Please explain proper steps by Step and Do Not Give Solution In Image Format ? And Fast Answering Please ? 1Benton County includes an independent school district and two individually chartered towns within the County. Benton County'sTreasurer assesses and collects property taxes on behalf of itself, the school district, and the towns. The County uses a tax collectioncustodial fund to record tax collections for the school district and towns. During the year ended December 31, 2020, the followingtransactions took place:1. The County levied taxes as follows:eBookPrintBenton County General FundSchool DistrictTownsTotal2. The property taxes levied in part (a) were collected.3. The amounts collected were paid to the school district and towns.Required:a. Prepare journal entries for Benton County and the Benton County Independent School District-Identify the funds.Complete this question by entering your answers in the tabs below.Required A1 Required A2 Required A3Record the transactions in the books of the Benton County General Fund. (If no entry is required for a transaction/event, select "NoJournal Entry Required" in the first account field.)View transaction listJournal entry worksheet<$25,000,00012,500,0002,500,000$40,000,00012Record current property tax receivables.Note: Enter debits before credits.> 1Benton County includes an independent school district and two individually chartered towns within the County. Benton County'sTreasurer assesses and collects property taxes on behalf of itself, the school district, and the towns. The County uses a tax collectioncustodial fund to record tax collections for the school district and towns. During the year ended December 31, 2020, the followingtransactions took place:1. The County levied taxes as follows:eBookPrintBenton County General FundSchool DistrictTownsTotal2. The property taxes levied in part (a) were collected.3. The amounts collected were paid to the school district and towns.Required:a. Prepare Journal entries for Benton County and the Benton County Independent School District-Identify the funds.Complete this question by entering your answers in the tabs below.Required A1 Required A2 Required A3Record the transactions in the books of the Benton County Independent School District General Fund. (If no entry is required for atransaction/event, select "No Journal Entry Required" in the first account field.)View transaction listJournal entry worksheet$25,000,00012,500,0002,500,000$40,000,000<12Record the current property tax receivables.>

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Benton County Includes an independent school district and two individually chartered towns within the County. Benton County's Treasurer assesses and collects property taxes on behalf of itself, the school district, and the towns. The County uses a tax collection custodial fund to record tax collections for the school district and towns. During the year ended December 31, 2020, the following transactions took place: 1. The County levied taxes as follows: Benton County General Fund School District Towns Total 2. The property taxes levied in part (a) were collected. 3. The amounts collected were paid to the school district and towns. $25,000,000 12,500,000 2,500,000 $40,000,000 Required: a. Prepare journal entries for Benton County and the Benton County Independent School District-Identify the funds. Complete this question by entering your answers in the tabs below. Required A1 Required A2 Required A3 Record the transactions in the books of the Benton County General Fund. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list

Benton County Includes an independent school district and two individually chartered towns within the County. Benton County's Treasurer assesses and collects property taxes on behalf of itself, the school district, and the towns. The County uses a tax collection custodial fund to record tax collections for the school district and towns. During the year ended December 31, 2020, the following transactions took place: 1. The County levied taxes as follows: Benton County General Fund School District Towns Total 2. The property taxes levied in part (a) were collected. 3. The amounts collected were paid to the school district and towns. $25,000,000 12,500,000 2,500,000 $40,000,000 Required: a. Prepare journal entries for Benton County and the Benton County Independent School District-Identify the funds. Complete this question by entering your answers in the tabs below. Required A1 Required A2 Required A3 Record the transactions in the books of the Benton County General Fund. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter9: Current Liabilities And Contingent Obligations

Section: Chapter Questions

Problem 11E

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Benton County includes an independent school district and two individually chartered towns within the County. Benton County’s Treasurer assesses and collects property taxes on behalf of itself, the school district, and the towns. The County uses a tax collection custodial fund to record tax collections for the school district and towns. During the year ended December 31, 2020, the following transactions took place:1. The County levied taxes as follows: Benton County General Fund $ 26,600,000 School District 14,100,000 Towns 4,100,000 Total $ 44,800,000 2. The property taxes levied in part (a) were collected.3. The amounts collected were paid to the school district and towns.Required:a. Prepare journal entries for Benton County and the Benton County Independent School District—identify the funds.
The County includes an independent school district and two individually chartered towns within the County. The County’s Treasurer assesses and collects property taxes on behalf of itself, the school district, and the towns. The County uses a tax collection custodial fund to record tax collections for the school district and towns. During the year ended December 31, 2020, the following transactions took place:1. The County levied taxes as follows: County General Fund $27,000,000 School District 14,500,000 Towns 4,500,000 Total $46,000,000 2.The property taxes levied (in transaction #1) were collected. 3. The amounts collected were paid to the school district and towns.Required:Prepare journal entries to record the transactions for the County’s tax collection custodial fund. (If no entry is required for a transaction/event, state “No entry.”)
Benton County includes an independent school district and two individually chartered towns within the County. Benton County’s Treasurer assesses and collects property taxes on behalf of itself, the school district, and the towns. The County uses a tax collection custodial fund to record tax collections for the school district and towns. During the year ended December 31, 2024, the following transactions took place: The County levied taxes as follows: Benton County General Fund $23,700,000 School District 10,500,000 Towns 3,510,000 Total $37,710,000 The property taxes levied in part (a) were collected. The amounts collected were paid to the school district and towns. Required: a1. Record the transactions in the books of the Benton County Tax Agency Fund. a2. Record the transactions in the books of the Benton County General Fund. a3. Record the transactions in the books of the Benton County Independent School District General Fund.
Please help solve the below: see picture attached. 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 5 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: Current-year tax levies to be collected by the custodial fund were County General Fund $ 10,443,000 Town of Bayshore 4,895,000 Sun County Consolidated School District 6,605,000 Total $ 21,943,000 During the year, $13,810,000 of the current year's taxes was collected. The 5 percent administrative collection fee was recorded. A schedule of amounts collected for…
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.
Unlike Illinois, the Village of Maple Park is located in a state in which property taxes are levied and collected in the same fiscal year. The information below pertains to the Village’s general fund for the year ended December 31, 2022: $9,819,000 of property tax revenue was included in the estimated revenues budget for 2022; Property taxes were levied in February, 2022, and $171,000 of the levy was expected to be uncollectible; On the two property tax collection dates, a total of $9,600,000 was collected; At December 31, 2022, the Village expected property tax collections during the first 60 days of 2023 to be $38,000. Required: 1. On the December 31, 2022, balance sheet for the Village’s general fund, what is the amount reported under assets for property taxes receivable(net)? 2. On the Village’s general fund statement of revenues, expenditures, and changes in fund balance for the year ended December 31, 2022, what is the amount reported for property…
In 2019, a state government collected income taxes of $8,000,000 for the benefit of one of its cities that imposes an income tax on its residents. The state periodically remitted these collections to the city. The state should account for the $8,000,000 in the a. general fund. b. agency funds. c. internal service funds. d. special assessment funds.
On July 1, 2020, the beginning of its fiscal year, Ridgedale County recorded gross property tax levies of $4,400,000. The county estimated that 2 percent of the taxes levied would be uncollectible. As of April 30, 2021, the due date for all property taxes, the county had collected $4,090,000 in taxes. During the current fiscal year, the county collected $54,000 in delinquent taxes and $5,000 in interest and penalties on the delinquent taxes. The county imposed penalties and interest in the amount of $14,700 but only expects to collect $12,900 of that amount. At the end of the fiscal year (June 30, 2021), uncollected taxes, interest, and penalties are reclassified. They are not expected to be collected within the first 60 days for the following fiscal year. Required Record entries for the above transactions as stated in the individual statements below, and post corresponding information into the Revenues ledger as appropriate. Prepare journal entries to record the tax levy on July 1,…
CO G) Kirby County established a tax custodial fund to collect property taxes for the City of Kix, the City of Denton, and Kirby County Independent School District. Total tax levies of the three governments were $200,000 for the year, of which $60,000 was for the City of Kix, $40,000 for Denton, and $100,000 for the school district. The tax custodial fund charges a 2% collection fee that it transfers to the general fund of the county in order to cover costs incurred for custodial fund operations. During the year, the tax custodial fund collected and remitted $150,000 of the $200,000 levies to the various governments. Collection fees associated with the $150,000 were remitted to Kirby County's general fund prior to year-end. For the Kirby County Tax Custodial Fund, prepare the journal entries to record the taxes collected during the year and the remittances made to participating governments. (If no entry is required for a transaction or event, select No Journal Entry Required in the…
Required information Skip to question [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 5 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: Current-year tax levies to be collected by the custodial fund were County General Fund $ 10,383,000 Town of Bayshore 4,865,000 Sun County Consolidated School District 6,575,000 Total $ 21,823,000 During the year, $13,750,000 of the current year's taxes was collected. The 5 percent administrative…
The following information pertains to Hempstead City which has a December 31st year-end. Fiscal year 2020 governmental fund property tax revenues that are measurable and available equaled $12,000,000. Sales taxes collected by merchants in 2020 but not remitted to Hempstead City until January 2021 equaled $4,000,000. For the year ended December 31, 2020, Hempstead City should recognize revenues in its governmental fund financial statements of: A. $18,000,000. B. $16,000,000. C. $14,000,000. D. $12,000,000.
The city of Belle collects property taxes for other local governments—Beau County and the Landis Independent School District (LISD). The city uses a Property Tax Collection Custodial Fund to account for its collection of property taxes for itself, Beau County, and LISD. The following transactions and events occurred for Belle's Custodial Fund. 1. Property taxes were levied for Belle ( $1,500,000), Beau County ( $750,000) and LISD ( $2,250,000). Assume taxes collected by the Custodial Fund will be paid to Belle’s General Fund. 2. Property taxes in the amount of $3,375,000 are collected. The percentage collected for each entity is in the same proportion as the original levy. 3. The amounts owed to Beau County and LISD are recognized. 4. The Custodial Fund distributes the amounts owed to the three governments. Prepare journal entries to record the above transactions and events for Belle’s Custodial Fund. If an entry affects more than one debit or credit account, enter the accounts in…