Answered

The tax agency fund of Hardin County collected $1,000,000 for a school district, $5,000,000 for the county General Fund, and $500,000 for a town located in the County. What amount should be reported in the Hardin County Agency Fund?

Answer :

Answer:

$1,500,000

Explanation:

County receives funding from numerous sources. County has no control to introduce new taxes or increasing current taxes, except for property tax.

Given:

County collected for a school district = $1,000,000

County for General Fund =  $5,000,000

For town located in the County = $500,000

Hardin County Agency Fund = County for school + County for a town

= $1,000,000 + $500,000

= $1,500,000

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