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CHAPTER 8:
8-18. a.
SUNCOAST COUNTY
TAX AGENCY FUND
GENERAL JOURNAL
Debits
1.
AND GOVERNMENTSCURRENT
24,843,000
Credits
CASH
24,843,000
13,700,000
13,700,000
13,700,000
5,818,294
2,629,046
3,557,903
1,694,757
COMPUTATION
County
Bayshore
School
Towns
Taxes
Collected
10,333,000/24,843,000 * 13,700,000 = 5,698,269
4,840,000/24,843,000 * 13,700,000 = 2,669,082
6,550,000/24,843,000 * 13,700,000 = 3,612,084
3,120,000/24,843,000 * 13,700,000 = 1,720,565
Debits
4.
5,818,294
2,629,046
3,557,903
1,694,757
8-1
Credits
CASH
13,700,000
b.
1.
SUNCOAST COUNTY
GENERAL FUND
GENERAL JOURNAL
Debits
10,333,000
TAXES RECEIVABLECURRENT
413,320
REVENUES
4.
9,919,680
CASH
5,818,294
TAXES RECEIVABLECURRENT
5,698,269
120,025
c.
1.
TOWN OF BAYSHORE
GENERAL FUND
GENERAL JOURNAL
TAXES RECEIVABLECURRENT
4,840,000
96,800
REVENUES
4.
4,743,200
CASH
2,629,046
40,036
TAXES RECEIVABLECURRENT
d.
Credits
2,669,082
The tax agency fund can prepare a statement of tax agency fund net position
reflecting the asset and liability balances of the fund. Additionally, the fund would
be combined with any other agency funds that Suncoast County has and the total
of the assets and liabilities for the agency funds would be shown in a single
agency fund column on the statement of fiduciary net position.
8-2
8-19.
a.
Since the city is providing administrative services for debt for which it has no
legal obligation, the GASB standards indicate the services should be accounted
for using an agency fund.
b.
1.
ASSESSMENTS RECEIVABLECURRENT
ASSESSMENTS RECEIVABLENONCURRENT
Debits
500,000
Credits
4,500,000
5,000,000
CASH
750,000
ASSESSMENTS RECEIVABLECURRENT
500,000
250,000
ASSESSMENTS RECEIVABLECURRENT
ASSESSMENTS RECEIVABLENONCURRENT
8-3
500,000
500,000
Debits
3.
Credits
500,000
250,000
CASH
c.
750,000
Assets and liabilities of the special assessment agency fund would be combined
with other agency funds of the reporting entity and appear in a separate column
on the statement of fiduciary net position but will appear in no other basic
financial statements. If there are several agency funds, Foothills may opt to
provide a combining statement of agency funds in its CAFR. The combining
statement would display the assets and liabilities for each agency fund in a
separate column.
d.
Since the City of Foothills is not obligated in any manner for the Green Acres
special assessment debt, the debt should not be reported in Foothills financial
statements; however, the notes to the financial statements should disclose the
amount of the debt, as well as the fact that the government is in no way liable for
repayment but is only acting as an agent for the property owners in collecting the
assessments, forwarding the collections to bondholders, and initiating foreclosure
proceedings, if appropriate.
General Problem Information: Special Assessment Agency Fund
Learning Objective: 8-4
Topic: Agency Fund for Special Assessment Debt
Blooms Taxonomy: Apply
Accreditation Skills tag: AACSB: Knowledge Application, AICPA: Financial Reporting
Level of Difficulty: Medium
8-4
each
8-5
j. Unclaimed Property Fund. Since the state is maintaining the property until
such time as a legal claimant can be found, a private-purpose trust fund
would be used. Until the property reverts to the state it is considered a
benefit to a party outside of government (the as yet unfound claimant).
General Problem Information: Identification of fiduciary funds
Learning Objective: 8-1
Learning Objective: 8-2
Topic: Agency Funds, Trust Funds
Blooms Taxonomy: Apply
Accreditation Skills tag: AACSB: Knowledge Application, AICPA: Critical Thinking
Level of Difficulty: Medium
8-22.
a.
EVERGREEN COUNTY
PASS-THROUGH AGENCY FUND
GENERAL JOURNAL
12/31/17
01/02/18
Debits
5,000,000
CASH
DUE TO CITY OF BOULDER
2,100,000
1,400,000
DUE TO SNOWTON
900,000
600,000
2,100,000
1,400,000
DUE TO SNOWTON
900,000
600,000
CASH
b.
Credits
5,000,000
1,400,000
REVENUES
1,400,000
8-6
CASH
1,400,000
1,400,000
Since the transactions are recorded in an agency fund, they would not be
reported on the government-wide financial statements. The balances in the fund
would be included in a separate column on the statement of fiduciary net
position, as required by GAAP. Since there is no net position, nothing would be
included in the statement of changes in fiduciary net position.
General Problem Information: Pass-through agency funds
Learning Objective: 8-4
Topic: Pass-through Agency Funds
Blooms Taxonomy: Apply
Accreditation Skills tag: AACSB: Knowledge Application, AICPA: Financial Reporting
Level of Difficulty: Hard
8-7