Acct 4633 - Governmental Accounting Chapter 8, Exercise 4 Part (a by onetwothree4

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									Acct 4633 - Governmental Accounting
Chapter 8, Exercise 4

Part (a)
                                                Lincoln County
                                               Tax Agency Fund
                                                General Journal
1.   Taxes Receivable for Other Funds and Governments - Current                     17,200,000
        Due to Other Funds and Governments                                                           17,200,000

2.   Cash                                                                            8,400,000
        Taxes Receivable for Other Funds and Governments - Current                                    8,400,000

3.   Due to Other Funds and Governments                                              8,400,000
        Due to County General Fund                                                                    1,414,560
        Due to Town of Smithton                                                                       2,245,320
        Due to Lincoln County Consolidated School District                                            3,825,360
        Due to Various Townships                                                                        914,760

                          Tax         Percent      Taxes             Gross                          Net/Total
           Shares      Receivable     of Total    Collected         Amt. Due        1% Fee            Due
           County $       2,752,000    16.00% $     8,400,000   $     1,344,000 $       70,560 $      1,414,560
           Town           4,644,000    27.00%       8,400,000         2,268,000        (22,680)       2,245,320
           School         7,912,000    46.00%       8,400,000         3,864,000        (38,640)       3,825,360
           Twnshps        1,892,000    11.00%       8,400,000           924,000         (9,240)         914,760
                   $     17,200,000                             $     8,400,000                 $     8,400,000

4.   Due to County General Fund                                                      1,414,560
     Due to Town of Smithton                                                         2,245,320
     Due to Lincoln County Consolidated School District                              3,825,360
     Due to Various Townships                                                          914,760
        Cash                                                                                          8,400,000

Part (b)
                                                  Lincoln County
                                                   General Fund
                                                  General Journal
1.   Taxes Receivable - Current                                                      2,752,000
        Estimated Uncollectible Taxes - Current                                                          82,560
        Revenues                                                                                      2,669,440

4.   Cash                                                                            1,414,560
        Taxes Receivable - Current                                                                    1,344,000
        Revenues - Collection Fees                                                                       70,560
Acct 4633 - Governmental Accounting                                                                 Page 2
Chapter 8, Exercise 4

Part (c)
                                                   Town of Smithton
                                                     General Fund
                                                    General Journal
1.   Taxes Receivable - Current                                                         4,644,000
        Estimated Uncollectible Taxes - Current                                                            139,320
        Revenues                                                                                         4,504,680

4.   Cash                                                                               2,245,320
     Expenditures - Collection Fees                                                        22,680
        Taxes Receivable - Current                                                                       2,268,000


Part (d) The tax agency fund may prepare a statement of tax agency fund net assets reflecting the asset and
         liability balances of the fund. Additionally, the fund would be combined with any other agency
         funds that Lincoln County may have and the total of the assets and liabilities for the agency funds
         would be shown in a single agency fund column on the statement of fiduciary net assets.

								
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