Question
In: Accounting
The city of Belle collects property taxes for other local governments—Beau County and the Landis Independent...
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. Prepare journal entries to record the following transactions and events for Belle’s Custodial Fund during calendar year 2019.
1. During 2019, property taxes were levied for Belle ($2,000,000), Beau County ($1,000,000) and LISD ($3,000,000). Assume taxes collected by the Custodial Fund will be paid to Belle’s General Fund.
2. Property taxes in the amount of $4,500,000 are collected. The percentage collected for each entity is in the same proportion as the original levy.
3. The amount owed to the city of Belle, Beau County, and LISD is recognized. The city of Belle charges an administrative fee to Beau County ($20,000) and LISD ($60,000) to collect the taxes, which reduces the amount owed to Beau County and LISD.
4. The Custodial Fund distributes the amount owed to the three governments.
Solutions
ekkarill92 answered 1 month agoRelated Solutions
The city of Belle collects property taxes for other local governments—Beau County and the Landis Independent...
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.
Prepare journal entries to record the following transactions and
events for Belle’s Custodial Fund during calendar year 2019.
1. During 2019, property taxes were levied for Belle
($2,000,000), Beau County ($1,000,000) and LISD ($3,000,000).
Assume taxes collected by...
Journal entries for a Custodial Fund The city of Belle collects property taxes for other local...
Journal entries for a Custodial Fund 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. Prepare journal
entries to record the following transactions and events for Belle’s
Custodial Fund during calendar year 2019. 1. During 2019, property
taxes were levied for Belle ($2,000,000), Beau County ($1,000,000)
and...
Suppose a county tax collector collects property taxes on the assessed value of each piece of property in their county. Here are the tax collector's rules for taxes:
IN CSuppose a county tax collector collects property taxes on the
assessed value of each piece of property in their county. Here are
the tax collector's rules for taxes:Assessed value is calculated at the rate of 75% of the
property's actual value.Homeowners who live at their property are provided with a
$10,000 homeowner exception that further reduces their assessed
value below the 75% level.Homeowners are allowed to be billed in quarterly installments
if they live at their property.In the current...
The city collects $1 million of taxes for an independent fire district located within the city....
The city collects $1 million of taxes for an independent fire
district located within the city.
Journal entry:
The city spends $1.2 million on street maintenance using the
proceeds of a city gas tax dedicated for road and highway
maintenance and improvements.
Journal entry:
The city receives a bequest of $1.5 million. The donor’s will,
requires that the principal amount be invested in perpetuity and
that the earnings on the investment be used to maintain a city park
to be...
A county collects property taxes on the assessment value of property, which is 60 percent of the property’s actual value.
python code with screenshot of code and outputUse a function for the taxes. Document all the constants.what does the program do?define variablesA county collects property taxes on the assessment value of
property, which is 60 percent of the property’s actual value. For
example, if an acre of land is valued at $10,000, its assessment
value is $6,000. The property tax is then 72¢ for each $100 of the
assessment value. The tax for the acre assessed at $6,000 will be...
Solve this problem in C. Suppose a county tax collector collects property taxes on the assessed...
Solve this problem in C.
Suppose a county tax collector collects property taxes on the
assessed value of each piece of property in their county. Here are
the tax collector's rules for taxes:
Assessed value is calculated at the rate of 75% of the
property's actual value.
Homeowners who live at their property are provided with a
$10,000 homeowner exception that further reduces their assessed
value below the 75% level.
Homeowners are allowed to be billed in quarterly installments
if...
Suppose a county tax collector collects property taxes on the assessed value of each piece of...
Suppose a county tax collector collects property taxes on the
assessed value of each piece of property in their county. Here are
the tax collector's rules for taxes: Assessed value is calculated
at the rate of 75% of the property's actual value. Homeowners who
live at their property are provided with a $10,000 homeowner
exception that further reduces their assessed value below the 75%
level. Homeowners are allowed to be billed in quarterly
installments if they live at their property....
A city uses a Property Tax Collection Custodial Fund to account for the collection of property taxes for itself, a county, and a school district.
Part VII: Custodial FundsA city uses a Property Tax Collection
Custodial Fund to account for the collection of property taxes for
itself, a county, and a school district. Prepare journal entries to
record the following transactions and events for city’s Custodial
Fund during calendar year 2020.During 2020, property taxes were levied for the city
($6,000,000), the county ($3,000,000) and school district
($9,000,000). Assume taxes collected by the Custodial Fund for the
city will be paid to the city’s General Fund.Property...
Describe the organization of county governments and the various types of city governments. If you were...
Describe the organization of county governments and the various
types of city governments. If you were mayor of your city, what
changes would you suggest/recommend?
1)The tax assessor collector collects county taxes. What is the main source of the taxes collected?...
1)The tax assessor collector collects county taxes. What is the
main source of the taxes collected?
With regard to taxes, what is a homestead exemption?
ISD is ___________________________.
What are the duties of the superintendent?
What is a rollback election?
Three of the ten largest cities in the U.S. are in Texas. What
are the 3 cities? (You can see they are in Texas)
ADVERTISEMENT
ADVERTISEMENT
Latest Questions
- JAVASCRIPT: Please create an array of student names and another array of student grades. - Create...
- Topic - Construction: Structural, loads, tension 1.) Explain why pure tension members are the most efficient...
- Procter and Gamble (PG) paid an annual dividend of $ 1.62$1.62 in 2009. You expect PG...
- locate a recent case of online child pornography. Write a summary of the incident and describe...
- #Python 5. Write function called evaluate() that evaluates the following Python expressions or assignments as specified:...
- Suggest journal, research paper link reference. i need this as reference for writing a research with...
- Cryptography is used heavily in internet communications. True or false? Explain
ADVERTISEMENT