Question

Assume that taxes were levied for Kindle County (the collecting government) and other governments as follows:

                                    Kindle County                         $2,980,000

                                    Kindle School District             10,120,000

                                    City of Kazoo                            5,104,000

                                    Camel Township                           732,000

                                                                                   $18,936,000

Problem 3 (10 Points): Assume that taxes were levied for Kindle County (the collecting government) and other governments as follows: Kindle County Kindle School District City of Kazoo Camel Township $2,980,000 10,120,000 5,104,000 732,000 $18.936.000 REQUIRED 1. Record the gross amount of the tax levy for Kindle County and the other governments. 2. The cash collection of taxes for the County and other governments during a certain portion of the year amounted to $9,468,000. 3. The cash collected in #2 is not distributed but the custodial fund records the liability to each government. Kindle County is given 1% of all collections for the other governments for the cost of administration. 4. Cash is distributed based on the allocation computed in # 3 above.

Answer 1

Kindle School Dist..$ 10 12oow so luchon hross Amount of tax levy for kindle country and other hout is. kindle country $298000 City of kazoo Camel township - $5 loucro 732coo total & 189360 Any (2) Cash Collection of tax & 946800 total Amt of tax : $ 1893600 Balonre Amount of tax - $ 1893600 - $946800 $ qu68000 A Amount of Com collected of tax hot Distributed . It should be distributed in the Ratio of Uross Dount of tax levy.

So Payment to other choyle for cost of Adminstration: & kind School District : $50 6000 x 14. $ 5060 City of karco $ 25520w x 1 $25520 Camel township: a 36600X1) 9 3660 4) $ 149000, Cash Distribution Share of Kindle country City of k9200 Kindle School Dist. Camel township $ 2552 oo $ 50 60 cro f 366 ao An