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I am having some trouble with these journal entrie...




I am having some trouble with these journal entries, and so I have uploaded some practice entries,20. Kirby County established a tax agency fund to collect property taxes for the City of Kix, the City of Denton, and Kirby County School District. Total tax levies of the three governmental units were $200,000 for the year, of which $60,000 was for the City of Kix, $40,000 for Denton, and $100,000 for the School District. The tax agency fund charges a 2% collection fee that it transfers to the general fund of the County in order to cover costs incurred for agency fund operations. During the year the tax agency fund collected and remitted $150,000 of the $200,000 levies to the various governmental units. Collection fees associated with the $150,000 were remitted to Kirby County?s general fund prior to year end. Required Prepare the journal entries to record tax collections and remittances for the Kirby County Tax Agency Fund.,19. The Central Stores Fund of Cook City provides centralized management of purchasing, storage, and issue of supplies for the entire City. For the following summarized transactions and events for the year ended June 30, provide the fund level entries in general journal form required to conform to generally accepted accounting principles. If no entry is needed, so indicate. (12 points) 1) The Central Stores Fund ordered supplies at an estimated cost of $62,000. 2) The supplies ordered in (1) above were received at invoice costs of $60,400; these invoices were approved for payment. 3) Supplies costing $51,800 were issued to the City General Fund and billed to that fund at a markup of 20 percent on cost. 4) Expenses paid in cash during the year were: purchasing, $5,700; warehousing, $7,100; and general and administrative, $6,200.,4. The comprehensive annual financial report (CAFR) of a government should contain a statement of revenues, expenses, and changes in net assets for A. Both proprietary and governmental funds. B. Proprietary but not governmental funds. C. Governmental but not proprietary funds. D. Proprietary and fiduciary funds.,Thank You!,Will I get an email with my answer or will it be here?


Paper#11176 | Written in 18-Jul-2015

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