User Account

All Pages

Prepare the journal entries for unit and the agency fund

Assignment Help Financial Accounting
Reference no: EM132419612

Problem: Jefferson County maintains a tax agency fund for use by the County Treasurer to record receivables, collections, and disbursements of all property tax collections to all units of government in the county. In the year 2018, the following taxes were levied:

1. $6,300,000 in property taxes were levied for the General Fund, of which 2% are deemed to be uncollectible.

2. $3,450,000 in property taxes were levied for the school district.

3. $3,150,000 in property taxes were levied for a village in the county.

Required:

Question 1: How would you prepare the journal entries for each unit and the Agency Fund to record these levies.

Question 2: The agency fund then collected 92% of the levy for each fund. The Jefferson County General Fund charges 2.5% of collections as a fee for maintaining the agency fund.

Hows would you construct the journal entries for each unit

Reference no: EM132419612

Questions Cloud

Netflix vs. blockbuster and red box : Netflix (DVDs) Vs. Blockbuster (store) or Netflix (DVDs) Vs Red Box, or Netflix (online) vs. Verizon FIOS.
Calculate the minimum and maximum valued of load current : A buck converter 300V (input) dc source has a load time constant of 4ms. Calculate the minimum and maximum valued of load current
Fair value option for investments in debt securities : Explain how the use of the fair value option for investments in debt securities can mitigate volatility in reported earnings caused by measuring related assets
How is hls strategy related to critical mission areas : You have been asked by several of your employees to explain homeland security (HLS) strategy. Draft a memo that will address the following queries.
Prepare the journal entries for unit and the agency fund : Question 1: How would you prepare the journal entries for each unit and the Agency Fund to record these levies.
What sampling method would you choose to replicate study : In the research, what properties of sampling distribution do you need to look for to effectively facilitate the process of statistical inference to a larger.
Evaluate your data warehouse data for incompleteness : Define and execute a process to evaluate your data warehouse data for incompleteness, nulls, and the ability to provide consistent query data.
Cash flows for city of saratoga springs swimming pool fund : Finally how would you construct, in good form, a Statement of Cash Flows for the City of Saratoga Springs Swimming Pool Fund for the Year Ended June 30, 2019.
What type of budgeting process did steve company switch to : Even though there was no variance identified in the advertising budget when they used the static budgeting process.

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +91-977-207-8620

Phone: +91-977-207-8620

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd