Governmental and Nonprofit Accounting (11th Edition)
11th Edition
ISBN: 9780133799569
Author: Robert J. Freeman, Craig D. Shoulders, Dwayne N. McSwain, Robert B. Scott
Publisher: PEARSON
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Textbook Question
Chapter 2, Problem 1.6E
Which of the following transactions would not be reported in a county’s General Fund?
- a. The purchase of 10 new public safety vehicles.
- b. The annual lease payment for the copiers in the county courthouse.
- c. The collection of property taxes that are past due from previous years.
- d. General property taxes a county collects on behalf of municipalities located within the county.
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Required information
[The following information applies to the questions displayed below.]
The county collector of Sun 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 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 Sun County General
Fund.
The following events occurred during the year:
1. Current-year tax levies to be collected by the custodial fund were
County General Fund
Town of Bayshore
Sun County Consolidated School District
Total
$ 7,664,480
5,508,845
10,778,175
$23,951,500
2. During the year, $20,358,000 of the current year's taxes was collected.
3. The 2 percent administrative collection fee was recorded. A schedule of amounts collected for each…
6. Washington County assumed the responsibility of collecting property taxes for all governments within its boundaries. In order to reimburse the county for expenditures for administering the Tax Agency Fund, the Tax Agency Fund is to deduct 1.5 percent from the collections from the city and school district. The total amount deducted is to be added to the collections for the county and remitted to the County General Fund. You are to record the following transactions in the accounts of the Washington County Tax Agency Fund.
1. Current year tax levies to be collected by the Tax Agency Fund were:County General Fund -- $9,800,000Town of Samuels -- 6,200,000Washington County School District -- 9,600,000
2. In the first half of the year $4,120,000 was collected for the County General Fund, $3,456,000 for the Town and $4,608,000 for the School District.
3. Liabilities to all three units were recorded.
Required: Record the transactions in the accounts of the Washington County Tax Agency Fund.
Required Information
[The following information applies to the questions displayed below.]
The county collector of Sun 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 4 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 Sun County General
Fund.
The following events occurred during the year:
1. Current-year tax levies to be collected by the custodial fund were
County General Fund
Town of Bay
Sun County Consolidated School District
Total
$10,373,000
4,860,000
6,570,000
$21,803,000
2. During the year, $13,740,000 of the current year's taxes was collected.
3. The 4 percent administrative collection fee was recorded. A schedule of amounts collected for each participant,…
Chapter 2 Solutions
Governmental and Nonprofit Accounting (11th Edition)
Ch. 2 - Governmental accounting systems are different from...Ch. 2 - Funds used in state and local government...Ch. 2 - Prob. 3QCh. 2 - Why are a municipalitys general capital assets and...Ch. 2 - Prob. 5QCh. 2 - Under what circumstances should a government use a...Ch. 2 - Identify the fund types that are classified as...Ch. 2 - Prob. 8QCh. 2 - Prob. 9QCh. 2 - Prob. 10Q
Ch. 2 - Define interfund loans and interfund transfers,...Ch. 2 - Prob. 12QCh. 2 - Prob. 13QCh. 2 - What is the accounting equation for a governmental...Ch. 2 - Prob. 15QCh. 2 - Prob. 16QCh. 2 - Prob. 17QCh. 2 - Prob. 18QCh. 2 - Prob. 1.1ECh. 2 - Financial assets include a. capital assets that...Ch. 2 - All of the following are considered governmental...Ch. 2 - Each of the following is a fiduciary fund except...Ch. 2 - Prob. 1.5ECh. 2 - Which of the following transactions would not be...Ch. 2 - The transactions associated with a Community...Ch. 2 - The city of Hannah has established a trust to...Ch. 2 - A transaction in which a municipal electric...Ch. 2 - Prob. 1.10ECh. 2 - The operations of a municipal governments public...Ch. 2 - The proceeds of a federal grant made to assist in...Ch. 2 - The receipts from a special tax levy to retire and...Ch. 2 - The operations of a municipal swimming pool with...Ch. 2 - Prob. 2.5ECh. 2 - A municipalitys issuance of general obligation...Ch. 2 - Expenditures of 200,000 were made during the year...Ch. 2 - The activities of a central motor pool that...Ch. 2 - A city collects property taxes on behalf of the...Ch. 2 - A transaction in which a municipal electric...Ch. 2 - (Fund and Nonfund Accounts Identification)...Ch. 2 - Prob. 4ECh. 2 - Prob. 5ECh. 2 - Prob. 6ECh. 2 - Prob. 7ECh. 2 - Prob. 8ECh. 2 - Prob. 9ECh. 2 - Prob. 10ECh. 2 - a. Analyze the effects of each of the following...Ch. 2 - a. Analyze the effects of the following...Ch. 2 - Prob. 3PCh. 2 - Prob. 4PCh. 2 - Prob. 5PCh. 2 - Prob. 6PCh. 2 - (State of CaliforniaFund Identification) The...Ch. 2 - a. Analyze the effects of the following...
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