The state awards a grant of $50,000 to the Town of Glenville. The state will pay the grant money to the town as a reimbursement for money spent on road repair. At the time of the grant, the state pays $8,000 in advance. During the first year of this program, the town spent $14,000 and applied for reimbursement. What amount of revenue should be recognized? $–0– $8,000 $14,000 $50,000
Q: On January 1, 2020, Optimistic Company was granted by a local government authority 5,000 hectares of…
A: A government grant seems to be a monetary reward or a piece of land granted by the federal, state,…
Q: Vacation City was awarded a $500,000 federal operating grant for use in Year 2. On December 1 of…
A: Journal entry: It is the duty of the accountant to record business economic and non economic…
Q: What amount should Lake County report as expenditures in its governmental funds statement of…
A: Given that: County general fund had the following disbursements during the year: Payment of amount…
Q: Johnson City purchased a fleet of snow removal trucks on April 1, 2021. The trucks had a cost of…
A: Depreciation represents the reduction in the value of the asset over a useful life of the asset. It…
Q: Prepare journal entries for a local government to record the following transactions, first for fund…
A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…
Q: 4-6. The City of Smithton applied for a competitive grant from the State government for park…
A: Journal entry is the process of recording the business transactions in the books of accounts for the…
Q: The city of Sandwhich purchased a swimming pool from a private operator as of April 1, 2020 for…
A: a. Statement of Net Position as of December 31, 2020 Assets Current Assets:…
Q: Planter County received the following proceeds that are legally restricted to expenditure for…
A: Given: Affected property of levies = $ 500,000 Finance for road repairs by gasoline taxes = $…
Q: Prepare the journal entries for the following activity in the General Fund of the City of Rivers.…
A: The companies record all the transactions of a particular period in the form of a journal entry in…
Q: The state government established a capital project fund in 2019 to build new highways. The fund is…
A: As you have posted multiple independent questions, we are answering the first question. Kindly…
Q: The Town of Weston has a Water Utility fund with the following trial balance as of July 1, 2019 the…
A: Hello. Since your question has multiple sub-parts, we will solve first three sub-parts for you. If…
Q: he following transactions affected various funds and activities of the City of Seham. 1. The Fire…
A: Journal entries refers to the process of recording or journalling the financial transactions of a…
Q: On January 1, 2021, Fantastic Corporation received cash of P8,000,000 from a local government to be…
A:
Q: Lincoln County's General Fund had two interfund transactions: 1. The general fund paid $225,000 to…
A: The following computations are done for Lincoln County’s General fund.
Q: The Town of Weston has a Water Utility fund with the following trial balance as of July 1, 2019 the…
A: The question is based on the concept of Cashflow statement
Q: Kew City received a $15,000,000 federal grant to finance the construction of a center for…
A: Answer: Option c
Q: Prepare journal entries for a local government to record the following transactions, first for fund…
A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…
Q: hat amount should be reported in the City’s special revenue funds?
A: Special revenue fund is the account which is established through government in order to collect…
Q: The government has imposed a fine on JJ’s Place. The fine calls for annual payments of $60,000,…
A: The computation of FV is done as:
Q: The County of Maxnell decides to create a waste management department and offer ItS services to the…
A: The question is based on the concept of Financial Accounting.
Q: The entity will incur such costs at 2,000,000 for 2017, 4,000,000 for 2018, 6,000,000 for 2019,…
A: As per provisions government grant should be recognized in profit and loss on a systematic basis…
Q: The city of Sandwhich purchased a swimming pool from a private operator as of April 1, 2020 for…
A: Since you have asked multiple questions, we are solving the 1st question for you. If you want…
Q: The Township of Thomasville's General Fund has the following net resources at year end: S66,000 of…
A: 1. Nonspendable fund balance incorporates the amounts that are not in a spendable form (inventory)…
Q: A non-government agency is funding annual seminar on campus by using earnings of a $100,000 gift. It…
A: PV is the present worth of cash flows that are expected to occur in the future.
Q: The grant income to be recognized in the second year should be?
A: The grant income that would be recognized each year would be in proportion to research expenses…
Q: This topic is about government grants. Choose the letter of correct answer. On Sept. 1, 2021,…
A: Grants means the amount received without any sale of product or providing any services. Government…
Q: The city of Sandwhich purchased a swimming pool from a private operator as of April 1, 2020 for…
A: Hi, since you have posted multiple questions, we are solving the 1st question for you. If you want…
Q: Prepare journal entries in the general fund for the following 2018 transactions that represent…
A: Fund accounting: It is an accounting system that records resources the use of which is limited by…
Q: The city council has approved the building of a new bridge over Running Water Creek. The bridge will…
A: The amount which is constantly paid without any terminating time period is called perpetuity. The…
Q: The Township of Thomasville's General Fund has the following net resources at year end: $66,000 of…
A: Based on the given information, Total Non-spendable fund = Inventory = $66,000 Total Restricted fund…
Q: A city's Parks Department has these two General Fund appropriations: Parks department salaries and…
A: The journal entries are prepared to record the transactions on regular basis. The assets and…
Q: On Sept. 1, 2021, Entity A, a private university, receives P 1,000,000 cash as government grant…
A: Government grant means the amount received from government free of cost . It is received by…
Q: e the journal entriess in the general fund and affected special revenue funds for the interfund…
A:
Q: The state government passes a law requiring localities to upgrade their water treatment facilities.…
A: The correct answer is 3. Government-mandated nonexchange revenue.
Q: A city's Parks Department has these two General Fund appropriations: Parks department salaries and…
A: Journal: A journal entry is a record of a company's financial activities that are kept in its…
Q: On January 1, 2021, Bongbong Company received a consolidated grant of P12,000,000. Three-fourths of…
A: Given data: - Amount of grant=12,000,000 Grant for college building= 3/4th of total grant Life of…
Q: A city has a solid waste landfill that was filled 12 percent in Year 1 and 26 percent in Year 2.…
A: a) The given statement is False because while calculating the expense, payment is not considered.…
Q: Transactions Received State Grant for the improvement of the sewage system of the city OMR 450,000…
A: In this question, We are having two requirements : a. Prepare Statement of Revenues, Expenditure and…
Q: On January 1, 2021, Citimart Company was granted by a local government authority 5,000 hectares of…
A: Government Grants: Government grants or assistance are usually provided to enterprises in cash or…
Q: During 2019, Walnut City reported the following receipts from self-sustaining activities paid for by…
A: Enterprise funds: These include all the funds that relate to the self-supporting activities of the…
Q: A city is building a new park. To finance the construction of the park, the city will issue a…
A: Introduction: Journal entry is the act of recording transactions in an accounting journal. An…
Q: The City of Bagranoff holds $90,000 in cash that will be used to make a bond payment when the debt…
A: The correct answer is 2. Fund balance—assigned goes down and fund balance—committed goes up.
Q: s on July 1,2015
A: Given: To calculate the journal entries of the special revenue fund is given as,
Q: The state awards a grant of $50,000 to the Town of Glenville. The state will pay the grant money to…
A: The amount of S 14,000 is spent on road repair during the year and the same amount is applied for…
The state awards a grant of $50,000 to the Town of Glenville. The state will pay the grant money to the town as a reimbursement for money spent on road repair. At the time of the grant, the state pays $8,000 in advance. During the first year of this program, the town spent $14,000 and applied for reimbursement. What amount of revenue should be recognized?
- $–0–
- $8,000
- $14,000
- $50,000
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- The state awards a grant of $50,000 to the Town of Glenville. The state will pay the grant money to the town as a reimbursement for money spent on road repair. At the time of the grant, the state pays $8,000 in advance. During the first year of this program, the town spent $14,000 and applied for reimbursement. What amount of revenue should be recognized?a. $–0–b. $8,000c. $14,000d. $50,000Vacation City was awarded a $500,000 federal operating grant for use in Year 2. On December 1 of year 1, half of the grant money was received by the City. The journal entry to record receipt of the grant funds will include: Multiple Choice A. A credit to Revenues in the amount of $250,000. B. A credit to Deferred Inflow of Resources- Grant Proceeds in the amount of $250,000. C. A debit to Grant Expenditures in the amount of $250,000. D. No journal entry will be made until expenditures are made in Year 2.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…
- The City of Jamestown want to improve hikind trails and bike paths for park improvement. The city applies for a grant from state government. On April 1 the city receives a notes that they will be awarded a grant of $420,000 for the program and to be received in two installments on July 1,2015 and July 1,2016. The grant stipulates that $210,000 is for use in each of the city’s fiscal years ending June 30, 2016, and June 30, 2017. During FY 2015, the city expended $90,000 for park improvements from grant resources. Required: For the special revenue fund, provide the appropriate journal entries, if any, that would be made for the following: 1. April 1, 2015, notification of grant approval. 2. July 1, 2015, receipt of first installment of the grant. 3. During FY 2015 to record expenditures under the grant. 4. July 1, 2016.[The following information applies to the questions displayed below.]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 $1,800 of supplies inventory $60,000 state grant for snow removal $150,000 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 Nonspendable fund balance? Multiple Choice $70,800 $150,000 $69,000 $410,500 What would be the total Restricted fund balance? Multiple Choice $60,000 $150,000 $479,000 $410,000A government was awarded a grant from another government. The $8,000,000 grant is restricted to use for construction of a facility for one of the grantee government's enterprise activities. The grant is for half the cost of the facility. The grantor will reimburse half of the costs as they are incurred. At the end of the first fiscal year, $3,000,000 has been spent on the project. $1,500,000 has been collected from the grantor. How should the grantee's Enterprise Fund statement of cash flows report the cash inflows?
- [The following information applies to the questions displayed below.]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 $1,800 of supplies inventory $60,000 state grant for snow removal $150,000 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 Committed fund balance? Multiple Choice $410,000 $210,000 $560,000 $562,500 What would be the total Assigned fund balance? Multiple Choice $129,000 $165,000 $315,000 $105,000The state government passes a law requiring localities to upgrade their water treatment facilities. The state then awards a grant of $500,000 to the Town of Midlothian to help pay for this cost. What type of revenue is this grant?a. Derived tax revenue.b. Imposed nonexchange revenue.c. Government-mandated nonexchange revenue.d. Voluntary nonexchange transaction.1. Employees of the General Fund of Scott City earn ten days of vacation for each 12 months of employment. The City permits employees to carry the vacation days forward as long as they wish. During the current year employees earned $800,000 of vacation benefits, of which the City estimates that $500,000 will be taken in the next year and the balance will be carried forward. Assuming that the City maintains its books and records in a manner that facilitates the preparation of its fund financial statements, which of the following entries is the correct entry in the General Fund to record the vacation pay earned during the current period? a. Debit Expenditures $800,000; Credit Vacation Pay Payable $800,000. b. Debit Expenditures $500,000; Credit Vacation Pay Payable $500,000. c. Debit Vacation Expense $800,000; Credit Vacation Pay Payable $800,000. d. No entry required. 2.Employees of the General Fund of Scott City earn ten days of vacation for each 12 months of employment. The City…
- 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?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.Theodore County uses a General Fund, a Special Revenue Fund, and an Enterprise Fund. The Special Revenue Fund is financed by a grant from the state to provide care for the elderly. The Enterprise Fund provides bus service both to the public and to government agencies. Prepare entries to record these transactions. Identify the funds involved in each case. a. The Enterprise Fund bills the Special Revenue Fund $15,000 for bus service provided to the elderly. b. The General Fund receives an electricity bill for $20,000 and prepares a voucher to pay the bill. The General Fund then bills the Special Revenue Fund for $3,000, representing the portion of the electricity bill applicable to the senior citizens building. C. The Enterprise Fund is short of cash to pay its bills. The General Fund lends the Enterprise Fund $50,000 in cash, which will be repaid before the end of the year. d. The General Fund pays cash of $100,000 to the Enterprise Fund as a subsidy to help meet the operating costs of…