In order to reimburse the county for expenditures for

Reference no: EM13485087

Washington County assumed the responsibility of collecting property taxes for all governments within its boundaries. In order to reimburse the county for expenditures for administering the Tax Agency Fund, the Tax Agency Fund is to deduct two percent from the collections from the city and school district. The total amount deducted is to be added to the collections forthe city and remitted to the County General Fund. You are to record the following transactions in the accounts of the Washington County Tax Agency Fund.

1.Current year tax levies to be collected by the Tax Agency Fund were:

County General Fund $8,800,000

Town of Samuels $7,200,000

Washington County School District $9,600,000

2.In the first half of the year $4,120,000 was collected for the County General Fund, $3,456,000 for the Town and $4,608,000 for the School District.

3. Liabilities to all three units were recorded.

Reference no: EM13485087

Questions Cloud

Charles corp has outstanding accounts receivable totaling : charles corp. has outstanding accounts receivable totaling 6.9 million as of december 31 and sales on credit during the

Why are audit objectives important in planning and : why are audit objectives important in planning and performing an audit? explain the differences between transaction

As an auditor what areas would be of interest to you if you : as an auditor what areas would be of interest to you if you discovered during the planning stages of the audit that

The city will pay for the supplies from available : the city of upper falls accounts for its inventory using the purchases method. during the year the city bought 400000

In order to reimburse the county for expenditures for : washington county assumed the responsibility of collecting property taxes for all governments within its boundaries. in

Data pertaining to the postretirement health care benefit : data pertaining to the postretirement health care benefit plan of sterling properties include the following for 2013 in

Lance lawn services reports warranty expense by estimating : lance lawn services reports warranty expense by estimating the amount that eventually will be paid to satisfy

The risk-free rate is 8 the average market return is 12 : a project will require an cash outlay of 65000 and inflows of 12000 per year for 12 years. the project is expected to

The bootsie holding company has sales exceeding 10 billion : the bootsie holding company has sales exceeding 10 billion and each of its three wholly-owned subsidiaries has sales

User Account

All Pages