For each of the following events or transactions, identity the fund that will be affected. A city government pays the final contract retained percentage for A county government establishes an investment pool to manage the JA county government receives a large contribution specifying that income from the contribution be distributed each year to the county zoo. The principal is to remain intact indefinitely A county government levies real property taxes on behalf of the county and its municipalities JA central purchasing department was established to handle all the Paid the interest of general bonds Collections the pension of administrative employees of governmenal entity A Permanent Funds B. Internal Services Funds C. Debt Services Funds D Pension Trust Funds E Capital Proyect Funds F. General Funds G. Trust Funds

For each of the following events or transactions, identity the fund that will be affected. A city government pays the final contract retained percentage for A county government establishes an investment pool to manage the JA county government receives a large contribution specifying that income from the contribution be distributed each year to the county zoo. The principal is to remain intact indefinitely A county government levies real property taxes on behalf of the county and its municipalities JA central purchasing department was established to handle all the Paid the interest of general bonds Collections the pension of administrative employees of governmenal entity A Permanent Funds B. Internal Services Funds C. Debt Services Funds D Pension Trust Funds E Capital Proyect Funds F. General Funds G. Trust Funds

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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For each of the following events or transactions, prepare the necessacry journal entries and identify the fund or funds that will be affected. 1. A governmental unit collects fees totaling $4,500 at the municipal pool. The fees are charged to recover costs of pool operation and maintenance 2. A county government that serves as a tax collection agency for all towns and cities located within the county collects county sales taxes totaling $125,000 for the month. 3. A $1,000,000 bond offering was issued, with a premium of $50,000, to subsidize the construction of a city visitor center. 4. A town receives a donation of $50,000 in bonds. The bonds should be held indefinitely, but bond income is to be donated to the local zoo. The zoo is associated with the town. 5. A central printing shop is established with a $150,000 nonreciprocal transfer from the general fund. 6. A $1,000,000 revenue bond offering was issued at par by a fund that provides water and sewer services to…
For each of the following events or transactions, prepare the necessacry journal entries and identify the fund or funds that will be affected. 1. A governmental unit collects fees totaling $4,500 at the municipal pool. The fees are charged to recover costs of pool operation and maintenance 2. A county government that serves as a tax collection agency for all towns and cities located within the county collects county sales taxes totaling $125,000 for the month. 3. A $1,000,000 bond offering was issued, with a premium of $50,000, to subsidize the construction of a city visitor center. 4. A town receives a donation of $50,000 in bonds. The bonds should be held indefinitely, but bond income is to be donated to the local zoo. The zoo is associated with the town. 5. A central printing shop is established with a $150,000 nonreciprocal transfer from the general fund. 6. A $1,000,000 revenue bond offering was issued at par by a fund that provides water and sewer services to…
Required information [The following information applies to the questions displayed below.] The Village of Seaside Pines prepared the following enterprise fund Trial Balance as of December 31, 2024, the last day of its fiscal year. The enterprise fund was established this year through a transfer from the General Fund. Accounts payable Accounts receivable Accrued interest payable Accumulated depreciation Administrative and selling expenses Allowance for uncollectible accounts Capital assets Cash Charges for sales and services Cost of sales and services Depreciation expense Due from General Fund Interest expense Interest revenue Transfer in from General Fund Bank note payable Supplies inventory Totals Debits Adjustments: $ 29,400 53,000 VILLAGE OF SEASIDE PINES ENTERPRISE FUND Reconciliation of Operating Income to Net Cash Provided by Operating Activities For the year ended December 31, 2024 722,000 98,000 504,000 51,000 17,700 40,900 19,700 $ 1,535,700 Credits $ 112,000 32,600 51,000…
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.
! Required information [The following information applies to the questions displayed below.] The Village of Seaside Pines prepared the following enterprise fund Trial Balance as of December 31, 2024, the last day of its fiscal year. The enterprise fund was established this year through a transfer from the General Fund. Accounts payable Accounts receivable Accrued interest payable Accumulated depreciation Administrative and selling expenses Allowance for uncollectible accounts Capital assets Cash Charges for sales and services Cost of sales and services Depreciation expense Due from General Fund Interest expense Interest revenue Transfer in from General Fund Bank note payable Supplies inventory Totals Required A Required B Complete this question by entering your answers in the tabs below. Required C VILLAGE OF SEASIDE PINES ENTERPRISE FUND Statement of Net Position December 31, 2024 Net Position: Net Investment in Capital Assets Unrestricted Total Net Position Debits Required: a.…
4. The Village of Seaside Pines prepared the following enterprise fund Trial Balance as of December 31, 2020, the last day of its fiscal year. The enterprise fund was established this year through a transfer from the General Fund. Accounts payable Accounts receivable Accrued interest payable Accumulated depreciation Administrative and selling expenses Allowance for uncollectible accounts Capital assets Cash Charges for sales and services Cost of sales and services Depreciation expense Due from General Fund Interest expense Interest revenue Transfer in from General Fund Bank note payable Supplies inventory Totals Debits $32,000 47,000 712,000 89,000 479,000 45,000 17,000 40,000 18,000 $1,479,000 Credits $ 96,000 28,000 45,000 12,000 550,000 4,000 119,000 625,000 $1,479,000 Required: a. Prepare the closing entries for December 31. b. Prepare the Statement of Revenues, Expenses, and Changes in Fund Net Position for the year ended December 31. c. Prepare the Net Position section of the…
For the following situations determine the fund or nonfund account best suited to account for it. A fund or nonfund account may be used more than once SITUATIONS: GOB grant proceeds received for construction of a new elementary school building – Capital Projects Fund Municipal electric utility bonds to be repaid from customer charges – Debt Service Fund General obligation bonds issued to finance construction of a new elementary school building – Investment Trust Funds Activities of a central print shop that provides custom printing services to all campus departments – Enterprise Funds Financial resources set aside to service the principal and interest on general obligation debt A special hotel occupancy sales tax that can only be used for city economic development promotional activities Financial resources legally restricted to the extent that only earnings, and not the principal, may be used to benefit the government or its citizenry – Special Revenue Fund…
Hello my question is how the Township of Thomasville’s General Fund has the following net resources at year end: $69,000 of prepaid insurance $410,000 rainy day fund approved by the township governing board with specific conditions for its use $2,500 of supplies inventory $49,000 state grant for snow removal $190,000 contractual obligations for the purchase of equipment Outstanding encumbrance of $105,000 for the purchase of furniture & fixtures (assume no contractual obligation) Total Fund Balance is $1,010,500 What would be the total Unassigned fund balance?
Prepare journal entries for the City of Pudding's governmental funds to record the following transactions for government-wide financial statements. The city transfers cash of $193,000 from its general fund to provide permanent financing for a municipal swimming pool that will be maintained as an enterprise fund. The city receives a state grant of $40,000 that must be spent to promote recycling by the citizens. The first $6,000 of the state grant received in (g) is expended as intended.
The following General Fund information is available for the preparation of the financial statements for the City of Eastern Shores for the year ended September 30, 2024: Inflow of Financial Resources: Property taxes Sales taxes Fees and fines Licenses and permits Intergovernmental Investment earnings Proceeds from sale of land Outflows of Financial Resources: Current: General government Public safety Public works Health and sanitation Culture and recreation Transfer to capital project fund Fund balance, October 1, 2023 Revenues: Taxes: Total Revenues Required: From the information given above, prepare a General Fund Statement of Revenues, Expenditures, and Changes in Fund Balance for the city of Eastern Shores General Fund for the year ended September 30, 2024. Note: Negative entries should be entered with a minus sign and will appear in parenthesis. CITY OF EASTERN SHORES Statement of Revenues, Expenditures, and Changes in Fund Balance General fund For the Year Ended September 30,…
- Prepare journal entries in the Capital Projects Fund to record the following transactions related to the construction of a building by the Village of Navajo Falls. (Note that only Capital Projects Fund journal entries are required.) The Village adopts a formal budget and uses encumbrance accounting. a. The Village Council adopts a capital budget at the beginning of the year. To finance construction of the building, the Village will transfer $3 million from its General Fund and apply for a state grant of $1 million. It appropriates $4 million for construction. b. The General Fund transfers $3 million to the Capital Projects Fund for the new project. c. The state approves Navajo Falls's application for a $1 million construction grant and simultaneously sends a check to the Village. The grant is expenditure driven and thus requires that Navajo Falls incur qualifying expenditures. d. Navajo Falls awards a construction contract in the amount of $3.4 million. e. The…
The County of Maxnell decides to create a waste management department and offer its services to the public for a fee. As a result. county officlals plan to account for this activity as an enterprise fund. Assume the Information is gathered so that the county can prepare fund financial statements. Only entries for the waste management department are required here: January 1 Receive unrestricted funds of $162,800 from the general fund as permanent financing. Febrauary 1 Borrow an additional $120,e0 from a local bank at a 12 percent annual interest rate. March 1 Order a truck at an expected cost of $114, 5ee. April 1 Receive the truck and make full paynent. The actual cost including transportation was $115,000. The truck has a 10- year life and no residual value. The county uses straight-line depreciation. May 1 Receive a $23,800 cash grant from the state to help supplement the pay of the department workers. According to the grant, the money must be used for that purpose. June 1 Rent a…