Sh5Please help me. Thankyou. 1.2.Ellicott City received a $5,000,000 capital grant to be equally distributed among its three municipalities. The grant is tofinance the construction of capital assets. Ellicott had no administrative or direct financial involvement in theconstruction. In which fund should Ellicott record the receipt of cash?Private purpose trust fundCapital project fundSpecial revenue fundAgency fundKapli City received a $15,000,000 federal grant to finance the construction of a center for rehabilitation of drug addicts.The proceeds of this grant should be accounted for in theSpecial revenue fundGeneral fundCapital projects fundTrust fund

Agency Fund is an account that holds the money of the government as an agent of an individual,…

Ellicott City received a $5,000,000 capital grant to be equally distributed among its three municipalities. The grant is to inance the construction of capital assets. Ellicott had no administrative or direct financial involvement in the construction. In which fund should Ellicott record the receipt of cash?

Ellicott City received a $5,000,000 capital grant to be equally distributed among its three municipalities. The grant is to inance the construction of capital assets. Ellicott had no administrative or direct financial involvement in the construction. In which fund should Ellicott record the receipt of cash?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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C. 26. A. B. D. The capital projects fund of Hysham completed construction of a new building. The building should be reported in the: I. government-wide statement of net assets. II. capital projects fund. A) I only B) II only C) Either I or II D) Neither I nor II 27. Which presentation method combines the component unit's results into the primary government's financial results? $ 600,000 Proceeds from general obligation bond issue $ 2,000,000 Transfer from Cherry's general fund $ 150,000 In its 20X1 capital projects fund operating statement, Cherry should report these amounts as: Other financing sources A) Blended presentation B) Discrete presentation C) Combined presentation D) Consolidated presentation 28. Financing for the renovation of Cherry City's municipal park, begun and completed during 20X1, came from the following sources: Grant from state government S 0 600,000 $2,750,000 $2,600,000 Revenues $ A) Option A B) Option B C) Option C D) Option D $ $ $ $ 2,750,000 2,150,000 0…
The following transactions occurred in the City of Jim-town Enterprise Fund: 1. Equipment belonging to the Enterprise Fund was sold for $300. 2. The proceeds from the sale of the asset were transferred to the General Fund. 3. Cash, $2,800, was paid for construction costs. The cash was paid out of unrestricted cash available for any Enterprise Fund purpose i.e., was not set aside strictly for capital asset construction or acquisition. 4. Paid principal, $18, and interest, $59, on a mortgage note. 5. The Enterprise Fund collected $12,500 from external customers and $2,500 from the General Fund for services. 6. The City signed a lease for equipment. The present value of the future payments and fair value of the equipment is $5,000, and the City made a down payment of $500 7. Proceeds of bonds issued to refund previously outstanding bonds that had been issued to finance plant expansion several years earlier, $18,000. 8. Interest paid on the refunding bonds, $1,080. 9. Cash proceeds from…
Central City was awarded two state grants during its fiscal year ending September 30, 20X1: a $2 million block grant that can be used to cover any operating expenses incurred during fiscal 20X2, and a $1 million grant that can be used any time to acquire equipment for its police department. For the year ending September 30, 20X1, Central City should recognize in grant revenue in its fund financial statements (in millions): $0 $1 $2 $3 Assume the same facts as in the previous example. How much should the city recognize in grant revenue in its government‐wide statements? $0 $1 $2 $3 For its fiscal year ending September 30, 20X2, Twin City levied $500 million in property taxes. It collected taxes applicable to fiscal 20X2 as follows (in millions): June 1, 20X1, through September 30, 20X1 $ 20 October 1, 20X1, through September 30, 20X2 $440 October 1, 20X2, through November 30, 20X2 $ 15 December 20X2 $ 4 The city estimates that $10 million of the outstanding balance…
Kew City received a $15,000,000 federal grant to finance the construction of a center for rehabilitation of drug addicts. The proceeds of this grant should be accounted for in the a. special revenue funds. b. general fund. c. capital projects funds. d. trust funds.
Shina township's financial transaction during the year as follows, Equipment purchased from restricted fund RO 25 million, Paid salary to government employees RO 5 million, Government grant RO 2 million. The amount that should report as expenditure in its general funds is a. RO 5 million b. RO 30 million c. None of the options d. RO 25 million Shina township's financial transaction during the year as follows, Equipment purchased from restricted fund RO 25 million, Paid salary to government employees RO 5 million, Government grant RO 2 million. The amount that should report as expenditure in its general funds is a. RO 5 million b. RO 30 million c. None of the options d. RO 25 million Shina township's financial transaction during the year as follows, Equipment purchased from restricted fund RO 25 million, Paid salary to government employees RO 5 million, Government grant RO 2 million. The amount that should report as expenditure in its general funds is a. RO 5…
Identification of activities with particular governmental-type funds Using only the governmental-type funds, indicate which would be used to record each of the following transactions and events. GF General Fund SRF Special Revenue Fund DSF Debt Service Fund CPF Capital Projects Fund PF Permanent Fund 1. Property taxes were received directly by the fund used to accumulate resources to pay bond principal and interest. 2. The city received its share of a state sales tax that is legally required to be used solely to finance library operations. 3. The city sent property tax bills to homeowners to help pay for day-to-day operating costs. 4. The city paid for five fire engines, using resources accumulated in a fund to pay for capital assets. 5. The city received a grant from the state to build an addition to the city hall. 6. The city received the proceeds of general obligation bonds to finance the construction of a new police station. 7. The mayor was paid his monthly…
5-3 General Capital Assets. Make all necessary entries in the appropriate governmental fund general journal and the government-wide governmental activities general journal for each of the following transactions entered into by the City of Fordache. 1. The city received a donation of land that is to be used by Parks and Recre- ation for a park. At the time of the donation, the land had a fair value of $5,200,000 and was recorded on the donor's books at a historical cost of $4,500,000. 2. The Public Works Department sold machinery with a historical cost of $35,100 and accumulated depreciation of $28,700 for $6,400. The machin- ery had originally been purchased with special revenue funds. 3. A car was leased for the mayor's use. Since the term of the lease exceeded 75 percent of the useful life of the car, the lease was capitalized. The first payment was $550 and the present value of the remaining lease payments was $30,000. 4. During the current year, a capital projects fund completed a…
Help me with this entry Journal entries for an Internal Service Fund The following transactions occurred regarding the Central Purchasing Fund, an Internal Service Fund.1. The General Fund transferred $160,000 as a capital contribution to establish the fund.2. The Central Purchasing Fund bills $320,000 for services it provided to other funds.3. The Central Purchasing Fund incurred depreciation expense of $80,000 and paid$400,000 in operating expenses.4. The General Fund subsidized the operations of the Purchasing Fund by transferring anadditional $160,000 to the fund.For each transaction, record the entry, if any, for each Fund. If no entry is required, select 'No debit (or credit) entry required' in the account field and enter 0 or leave the debit and credit fields blank.
The following items were included in Simple City's General Fund expenditures for the year ended June 30: Computer for the city treasurer's office $ 6,000 Furniture for the mayor’s office $ 20,000 How much should be classified as capital assets in Simple City's government-wide statement of net position at June 30? Multiple Choice $26,000 $0 $20,000 $6,000
The General Fund of the Town of Mashpee transfers $115,000 to the debt service fund for a $100,000 principal and $15,000 interest payment. The recording of this transaction would include: a. A debit to Interest Expenditures in the General Fund. b. A debit to Interest Expenditures in the governmental activities accounts. c. A credit to Other Financing Sources - Interfund Transfers In in the debt service fund only. d. A credit to Other Financing Sources - Interfund Transfers In in both the debt service fund and governmental activities accounts.
Lincoln County's General Fund had two interfund transactions: 1. The general fund paid $225,000 to the housinhg and urban development fund, a special revenue fund that is supported by grantsfrom the federal government on a cost reimbersment basis. The amount is to be reoaid to the general fund as grant proceeds are received from the federal government. 2. The general fund paid $162,000 to the tourism fund, a special revenue fund that is supported by hotel and restaurant taxes. The amount is intended to supplement the taxes raised, and there is no expectation that it will be repaid to the general fund. Required: Prepare the journal entriess in the general fund and affected special revenue funds for the interfund transactions above. Describe the effect of these transactions on the fund balance of the general fund and special revenue funds.
From the following information you are required to prepare Statement of revenues, expenditure and changes in fund balances, other financing sources and statement of net assets 1. During the fiscal year operations, revenue from tax was estimated RO 375000 out of which 75000 has not been received 2. A state grants RO 250000 is received for the restricted purpose 3. Issued RO 150000 long term bonds by the government department 4. Expenditure on service for general fund RO 15000 Received supplies for RO 10000 out of which 6000 has been paid immediately in 5. general fund