Reference no: EM132513506
Question - Benton County maintains a tax agency fund for use by the county treasurer to record receivables, collections and disbursement of all property tax collections to all other units of government in the county. For FY 2016-2017 the following taxes were assessed:
Benton County General fund $18,250,000
Town of Thomas 6,000,000
Town of Hart 4,000,000
Benton County School District 18,250,000
Various Special Districts 4,800,000
Total $51,300,000
During the first six months of the fiscal year, the following transactions took place:
1. The levy became effective. All units of government provided for an estimated 2 percent in uncollectible taxes.
2. Cash collections of the first installment of taxes were as follows:
Benton County General Fund $8,750,000
Town of Thomas 3,600,000
Town of Hart 2,400,000
Benton County School District 8,750,000
Various Special Districts 1,124,000
Total $24,624,000
3. Record the liabilty to the other governmenental units, assuming that the county General Fund charges other governments 2 percent of all tax collected because the county General Fund incurs all costs of billing, recording and collecting taxes.
4. Cash was paid to the various governmental units.
Required -
a. Record the transaction on the books of the Benton County Tax Agency fund.
b. Record the transactions on the books of the Benton County General Fund.
c. Record the transactions on the books of the Town of Thomas.
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