Reference no: EM131795207
The county collector of Suncoast County is responsible for collecting all property taxes levied by funds and governments within the boundaries of the county. To reimburse the county for estimated administrative expenses of operating the tax agency fund, the agency fund deducts 1.5 percent from the collections for the town, the school district, and the other towns. The total amount deducted is added to the collections for the county and remitted to the Suncoast County General Fund.
The following events occurred in 2017:
1. Current-year tax levies to be collected by the agency were:
| County General Fund |
$10,333,000 |
| Town of Bayshore General Fund |
4840000 |
| Suncoast County Consolidated School District |
6550000 |
| Other towns |
3120000 |
| Total |
$24,843,000 |
2. $13,700,000 of current taxes was collected during the first half of 2017.
3. Liabilities to all funds and governments as a result of the first half-year collections were recorded. (A schedule of amounts collected for each participant, showing the amount withheld for the county General Fund and net amounts due the participants, is recommended for determining amounts to be recorded for this transaction.)
4. All cash in the tax agency fund was distributed.
Required
a. Prepare journal entries for each of the foregoing transactions that affected the tax agency fund. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations. Round your answers to the nearest whole dollar amount.)
b. Prepare journal entries for each of the foregoing transactions that affected the Suncoast County General Fund. Begin with the tax levy entry, assuming 4 percent of the gross levy will be uncollectible. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations. Round your answers to the nearest whole dollar amount.)
1. Record the revenues receivable and uncollectible.
2. Record the foregoing transactions that affected the Suncoast County General Fund.
3. Record the liabilities due to all funds and governments at the end of first half-year.
4. Record the taxes collected.
c. Prepare journal entries for each of the foregoing entries that affected the Town of Bayshore General Fund. Begin with the tax levy entry, assuming 2 percent of the gross levy will be uncollectible. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations. Round your answers to the nearest whole dollar amount.)
1. Record the revenues receivable and uncollectible.
2. Record the foregoing transactions that affected the Town of Bayshore General Fund.
3. Record the liabilities due to all funds and governments at the end of first half-year.
4. Record the taxes collected.
d. Which financial statements would be prepared by the tax agency fund? (Select all that apply.)