Jefferson County Maintains a Tax Agency Fund for Use by the County

question 54

Essay

Jefferson County maintains a tax agency fund for use by the County Treasurer to record receivables,collections,and disbursements of all property tax collections to all units of government in the county. In the year 2015,the following taxes were levied:
1.$8,820,000 in property taxes were levied for the General Fund,of which 2% are deemed to be uncollectible.
2.$4,830,000 in property taxes were levied for the school district.
3.$4,410,000 in property taxes were levied for a village in the county.
Required:
A.Prepare the journal entries for each unit and the Agency Fund to record these levies.
B.The agency fund then collected 90% of the levy for each fund. The Jefferson County General Fund charges 1.5% of collections as a fee for maintaining the agency fund.
Prepare the journal entries for each unit and the Agency Fund to record these collections and fees.

Identify various approaches and methods used in consumer protection law.

Comprehend the rights and obligations of both consumers and businesses under consumer protection laws.

Learn about the role of disclosures, warranties, and advertising in consumer protection.

Understand the regulation and impact of consumer credit on consumer protection.

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Definitions:

Equilibrium Price

The price at which the quantity of a product offered is equal to the quantity of the product in demand.

Price Ceiling

A price ceiling is a government-imposed limit on how high a price can be charged for a product, service, or commodity, often intended to protect consumers from high prices.

Price Ceiling

A government-imposed limit on how high a price is charged for a product, above which it cannot legally rise.

Laissez Faire Policy

An economic doctrine stressing minimal government intervention in the marketplace, advocating for free markets to regulate themselves.