Chapter 7
Benton County includes an independent school district and two individually chartered towns within the County. Benton County’s Treasurer assesses and collects property taxes on behalf of itself, the school district, and the towns. The County uses a tax collection custodial fund to record tax collections for the school district and towns. During the year ended December 31, 2020, the following transactions took place:
1. The County levied taxes as follows:
| Benton County General Fund | $ | 25,000,000 | |
| School District | 12,500,000 | ||
| Towns | 2,500,000 | ||
| Total | $ | 40,000,000 | |
2. The property taxes levied in part (a) were collected.
3. The amounts collected were paid to the school district and towns.
Required:
a. Prepare journal entries for Benton County and the Benton County Independent School District—identify the funds.
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Benton County includes an independent school district and two individually chartered towns within the County. Benton...
Benton County includes an independent school district and two individually chartered towns within the County. Benton County's Treasurer assesses and collects property taxes on behalf of itself, the school district, and the towns. The County uses a tax collection custodial fund to record tax collections for the school district and towns. During the year ended December 31, 2020, the following transactions took place: 1. The County Levied taxes as follows Benton County General Fund $25,000,000 School District $12,500,000 Towns $2,500,000...
Benton County includes an independent school district and two individually chartered towns within the County. Benton...
Benton County includes an independent school district and two individually chartered towns within the County. Benton County’s Treasurer assesses and collects property taxes on behalf of itself, the school district, and the towns. The County uses a tax collection custodial fund to record tax collections for the school district and towns. During the year ended December 31, 2020, the following transactions took place: 1. The County levied taxes as follows: Benton County General Fund $ 25,500,000 School District 13,000,000 Towns...
Jefferson County maintains a tax agency fund for use by the County Treasurer to record receivables, collections, and dis...
Jefferson County maintains a tax agency fund for use by the County Treasurer to record receivables, collections, and disbursements of all property tax collections to all units of government in the county. In the year 2018, the following taxes were levied: 1. $6,300,000 in property taxes were levied for the General Fund, of which 2% are deemed to be uncollectible. 2. $3,450,000 in property taxes were levied for the school district. 3. $3,150,000 in property taxes were levied for a...
3. Onondaga County maintains a tax agency fund for use by the County Treasurer to record...
3. Onondaga County maintains a tax agency fund for use by the County Treasurer to record receivables, collections, and disbursements of all property tax collections to all units of government in the county. In the year 2017, the following tax y. In the year 2017, the following taxes were levied: 1. $9,000,000 in property taxes were levied for the General Fund, of which 2% are deemed to be uncollectible. 2. $5,830,000 in property taxes were levied for the school district....
Benton County maintains a tax agency fund for use by the County Treasurer to record receivables,...
Benton County maintains a tax agency fund for use by the County Treasurer to record receivables, collections, and disbursements of all property tax collections to all other units of government in the county. For FY 2016–2017, the following taxes were assessed: Benton County General Fund $ 18,270,000 Town of Thomas 6,007,000 Town of Hart 4,005,000 Benton County School District 18,273,000 Various Special Districts 4,806,000 Total $ 51,361,000 During the first six months of the fiscal year, the following transactions took...
Assume that taxes were levied for Kindle County (the collecting government) and other governments as follows:...
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...
QE 7-3 Agency Funds Benton County maintains a tax agency fund for use by the County...
QE 7-3 Agency Funds Benton County maintains a tax agency fund for use by the County Treasurer to record receivables, collections, and disbursements of all property tax collections to all other units of government in the county. For FY 2016-2017, the following taxes were assessed: Benton County General Fund Town of Thomas Town of Hart Benton County School District Various' Special Districts Total $18,250,000 6,000,000 4,000,000 18,250,000 4,800,000 $51,380,000 During the first six months of the fiscal year, the following...
The City of San Francisco assesses a 15-cent telecommunications tax per call on calls initiated and...
The City of San Francisco assesses a 15-cent telecommunications tax per call on calls initiated and terminated within the jurisdiction. During 2017, there were approximately 978,000,000 calls upon which the tax should be imposed. In addition, the city also collects sales taxes for the 3 counties that are part of incorporated San Francisco. Those taxes collected are $12,000,000 for County A, $7,500,000 for County B, and $4,130,000 for County C. Assume the amount of both taxes assessed were collected in...
Chapter 2 The Use of Funds in Governmental Accounting LO 2 MC2-15. Under the modified accrual...
Chapter 2 The Use of Funds in Governmental Accounting LO 2 MC2-15. Under the modified accrual basis of counting for a government property tax revenues show be recognized in the accounting period in which they G are levied b are collected in cash c are levied, subject to a provision for collectible receivables d/ are levied and become measurable wil available LO 3 MC3-16. A city-owned electric utility, which serves primarily the city's residents, sends a bill to the city...
Chapter 8 Recording Transactions Affecting a Fiduciary Fund—a Tax Custodial Fund [Para. 8-b-2] Delinquent taxes and...
Chapter 8 Recording Transactions Affecting a Fiduciary Fund—a Tax Custodial Fund [Para. 8-b-2] Delinquent taxes and related interest and penalties were collected during the year for the taxing authorities shown below: Governments/Funds: Delinquent Taxes Interest and Penalties Total City of Smithville General Fund $ 387,201 $ 34,270 $ 421,471 Smithville CSD 722,650 57,810 780,460 Smith County 459,980 41,400 501,380 Smith County FPD 162,560 13,050 175,610 Total collected $1,732,391 $146,530 $1,878,921 Required: Record the collections of delinquent taxes and interest and...
3. Onondaga County maintains a tax agency fund for use by the County Treasurer to record receivables, collections, and disbursements of all property tax collections to all units of government in the county. In the year 2017, the following tax y. In the year 2017, the following taxes were levied: 1. $9,000,000 in property taxes were levied for the General Fund, of which 2% are deemed to be uncollectible. 2. $5,830,000 in property taxes were levied for the school district....
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...
QE 7-3 Agency Funds Benton County maintains a tax agency fund for use by the County Treasurer to record receivables, collections, and disbursements of all property tax collections to all other units of government in the county. For FY 2016-2017, the following taxes were assessed: Benton County General Fund Town of Thomas Town of Hart Benton County School District Various' Special Districts Total $18,250,000 6,000,000 4,000,000 18,250,000 4,800,000 $51,380,000 During the first six months of the fiscal year, the following...
Chapter 2 The Use of Funds in Governmental Accounting LO 2 MC2-15. Under the modified accrual basis of counting for a government property tax revenues show be recognized in the accounting period in which they G are levied b are collected in cash c are levied, subject to a provision for collectible receivables d/ are levied and become measurable wil available LO 3 MC3-16. A city-owned electric utility, which serves primarily the city's residents, sends a bill to the city...
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