Question
In: Accounting
Benton County includes an independent school district and two individually chartered towns within the County. Benton...
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 | $ | 25,000,000 | |
| School District | 12,500,000 | ||
| Towns | 2,500,000 | ||
| Total | $ | 40,000,000 | |
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.
Record the transactions in the books of the Benton County Tax Agency Fund. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
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.)
Record the transactions in the books of the Benton County Independent School District General Fund. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
Solutions
ekkarill92 answered 2 years agoRelated Solutions
Benton County includes an independent school district and two individually chartered towns within the County. Benton...
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 itself,
the school district, and towns. The County uses a tax collection
custodian 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 followed:
Bebton County General Fund $25,000,000
School District 12,500,000
Towns 2,500,000
Total $40,000,000...
Benton County includes an independent school district and two individually chartered towns within the County Benton...
Benton County includes an independent school district and two
individually chartered towns within the County Benton Countr'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 $26,700,000
School District 14,200,000
Towns 4,200,000...
The Stoneytown School District covers 4 towns. There are 14 members of the school board, and...
The Stoneytown School District covers 4
towns. There are 14 members of the school board, and the 4 towns
have the populations shown in the following table:
Population
Town
A
12,000
Town
B
12,200
Town
C
54,800
Town
D
85,100
The school district uses the Hamilton method to apportion its
14 board members to the 4 towns. How many board members are
assigned to each town, using this method?
The following year, 1,000 people move out of Town B and...
The Clarkstown Central School District covers 4 towns. There are 22 members of the school board,...
The Clarkstown Central School District covers 4 towns. There are
22 members of the school board, and the 4 towns have the
populations shown in the following:
Population
Town A 9,000
Town B 9,100
Town C 25,475
Town D 56,425
The school district uses the Hamilton method to apportion its 22
board members to the 4 towns.
How many board members are assigned to each town, using this
method?
The following year, 1,000 people move out of town A and...
Stewart County School District is about to raise funds for a new school through a bond...
Stewart County School District is about to raise funds for a new
school through a bond issue. The plan is to raise $3,475,000 with a
2.85% coupon, 10-year bond. The underwriter indicates the bonds
will be sold at a price of $101.15 per $100. The yield to maturity
on the bond is:
Within a school district, students were randomly assigned to one of two Math teachers - Mrs....
Within a school district, students were randomly assigned to
one of two Math teachers - Mrs. Smith and Mrs. Jones. After the
assignment, Mrs. Smith had 30 students, and Mrs. Jones had 25
students. At the end of the year, each class took the same
standardized test. Mrs. Smith's students had an average test score
of 78, with a standard deviation of 10; and Mrs. Jones' students
had an average test score of 85, with a standard deviation of 15....
In a small town, there are 5 high school districts. Each district includes 100 high school...
In a small town, there are 5 high school districts. Each
district includes 100 high school
students. In total, there are 500 high school students in the
town including 240 male
students and 260 female students. Researchers would like to
select a sample of 200
students.
(a) Explain how the sample can be obtained using random cluster
sampling.
(b) Explain how the sample can be obtained using stratified
random sampling.
(c) Explain how the sample can be obtained using systematic...
Stewart County School District is about to raise funds for a newschool through a bond...
Stewart County School District is about to raise funds for a new
school through a bond issue. The plan is to raise $3,475,000 with a
3.15% coupon, 12-year bond. The underwriter indicates the bonds
will be sold at a price of $100.65 per $100. The yield to maturity
on the bond is:
Baird County maintains an investment trust fund for the School District and the Town of Bairdville...
Baird County maintains an investment trust fund for the School
District and the Town of Bairdville (separate governments).
Presented below is the preclosing trial balance for the investment
trust fund, a private-purpose trust fund.
Trial Balance—December 31,
2017
Debits
Credits
Accrued Interest
Receivable
$
23,000
Cash
38,300
Deposits—School District
$
459,600
Deposits—Town of Bairdville
336,200
Decrease in Fair Value of
Investments (bonds)
15,300
Interest Income
91,800
Investments—Corporate Bonds
1,576,000
Investments—U.S. Treasury
Securities
1,530,000
Net Position held in
trust—School District (Jan....
Baird County maintains an investment trust fund for the School District and the Town of Bairdville...
Baird County maintains an investment trust fund for the School
District and the Town of Bairdville (separate governments).
Presented below is the preclosing trial balance for the investment
trust fund, a private-purpose trust fund.
Trial Balance—December 31, 2017
Debits
Credits
Accrued Interest Receivable
$
23,000
Cash
38,300
Deposits—School District
$
459,600
Deposits—Town of Bairdville
336,200
Decrease in Fair Value of Investments (bonds)
15,300
Interest Income
91,800
Investments—Corporate Bonds
1,576,000
Investments—U.S. Treasury Securities
1,530,000
Net Position held in trust—School District (Jan....
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