04 Jan In compliance with a newly enacted state law, Dial
In compliance with a newly enacted state law, Dial County assumed the responsibility of collecting all property taxes for the county, as well as Eton City and Bart Township within the county, as of July 1, 2012. A composite property tax rate per $1,000 of assessed valuation was developed for the fiscal year ending June 30, 2013: Dial County general fund. $ 60 Eton City general fund30 Bart Township general fund10 Composite tax rate. $100 When collected, the property taxes are distributed to the governmental units. Dial County established a tax agency fund to administer collection and distribution of taxes. Additional information: 1. To reimburse Dial County for administrative costs of operating the agency fund, 2 percent of all tax collections are remitted to the Dial County general fund. 2. Tax bills sent out on July 1,2012, for fiscal 2013, and estimated amounts to be collected are: 3. As of September 30, 2012, the tax agency fund received $14,400,000 in tax payments. On October 1, the tax agency fund distributed the payments to the three governmental units. Required a. Prepare the journal entries made in the tax agency fund and in each of the three general funds to record the tax bills sent out July 1, 2012. b. Calculate the amounts to be distributed to each of the three general funds on October 1, 2012. c. Prepare the
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