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Tax Agency Fund. The county collector of Suncoast

24 / 01 / 2019 Assignments

This paper circulates around the core theme of Tax Agency Fund. The county collector of Suncoast together with its essential aspects. It has been reviewed and purchased by the majority of students thus, this paper is rated 4.8 out of 5 points by the students. In addition to this, the price of this paper commences from £ 79. To get this paper written from the scratch, order this assignment now. 100% confidential, 100% plagiarism-free.

Tax Agency Fund. The county collector of Suncoast

Tax Agency Fund. 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 town. 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$10,333,000Town of Bayshore General Fund4,840,000Suncoast County Consolidated School District6,550,000Other towns3,120,000?Total$24,843,0002.) $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.Requireda.) Make journal entries for each of the foregoing transactions that affected the tax agency fund.b.) Make 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.c.) Make 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.d.) Which financial statements would be prepared by the tax agency fund?


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