Loose-leaf For Accounting For Governmental & Nonprofit Entities
18th Edition
ISBN: 9781260190083
Author: Jacqueline L. Reck James E. Rooks Distinguished Professor, Suzanne Lowensohn, Daniel Neely
Publisher: McGraw-Hill Education
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Chapter 8, Problem 18.5EP
To determine
Identify the account that would be credited by the county when the county assesses 1% administrative fee.
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The following information pertains to Hempstead City which has a December 31st year-end. Fiscal year 2020 governmental fund property tax revenues that are measurable and available equaled $12,000,000. Sales taxes collected by merchants in 2020 but not remitted to Hempstead City until January 2021 equaled $4,000,000.
For the year ended December 31, 2020, Hempstead City should recognize revenues in its governmental fund financial statements of:
A.
$18,000,000.
B.
$16,000,000.
C.
$14,000,000.
D.
$12,000,000.
In recording its property tax assessment for the year, a county government estimates the amount of uncollectible taxes. How is this estimate reflected in the financial statements:
An expenditure under General Government Operations.
A credit to Taxes Receivable.
A reduction in Property Tax Revenue.
A debit to Estimated Uncollectible Taxes.
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 2 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
$ 7,664,480
5,508,845
10,778,175
$23,951,500
2. During the year, $20,358,000 of the current year's taxes was collected.
3. The 2 percent administrative collection fee was recorded. A schedule of amounts collected for each…
Chapter 8 Solutions
Loose-leaf For Accounting For Governmental & Nonprofit Entities
Ch. 8 - What are the criteria for determining if a...Ch. 8 - Prob. 2QCh. 8 - Identify the different types of trust funds and...Ch. 8 - Describe the basic activities conducted by a tax...Ch. 8 - Explain how the financial reporting of fiduciary...Ch. 8 - Prob. 6QCh. 8 - How are external investment pool activities...Ch. 8 - What is a private-purpose trust fund? There are...Ch. 8 - Prob. 9QCh. 8 - Prob. 10Q
Ch. 8 - What is OPEB and how is OPEB reported by...Ch. 8 - Prob. 12CCh. 8 - Prob. 13CCh. 8 - Prob. 14CCh. 8 - Prob. 15CCh. 8 - Prob. 17.1EPCh. 8 - Which of the following is not a fiduciary fund? a....Ch. 8 - Prob. 17.3EPCh. 8 - Fiduciary fund activities are not included in the...Ch. 8 - Prob. 17.5EPCh. 8 - Prob. 17.6EPCh. 8 - The city has installed sidewalks using special...Ch. 8 - Prob. 17.8EPCh. 8 - Fiduciary funds a. Are accounted for using the...Ch. 8 - Prob. 17.10EPCh. 8 - Prob. 17.11EPCh. 8 - An investment trust fund would report in the...Ch. 8 - Prob. 17.13EPCh. 8 - Which pension fund financial statement or schedule...Ch. 8 - Prob. 17.15EPCh. 8 - Prob. 18.1EPCh. 8 - Prob. 18.2EPCh. 8 - The county collects taxes on behalf of the county,...Ch. 8 - Prob. 18.4EPCh. 8 - Prob. 18.5EPCh. 8 - At the date of the creation of the investment...Ch. 8 - The city council of the City of Great Falls...Ch. 8 - The city council of the City of Great Falls...Ch. 8 - Prob. 18.9EPCh. 8 - Prob. 18.10EPCh. 8 - Tax Custodial Fund. (LO8-2) The county collector...Ch. 8 - Special Assessment Debt. (LO8-2) Residents of...Ch. 8 - Identification of Fiduciary Funds. (LO8-2, LO8-3,...Ch. 8 - Investment Trust Fund. (LO8-3) The Albertville...Ch. 8 - Pass-through Custodial Funds. (LO8-2) Evergreen...Ch. 8 - Fiduciary Financial Statements. (LO8-4) Ray County...Ch. 8 - Fiduciary Fund Financial Statements. (LO8-4)...Ch. 8 - Prob. 26EPCh. 8 - Prob. 27EP
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