At the beginning of the new fiscal year, the City of Namtip established a Tax Agency...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
At the beginning of the new fiscal year, the City of Namtip established a Tax Agency Fund for the benefit of various other governmental units in and around the city to record receivables, collections and disbursements of all property tax collections. The City of Namtip's Tax Agency Fund charges 1.5% of collections as a fee for maintaining the agency fund. A. Assuming the City of Namtip maintains its books and records in a manner that facilitates the preparation of its governmental fund financial statements, record the journal entry in the City of Namtip's Tax Agency Fund in good form, without explanation, to record that the following property taxes were levied: $4,200,000 by the City's General Fund, $700,000 by the Namtip County General Fund, and $5,100,000 by the Namtip Independent School District. Each of the taxing entities estimate that 1.5% of the taxes will be uncollectible. B. Assume that during the year the tax agency fund collected a total of $7,740,000 cash for all of the governmental entities and disbursed the cash collected to the respective governmental entities. Showing all supporting calculations (round dollar calculations to the nearest whole dollar), determine the amount that should be distributed to each of the City's General Fund, County's General Fund, and the Namtip School District. At the beginning of the new fiscal year, the City of Namtip established a Tax Agency Fund for the benefit of various other governmental units in and around the city to record receivables, collections and disbursements of all property tax collections. The City of Namtip's Tax Agency Fund charges 1.5% of collections as a fee for maintaining the agency fund. A. Assuming the City of Namtip maintains its books and records in a manner that facilitates the preparation of its governmental fund financial statements, record the journal entry in the City of Namtip's Tax Agency Fund in good form, without explanation, to record that the following property taxes were levied: $4,200,000 by the City's General Fund, $700,000 by the Namtip County General Fund, and $5,100,000 by the Namtip Independent School District. Each of the taxing entities estimate that 1.5% of the taxes will be uncollectible. B. Assume that during the year the tax agency fund collected a total of $7,740,000 cash for all of the governmental entities and disbursed the cash collected to the respective governmental entities. Showing all supporting calculations (round dollar calculations to the nearest whole dollar), determine the amount that should be distributed to each of the City's General Fund, County's General Fund, and the Namtip School District.
Expert Answer:
Answer rating: 100% (QA)
a Debit Credit Taxes Receivable City of Namtip General ... View the full answer
Related Book For
Advanced Accounting
ISBN: 978-0134472140
13th edition
Authors: Floyd A. Beams, Joseph H. Anthony, Bruce Bettinghaus, Kenneth Smith
Posted Date:
Students also viewed these accounting questions
-
The City of Laramee established a tax agency fund to collect property taxes for the City of Laramee, Bloomer County, and Bloomer School District. Total tax levies of the three governmental units were...
-
Assuming the City of Namtip maintains its books and records in a manner that facilitates the preparation of its governmental fund financial statements, record, in the order presented, all of the...
-
A foreign company maintains its books and records in its domestic currency. Identify several factors that might suggest that the domestic currency is not the entitys functional currency.
-
Suppose a product can be produced using virgin ore at a marginal cost given by MC 1 = 0. 5q 1 and with recycled materials at a marginal cost given by MC 2 = 5 + 0. 1q 2 . (a) If the inverse demand...
-
SG ran "StockGeneration," a Web site offering the chance to buy shares in "virtual companies" listed on SGs "virtual stock exchange." SG arbitrarily set the buy and sell prices of each stock in the...
-
Table 12.16 shows a random sample of observations on children under 10 years of age, each observation being the IgA immunoglobulin level measured in international units from a large number of blood...
-
Which people does the model show as directly in contact with Nara? Use the mathematical modeling graph showing contact tracing for students in a particular class. Hani Luka Javier Nimal Nara Loise...
-
Suppose you have 10 individuals with values {$1, $2, $3, $4, $5, $6, $7, $8, $9, $10}. Your marginal cost of production is $2.50. What is the profit-maximizing price?
-
See attached image below, just one question. For the right triangle below, find the measure of the angle. Figure is not to scale. I i degrees Question Help: 8 Message instructor D Post to forum Submit
-
Wayland Custom Woodworking is a firm that manufactures custom cabinets and woodwork for business and residential customers. Students will have the opportunity to establish payroll records and to...
-
5. Big Toys [LO 8 Hard] Big Toys Ltd. provides you with the following information relating to the financial year ending on March 31, 20X1. Prepare its balance sheet in the vertical form as on March...
-
An asset used in a four-year project falls in the five-year MACRS class for tax purposes. The asset has an acquisition cost of $8,100,000 and will be sold for $1,980,000 at the end of the project. If...
-
A potential credit grant equivalent to 30% of the credit card means that it is already possible to recover this portfolio of credits: 100% ( ) 30% ( ) 70% ( ) 35% ( ) If a credit granted to a client...
-
Calculate the deferred tax liability for a piece of machinery purchased for $ 1 0 0 , 0 0 0 , with a 5 - year life and no salvage value, using straight - line depreciation for accounting purposes and...
-
Earl's savings account has an APR of 7.3%, calculates interest daily, and pays interest at the end of the month. If during the month of June, his balance was $400 for the first 10 days of the month,...
-
Sheridan Company had the following select transactions. Apr. 1, 2022 July 1, 2022 Dec. 31, 2022 Apr. 1, 2023 Apr. 1, 2023 Accepted Goodwin Company's 12-month, 16% note in settlement of a $53,400...
-
12 In rhombus ABCD BA x 4 units and the perimeter is 2x 4 units What is the area of the rhombus a 10 units b 100 units 6 units d 36 units C C
-
The following T-accounts show postings of selected transactions. Indicate the journal used in recording each of these postings a through e. Cash Accounts Receivable Inventory (d) 500 (e) 300 (b)...
-
Describe what the current rate method is and under what circumstances it should be used.
-
Pam Corporation recognizes a deferred tax asset (benefit) of $1,000,000 related to its acquisition of Sun Company. Pam has determined that the tax position qualifies for recognition and should be...
-
On December 31, 2016, Pam Corporation purchased 80 percent of the stock of Sun Company at book value. The data reported on their separate balance sheets immediately after the acquisition follow. At...
-
Determine whether \(G\) raph \(Q_{2}\) is a spanning tree of Graph \(Q\). If not, explain how you know. J k [m
-
Determine whether Graph \(Q_{1}\) is a spanning tree of Graph \(Q\). If not, explain how you know. m n
-
List three unused (solid) edges from Graph \(O\) that cannot be used to complete the spanning tree. A student has been asked to construct a spanning tree for Graph \(O\), as shown in the figure. The...
Study smarter with the SolutionInn App