A county uses an agency fund to collect property taxes for both itself and on behalf...
A county uses an agency fund to collect property taxes for both itself and on behalf of the three municipalities within its borders. If the county collected $7,000 of municipal taxes during the month, what would be reported in the agency fund? Revenues of $7,000. Revenues of $7,000, offset by expenses of $7,000. An increase in equity in the agency fund of $7,000. An increase in assets of $7,000 and an increase in liabilities of $7,000.
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| Agency funds are used to account for funds where one local government is serving as an agent or in custodial role for other local governments. A common example is when a county government collects property taxes on behalf of other local units in the county. The funds are collected and placed in an agency fund until disbursed to the appropriated local units. Therefore all assets reported in an agency fund are offset by the liability equal to those assets. Agency funds do not have to included in the budget ordinance. |
| So Answer is Option D. An increase in assets of $7,000 and an increase in liabilities of $7,000. |
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A county uses an agency fund to collect property taxes for both
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estimated that 2 percent of the taxes levied would be
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current fiscal year, the county collected $48,000 in delinquent
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On July 1, 2020, the beginning of its fiscal year, Ridgedale County recorded gross property tax...
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County recorded gross property tax levies of $3,200,000. The county
estimated that 2 percent of the taxes levied would be
uncollectible. As of April 30, 2021, the due date for all property
taxes, the county had collected $2,950,000 in taxes. During the
current fiscal year, the county collected $48,000 in delinquent
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County recorded gross property tax levies of $3,200,000. The county
estimated that 2 percent of the taxes levied would be
uncollectible. As of April 30, 2021, the due date for all property
taxes, the county had collected $2,950,000 in taxes. During the
current fiscal year, the county collected $48,000 in delinquent
taxes and $3,800 in interest and penalties on the delinquent taxes.
The county imposed penalties and interest in...
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estimated that 2 percent of the taxes levied would be
uncollectible. As of April 30, 2021, the due date for all property
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