Reference no: EM1337124
1) The tax agency fund of Fulton County collected $6,000,000 for a school district, $3,000,000 for the county general fund and $4,000,000 for a municipality. County general fund employees handle the collections and a 3% collection fee is charged all units except the county. The total amount of revenue recognized by the county general fund would be:
A. $3,090,000
B. $3,000,000
C. $2,910,000
D. $3,300,000
2) The City of Sycamore has investments in bonds. These bonds have an amortized cost of $998,000 and a market value of $1,001,000. The market value is quoted and available in the financial press. The original cost of the bonds was $996,000. The par value at maturity will be $1,000,000. The amount at which the investments would be reported is:
A. $ 1,000,000
B. $ 998,000
C. $ 996,000
D. $ 1,001,000
3) Ford County levies for its General Fund $1,000,000 in property taxes. In addition, the county is responsible for collecting $2,000,000 in property taxes for the consolidated school district and $500,000 in property taxes for a town within the county. 2% of all taxes levied are expected to be uncollectible. When recording the levies in an agency fund, what amount would Ford County record as Taxes Receivable for Other Governments - Current and Due to Other Governments?
A. $3,500,000
B. $2,500,000
C. $3,430,000
D. $2,450,000
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