8. 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 custodial fund, the custodial fund deducts 3.2 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 during the year:

4. Which financial statements would be prepared by the tax custodial fund? (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer. Any boxes left with a question mark will be automatically graded as incorrect.)

• Statement of net position.unanswered
• Statement of changes in tax custodial net position.unanswered
• Statement of activities.unanswered
• Statement of cash flows.unanswered
• Combine with any other custodial funds that Suncoast count has.

1. Current-year tax levies to be collected by the custodial fund were County General Fund Town of Bayshore General Fund Suncoast County Consolidated School District other towns Total $10,503,000 4,925,000 6,635, 000 $25,353,000 2. $13,870,000 of current taxes was collected during the first half of the year. 3. Liabilities to all funds and govenments 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 custodial fund was distributed. 5. All additions and deductions were recorded by the custodial fund. Additions and deductions are aggregated because resources are held less than three months