Tax Agency Fund. The county collector of Suncoast County is responsible for collecting all property taxes levied by founds and governments within the boundaries of the country. To reimburse the country 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 form the county and remitted to the Suncoast County General Fund. The following events occurred in 2017: Current-year tax levies to be collected by the agency were. $13, 700,000 of current taxes was collected during the first half of 20 17. 3. Liabilities Co all funds and governments as a result of the first a year lections were recorded. (A schedule of amounts collected for each participant, showing the amount withheld for the county General run an amounts due the participants, is recommended for determining amounts be recorded for this transaction.) 4. All cash in the tax agency fund was distributed. a. 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? Tax Agency Fund. The county collector of Suncoast County is responsible for collecting all property taxes levied by founds and governments within the boundaries of the country. To reimburse the country 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 form the county and remitted to the Suncoast County General Fund. The following events occurred in 2017: Current-year tax levies to be collected by the agency were. $13, 700,000 of current taxes was collected during the first half of 20 17. 3. Liabilities Co all funds and governments as a result of the first a year lections were recorded. (A schedule of amounts collected for each participant, showing the amount withheld for the county General run an amounts due the participants, is recommended for determining amounts be recorded for this transaction.) 4. All cash in the tax agency fund was distributed. a. 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
