The fowowing informaion appies to the questions displayed below.) The county col

Question

The fowowing informaion appies to the questions displayed below.) The county collector of Suncoast County is responsible for co ecting 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 occured during the year 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 ,635, 000 3,290,000 $25,353,000 2. $13,870,000 of current taxes was collected during the first half of the year Liabiltes to all funds and governments as a resuit 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.) Al cash In the tax custodial fund was distributed. 5. All addltions and deductions were recorded by the custodial fund. Add tions and deductions are aggregated because resources are held less than three months Required Prepare journal entries for each of the foregoing transactions that affected the tax custodial fund. (if no entry is required for a t intermediate calculations. Round your answers to the nearest whole dollar amount.) select "No Journal Entry Required" in the first account field. Do not round View transaction list Journal entry worksheet Record the curren agency. t-year tax levies to be collected by the Note: Enter debits before credits Record entry View general journal

Explanation / Answer

1) Taxes Receivable for Other Funds and Governments—Current $25,353,000.00 Due to Other Funds and Governments $25,353,000.00 2) Cash $13,870,000.00 Taxes Receivable for Other Funds and Governments—Current $13,870,000.00 3) Due to Other Funds and Governments $13,870,000.00 Due to County General Fund $6,005,902.02 Due to Town of Bayshore $2,608,126.77 Due to Suncoast County Consolidated School District $3,513,689.57 Due to Various Towns $1,742,281.64 4) Due to County General Fund $6,005,902.02 Due to Town of Bayshore $2,608,126.77 Due to Suncoast County Consolidated School District $3,513,689.57 Due to Various Towns $1,742,281.64 Cash $13,870,000.00 Shares Computation Tax Collected Fee 3.2% Agency Liability County 10,503,000/25,353,000 × 13,870,000 $5,745,931.84 $259,970.18 $6,005,902.02 BayShore 4925000/25,353,000 × 13,870,000 $2,694,345.84 -$86,219.07 $2,608,126.77 School 6635000/25,353,000 × 13,870,000 $3,629,844.59 -$116,155.03 $3,513,689.57 Towns 3290000/25,353,000 × 13,870,000 $1,799,877.73 -$57,596.09 $1,742,281.64 Total $13,870,000.00

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