.7 percent from the collections for the town, the school district, and the ot towns. The total amount deducted is added to the collections for the county and remitted to the Suncoast County Gen 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 General Fund Suncoast County Consolidated School District Other towns Total $10,353,000 4,850,000 6,560,000 3,140,000 $24,903,000 2. $13,720,000 of current taxes was collected during the first half of the year. 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 a the participants, is recommended for determining amounts to be recorded for this transaction)

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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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 within 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…
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