In the first half of the year 4120000 was collected for the

Assignment Help Accounting Basics

Reference no: EM13482283

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: EM13482283

Questions Cloud

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 following information is available for the first month : the following information is available for the first month of operations of url inc a manufacturer of art and craft

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

For both fifo and lifo calculate the sum of ending : boarders sells a snowboard xpert that is popular with snow board enthusiasts. below is information relating to

In the first half of the year 4120000 was collected for the : washington county assumed the responsibility of collecting property taxes for all governments within its boundaries. in

Remo company and angelo inc are separate companies that : remo company and angelo inc. are separate companies that operate in the same industry. following are variable costing

Addison inc made a 20000 sale on account with the following : addison inc. made a 20000 sale on account with the following terms 210 n30. if the company uses the net method to

Prepare the sales revenues section of the income statement : the adjusted trial balance of zambrana company shows the following data pertaining to sales at the end of its fiscal

On the basis of the cash forecast write a brief report : a company is negotiating with the bank for a 200000 90 day12 loan effective july 1 of the current year. if the

User Account

All Pages