Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. 3. onondaga county maintains a tax agency fund for

3. Onondaga County maintains a tax agency fund for use by the County Treasurer to...

60.1K

Verified Solution

Question

Accounting

image
3. Onondaga County maintains a tax agency fund for use by the County Treasurer to record receivables, collections, and disbursements of all property tax collections to all units of government in the county. In the year 2017, the following tax y. In the year 2017, the following taxes were levied: 1. $9,000,000 in property taxes were levied for the General Fund, of which 2% are deemed to be uncollectible. 2. $5,830,000 in property taxes were levied for the school district. 3. $5,410,000 in property taxes were levied for a village in the county. Required: A. Prepare the journal entries for each unit and the Agency Fund to record these levies. B. The agency fund then collected 90% of the levy for each fund. The Onondaga County General Fund charges 1.5% of collections as a fee for maintaining the agency fund. Prepare the journal entries for each unit and the Agency Fund to record these collections and fees

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students