In 2023, Culebra City created a special revenue fund to help to help.pdf
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In 2023, Culebra City created a special revenue fund to help to help create transportation for citizens. No budget is recorded in this fund. Only prepared alt transaction for Special Revenue Fund. Beginning Balance $200,000 in cash and Fund Balance Beginning for $200,000. a. During the first year of special revenue fund operations revenues from the transportation services totaled $998,000. Of this amount, $900,000 has been received is cash and the remainder will be received within 60 days of the end of the fiscal yeon for the grant; do not reimbursement this fund to the Transportation Department b. During the year, the Culebra City signed contract for transportation for $500,000. c During the year, Puerto Rico Island notified the Culebra City that $990,000 for this special revenue fund. Puerto Rico Island (general fund) assigned the grant (second grant) for uses the transportation special revenues fund; the grant is a cost reimbursement arrangement. d. Received invoice for transactions b for $500,000, of which 50% was paid in cash. e. Expenditures salaries for $400,000 was recorded, of this amount $120,000 was paid and the different record in salaries payable. f. Record other expenditures for $400,000 on account. (Culebra City do not paid other expenditures) 9. Received another cash for transaction a. h. Received $700,000 in cash of the Puerto Rico Island (General Fund) (record in other revenues). i. Paid all payable. j. Receives cash for the second grant (transaction c). Instructions: 1. Prepare the journal entries for transaction occurred in the Special Revenues Funds of Culebra City (above). 2. Prepare the closing entries for year ended. 3. What is the ending balance of the cash? 4. Prepare the Statement of Revenues, Expenditures and Changes in Fund Balance for the Special Revenues Fund for Transportation for the fiscal year ended June 30, 2023..
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Continuous Problem – City of Monroe 1Continuous Probl.docx
Continuous Problem – City of Monroe
1
Continuous Problem – City of Monroe
TO ACCOMPANY
ESSENTIALS OF ACCOUNTING FOR GOVERNMENTAL
AND NOT-FOR-PROFIT ORGANIZATIONS:
TWELFTH EDITION
Chapters 2 through 8 describe accounting and financial reporting by state and local
governments. A continuous problem is presented to provide an overview of the reporting
process, including preparation of fund basis and government-wide statements. The problem
assumes the government is using fund accounting for its internal record-keeping and then at
year-end makes necessary adjustments to prepare the government-wide statements. The
problem that follows is presented in the same order as the textbook (beginning with Chapters
3, and 4).
Each chapter requires the preparation of journal entries to record the events and transactions
of governmental, proprietary, or fiduciary funds. For the General Fund, use control accounts
for the budgetary accounts, revenues, expenditures and encumbrances. For all other funds,
use separate accounts for each type of revenue and expenditure/expense. At appropriate
stages, preparation of the fund and government-wide statements are required. The following
funds are included in this series of problems:
Governmental Funds
General
Special revenue—Street and Highway Fund
Capital projects—City Hall Annex Construction Fund
Debt service—City Jail Annex Debt Service Fund
Debt service—City Hall Debt Service Fund
Proprietary Funds
Internal service—Stores and Services Fund
Enterprise—Water and Sewer Fund
Fiduciary Funds
Private-purpose—Student Scholarship Fund
Pension trust—Fire and Police Retirement Fund
Chapters 3 & 4
The Balance Sheets of the General Fund and the Street and Highway Fund of the City of
Monroe as of December 31, 2014, follow. These (beginning) balances have been entered in
the proper general ledger accounts, as of 1/1/2015.
Continuous Problem – City of Monroe
2
CITY OF MONROE
General Fund Balance Sheet
As of December 31, 2014
Assets
Cash $502,000
Taxes receivable $210,000
Less: Estimated uncollectible taxes (42,000)
net 168,000
Interest and penalties receivable on taxes 5,200
Less: Estimated uncollectible interest and penalties (950)
net 4,250
Due from state government 210,000
Total assets $884,250
Liabilities, Deferred Inflows, and Fund Equity
Liabilities:
Accounts payable $ 99,000
Due to other funds 27,000
Total liabilities 126,000
Deferred inflows – Property taxes 21,000
Fund equity:
Fund balance—assigned
(for outstanding encumbrances) $17,000
Fund balance—unassigned 720,250
Total fund balance 737,250
Total liabilities, deferred inflows and fund equity $884,250
CITY OF MONROE
Street and Highway Fund Balance Sheet
As of December 31, 2014
Assets
Cash $21,000
Investments 59,000
Due from state government 109,000
Total assets $189,000
Liabilities and Fund.
Continuous Problem – City of Monroe 1Continuous Probl.docx
Continuous Problem – City of Monroe
1
Continuous Problem – City of Monroe
TO ACCOMPANY
ESSENTIALS OF ACCOUNTING FOR GOVERNMENTAL
AND NOT-FOR-PROFIT ORGANIZATIONS:
TWELFTH EDITION
Chapters 2 through 8 describe accounting and financial reporting by state and local
governments. A continuous problem is presented to provide an overview of the reporting
process, including preparation of fund basis and government-wide statements. The problem
assumes the government is using fund accounting for its internal record-keeping and then at
year-end makes necessary adjustments to prepare the government-wide statements. The
problem that follows is presented in the same order as the textbook (beginning with Chapters
3, and 4).
Each chapter requires the preparation of journal entries to record the events and transactions
of governmental, proprietary, or fiduciary funds. For the General Fund, use control accounts
for the budgetary accounts, revenues, expenditures and encumbrances. For all other funds,
use separate accounts for each type of revenue and expenditure/expense. At appropriate
stages, preparation of the fund and government-wide statements are required. The following
funds are included in this series of problems:
Governmental Funds
¾ General
¾ Special revenue—Street and Highway Fund
¾ Capital projects—City Hall Annex Construction Fund
¾ Debt service—City Jail Annex Debt Service Fund
¾ Debt service—City Hall Debt Service Fund
Proprietary Funds
¾ Internal service—Stores and Services Fund
¾ Enterprise—Water and Sewer Fund
Fiduciary Funds
¾ Private-purpose—Student Scholarship Fund
¾ Pension trust—Fire and Police Retirement Fund
Chapters 3 & 4
The Balance Sheets of the General Fund and the Street and Highway Fund of the City of
Monroe as of December 31, 2014, follow. These (beginning) balances have been entered in
the proper general ledger accounts, as of 1/1/2015.
Continuous Problem – City of Monroe
2
CITY OF MONROE
General Fund Balance Sheet
As of December 31, 2014
Assets
Cash $502,000
Taxes receivable $210,000
Less: Estimated uncollectible taxes (42,000)
net 168,000
Interest and penalties receivable on taxes 5,200
Less: Estimated uncollectible interest and penalties (950)
net 4,250
Due from state government 210,000
Total assets $884,250
Liabilities, Deferred Inflows, and Fund Equity
Liabilities:
Accounts payable $ 99,000
Due to other funds 27,000
Total liabilities 126,000
Deferred inflows – Property taxes 21,000
Fund equity:
Fund balance—assigned
(for outstanding encumbrances) $17,000
Fund balance—unassigned 720,250
Total fund balance 737,250
Total liabilities, deferred inflows and fund equity $884,250
CITY OF MONROE
Street and Highway Fund Balance Sheet
As of December 31, 2014
Assets
Cash $21,000
Investments 59,000
Due from state government 109,000
Total assets $189,000
Liabilities and Fund.
The Balance Sheets of the General Fund and the Street and Highway Fu.pdf
The Balance Sheets of the General Fund and the Street and Highway Fund of the City of Monroe
as of December 31, 2014, follow. These (beginning) balances have been entered in the proper
general ledger accounts, as of 1/1/2015.
CITY OF MONROE
General Fund Balance Sheet
As of December 31, 2014
Assets
Cash $502,000
Taxes receivable $210,000
Less: Estimated uncollectible taxes (42,000)
net 168,000
Interest and penalties receivable on taxes 5,200
Less: Estimated uncollectible
interest and penalties (950)
net 4,250
Due from state government 210,000
Total assets $884,250
Liabilities, Deferred In
flows, and Fund Equity
Liabilities:
Accounts payable $ 99,000
Due to other funds 27,000
Total liabilities 126,000
Deferred inflows – Property taxes 21,000
Fund equity:
Fund balance—assigned
(for outstanding encumbrances) $17,000
Fund balance—unassigned 720,250
Total fund balance 737,250
Total liabilities, deferred in
flows and fund equity $884,250
CITY OF MONROE
Street and Highway Fund Balance Sheet
As of December 31, 2014
Assets
Cash $21,000
Investments 59,000
Due from state government 109,000
Total assets $189,000
Liabilities and Fund Equity
Liabilities:
Accounts payable $9,000
Fund equity:
Fund balance—assigned for streets and
highways 180,000
Total liabilities and fund equity $189,000
3–C - This portion of the continuous problem continues the General Fund and special revenue
fund examples by requiring the recording and posting of the budgetary entries. To reduce clerical
effort required for the solution use control accounts for the budgetary accounts, revenues,
expenditures and encumbrances. Subsidiary accounts are not required. Budget information for
the City includes:
a) As of January 1, 2015, the City Council approved and the mayor signed a budget calling for
$11,250,000 in property tax and other revenue, $9,300,000 in appropriations for expenditures,
and $1,700,000 to be transferred to two debt service funds for the payment of principal and
interest. Record the budget for the General Fund and post to the ledger.
b) Also as of January 1, 2015, the City Council approved and the mayor signed a budget for the
Street and Highway Fund that provided for estimated revenues from the state government in the
amount of $1,068,000 and appropriations of $1,047,000. Record the budget and post to the
ledger.
4–C. Part 1. General Fund Transactions
Required:
a. Record journal entries for the following transactions for FY 2015. Make any computations to
the nearest dollar. Journal entry explanations are not required. Use control accounts for revenues,
expenditures and budgetary accounts. It is not necessary to reflect subsidiary ledger entries.
(1) Encumbrances of $ 17,000 for purchase orders outstanding at the end of 2014 were re-
established.
(2) The January 1, 2015, balance in Deferred Inflows – Property Taxes relates to the amount of
the 2014 levy that was expected to be collected more than 60 days after December 31. This
amount should be recognized as 2015 revenues..
Hendricks City formally integrates the budget into its accounting syst.pdf
Hendricks City formally integrates the budget into its accounting system and uses the
encumbrance system. Appropriations do lapse at year-end. Supply purchases are treated as
expenditures. Assume that revenues, expenditures, and other financing sources and uses are
unassigned unless the following information indicates otherwise. Revenues, expenditures, and
other financing sources and uses are either unassigned, assigned, committed, restricted or
nonspendable. Please indicate which category is applicable for revenues, expenditures, or other
financing sources and uses in the problem. Prepare the necessary entries for the general fund.
a. The city approved a budget with revenues estimated to be $2,200 and appropriations of
$2,100.
b. The city ordered supplies at an estimated cost of $950 and equipment at an estimated cost of
$100.
c. The city received the supplies previously ordered. The actual cost was $900 that the city paid
in cash.
d. The city received property tax revenue of $2,100 and paid employees salaries of $1,000.
e. Make the necessary closing entries.
f. Make any necessary opening entries for the next fiscal year..
Acc 410 wk 11 final exam
Capital projects funds and debt service funds are used to account for long-term capital projects and debt in governmental entities. Capital projects funds use the modified accrual basis of accounting and record construction costs as long-term assets. Debt service funds use the same accounting basis and record interest and principal payments on bonds. When bonds are issued at a premium, the excess can be transferred to the debt service fund from the capital projects fund.
Acc 410 wk 6 quiz 4 ch. 6 & 7
1. Debt service funds account for resources to pay long-term debt principal and interest. Capital projects funds account for resources used to acquire capital assets on a project basis, using modified accrual accounting.
2. Governments have flexibility in how they structure capital projects funds, allowing single or combined funds for projects. Budgetary reporting is not required for capital projects funds as it is for the general fund and major special revenue funds.
3. When governments issue bonds at a premium, excess resources can be transferred from the capital projects fund to the debt service fund.
1- The Accumulated Surplus-Deficit at the end of the period is 2- The.docx
1. The Accumulated Surplus/Deficit at the end of the period is
2. The Statement of Financial Performance will report a Surplus/Deficit for the period of
3. The total Operating Expenses - MOOE for the period is
4. The Statement of Financial Position will show Total Current Assets
5. The Unutilized NCA at the end of the period is
Entity A is a newly formed government agency, tatily A s transactions and events during the calendar year 20 il I are as follows: a. Received appropriation of $500 , 000 . b. Received allotment of $450 , 000 . c. Incurred obligations amounting to P 440 , 000 , d. Received Notice of Cash Allocation of P 430 , 000 . e. Accrued 980,000 salaries through granting, and liquidation, of cash advance. The breakdown of the salaries is as follows: f. Received delivery of purchased office equipment worth P 200 , 000 . The equipment has an estimated useful life of 5 years and a 5% residual value. Entity A recognizes monthly depreciation every end of the month using the straight line method. The equipment is acquired on January 1, 20x1. g. Paid the accounts payable from the purchase of equipment in (f) above. Taxes withheld amount to P 12 , 000 . h. Received delivery of purchased office supplies worth P100,000. The office supplies were purchased through check. Taxes witheld amount to $5 , 000 . i. Issued office supplies worth 990,000 to end users. j. Granted P20 , 000 cash advance to an employee for travelling expenses on an official local travel. The employee liquidated 17,000 and remitted the excess cash advarice. k. Collected unbilled service income for Permit Fees of 40 , 000 and remitted 30 , 000 of the total collection. 1. Paid water and electricity expenses amounting to 5 , 000 and P10,000, respectively. Taxes withheld amount to P 2 , 000 . m . Remitted the taxes withheld to the BIR. n. Remitted contributions to GSIS, PhilHealth and Pag-IBIG.
.
1.Assume that The Sandy Creek Nature Center, a private not-for.docx
1.
Assume that The Sandy Creek Nature Center, a private not-for-profit organization, started the fiscal year ending December 31, 2015 with $59,380 in temporarily restricted net assets. The amounts are restricted for the following:
• restricted for educational programs relating to preservation of wetlands $16,000.
• restricted for future equipment purchases $18,000 (Fixed assets are recorded as unrestricted when acquired) and
• a promise to provide $5,000 each of the next six years for general support. Assume the pledge was made on December 31, 2014 and the present value of six (January 1) payments discounted at 5 percent is $25,378.
During the fiscal year ended December 31, 2015, the following transactions occur:
(a) The first $5,000 installment on the pledge receivable was received.
(b) Expenses related to educational programs on conservation of wetlands were incurred and paid in the amount of $19,900.
(c) The $18,000 received in a prior year for equipment, together with an additional $25,500 was used to acquire equipment.
(d) Interest of 5% is recorded on the remaining balance of the pledge receivable.
Required:
Prepare the journal entries necessary for the above transactions:
Continue next page
2.
Record the following transactions on the books of Franklin College, a private college. All of the transactions are for the year 2015.
(a) The College received $315,000 in funds that were pledged in 2014, to be used for unrestricted purposes in 2015.
(b) The College was awarded $600,000 in grants that are to be used for restricted research purposes. $410,000 in cash was received, and $450,000 was expended on these projects.
(c) On Dec. 1, the College received a pledge of $6,000,000 to build a new basketball arena. The funds were not expended or received in 2015, but are expected to be received early in 2015.
(d) The College had received cash of $200,000 in 2014 to be used to purchase computer equipment for the student labs. The equipment was purchased and put into service in early January 2015. The equipment has a five-year life and the College follows the practice of maintaining the balance of fixed assets (net of depreciation) in the temporarily restricted net asset category.
(e) On Dec. 31, the College received an unrestricted pledge to receive $20,000 per year each year for six years, beginning on December 31, 2015. The first installment of $20,000 was received on that date. The discount rate is 6%. The present value of six payments of $20,000 is $104,248.
Continue next page
3.
St. Martha's Hospital, a private not-for-profit, began the year 2015 with the following trial balance:
Transactions for 2015 are as follows:
(a) Collected $340,000 of the Patient Accounts Receivable that was outstanding at 12-31-2014. Actual contractual adjustments on these receivables totaled $152,000.
(b) The Hospital billed patients $2,350,000 for services rendered. Of this amount, 7% is expected to be uncollectible. Contractual ad ...
Recommended
Continuous Problem – City of Monroe 1Continuous Probl.docx
Continuous Problem – City of Monroe
1
Continuous Problem – City of Monroe
TO ACCOMPANY
ESSENTIALS OF ACCOUNTING FOR GOVERNMENTAL
AND NOT-FOR-PROFIT ORGANIZATIONS:
TWELFTH EDITION
Chapters 2 through 8 describe accounting and financial reporting by state and local
governments. A continuous problem is presented to provide an overview of the reporting
process, including preparation of fund basis and government-wide statements. The problem
assumes the government is using fund accounting for its internal record-keeping and then at
year-end makes necessary adjustments to prepare the government-wide statements. The
problem that follows is presented in the same order as the textbook (beginning with Chapters
3, and 4).
Each chapter requires the preparation of journal entries to record the events and transactions
of governmental, proprietary, or fiduciary funds. For the General Fund, use control accounts
for the budgetary accounts, revenues, expenditures and encumbrances. For all other funds,
use separate accounts for each type of revenue and expenditure/expense. At appropriate
stages, preparation of the fund and government-wide statements are required. The following
funds are included in this series of problems:
Governmental Funds
General
Special revenue—Street and Highway Fund
Capital projects—City Hall Annex Construction Fund
Debt service—City Jail Annex Debt Service Fund
Debt service—City Hall Debt Service Fund
Proprietary Funds
Internal service—Stores and Services Fund
Enterprise—Water and Sewer Fund
Fiduciary Funds
Private-purpose—Student Scholarship Fund
Pension trust—Fire and Police Retirement Fund
Chapters 3 & 4
The Balance Sheets of the General Fund and the Street and Highway Fund of the City of
Monroe as of December 31, 2014, follow. These (beginning) balances have been entered in
the proper general ledger accounts, as of 1/1/2015.
Continuous Problem – City of Monroe
2
CITY OF MONROE
General Fund Balance Sheet
As of December 31, 2014
Assets
Cash $502,000
Taxes receivable $210,000
Less: Estimated uncollectible taxes (42,000)
net 168,000
Interest and penalties receivable on taxes 5,200
Less: Estimated uncollectible interest and penalties (950)
net 4,250
Due from state government 210,000
Total assets $884,250
Liabilities, Deferred Inflows, and Fund Equity
Liabilities:
Accounts payable $ 99,000
Due to other funds 27,000
Total liabilities 126,000
Deferred inflows – Property taxes 21,000
Fund equity:
Fund balance—assigned
(for outstanding encumbrances) $17,000
Fund balance—unassigned 720,250
Total fund balance 737,250
Total liabilities, deferred inflows and fund equity $884,250
CITY OF MONROE
Street and Highway Fund Balance Sheet
As of December 31, 2014
Assets
Cash $21,000
Investments 59,000
Due from state government 109,000
Total assets $189,000
Liabilities and Fund.
Continuous Problem – City of Monroe 1Continuous Probl.docx
Continuous Problem – City of Monroe
1
Continuous Problem – City of Monroe
TO ACCOMPANY
ESSENTIALS OF ACCOUNTING FOR GOVERNMENTAL
AND NOT-FOR-PROFIT ORGANIZATIONS:
TWELFTH EDITION
Chapters 2 through 8 describe accounting and financial reporting by state and local
governments. A continuous problem is presented to provide an overview of the reporting
process, including preparation of fund basis and government-wide statements. The problem
assumes the government is using fund accounting for its internal record-keeping and then at
year-end makes necessary adjustments to prepare the government-wide statements. The
problem that follows is presented in the same order as the textbook (beginning with Chapters
3, and 4).
Each chapter requires the preparation of journal entries to record the events and transactions
of governmental, proprietary, or fiduciary funds. For the General Fund, use control accounts
for the budgetary accounts, revenues, expenditures and encumbrances. For all other funds,
use separate accounts for each type of revenue and expenditure/expense. At appropriate
stages, preparation of the fund and government-wide statements are required. The following
funds are included in this series of problems:
Governmental Funds
¾ General
¾ Special revenue—Street and Highway Fund
¾ Capital projects—City Hall Annex Construction Fund
¾ Debt service—City Jail Annex Debt Service Fund
¾ Debt service—City Hall Debt Service Fund
Proprietary Funds
¾ Internal service—Stores and Services Fund
¾ Enterprise—Water and Sewer Fund
Fiduciary Funds
¾ Private-purpose—Student Scholarship Fund
¾ Pension trust—Fire and Police Retirement Fund
Chapters 3 & 4
The Balance Sheets of the General Fund and the Street and Highway Fund of the City of
Monroe as of December 31, 2014, follow. These (beginning) balances have been entered in
the proper general ledger accounts, as of 1/1/2015.
Continuous Problem – City of Monroe
2
CITY OF MONROE
General Fund Balance Sheet
As of December 31, 2014
Assets
Cash $502,000
Taxes receivable $210,000
Less: Estimated uncollectible taxes (42,000)
net 168,000
Interest and penalties receivable on taxes 5,200
Less: Estimated uncollectible interest and penalties (950)
net 4,250
Due from state government 210,000
Total assets $884,250
Liabilities, Deferred Inflows, and Fund Equity
Liabilities:
Accounts payable $ 99,000
Due to other funds 27,000
Total liabilities 126,000
Deferred inflows – Property taxes 21,000
Fund equity:
Fund balance—assigned
(for outstanding encumbrances) $17,000
Fund balance—unassigned 720,250
Total fund balance 737,250
Total liabilities, deferred inflows and fund equity $884,250
CITY OF MONROE
Street and Highway Fund Balance Sheet
As of December 31, 2014
Assets
Cash $21,000
Investments 59,000
Due from state government 109,000
Total assets $189,000
Liabilities and Fund.
The Balance Sheets of the General Fund and the Street and Highway Fu.pdf
The Balance Sheets of the General Fund and the Street and Highway Fund of the City of Monroe
as of December 31, 2014, follow. These (beginning) balances have been entered in the proper
general ledger accounts, as of 1/1/2015.
CITY OF MONROE
General Fund Balance Sheet
As of December 31, 2014
Assets
Cash $502,000
Taxes receivable $210,000
Less: Estimated uncollectible taxes (42,000)
net 168,000
Interest and penalties receivable on taxes 5,200
Less: Estimated uncollectible
interest and penalties (950)
net 4,250
Due from state government 210,000
Total assets $884,250
Liabilities, Deferred In
flows, and Fund Equity
Liabilities:
Accounts payable $ 99,000
Due to other funds 27,000
Total liabilities 126,000
Deferred inflows – Property taxes 21,000
Fund equity:
Fund balance—assigned
(for outstanding encumbrances) $17,000
Fund balance—unassigned 720,250
Total fund balance 737,250
Total liabilities, deferred in
flows and fund equity $884,250
CITY OF MONROE
Street and Highway Fund Balance Sheet
As of December 31, 2014
Assets
Cash $21,000
Investments 59,000
Due from state government 109,000
Total assets $189,000
Liabilities and Fund Equity
Liabilities:
Accounts payable $9,000
Fund equity:
Fund balance—assigned for streets and
highways 180,000
Total liabilities and fund equity $189,000
3–C - This portion of the continuous problem continues the General Fund and special revenue
fund examples by requiring the recording and posting of the budgetary entries. To reduce clerical
effort required for the solution use control accounts for the budgetary accounts, revenues,
expenditures and encumbrances. Subsidiary accounts are not required. Budget information for
the City includes:
a) As of January 1, 2015, the City Council approved and the mayor signed a budget calling for
$11,250,000 in property tax and other revenue, $9,300,000 in appropriations for expenditures,
and $1,700,000 to be transferred to two debt service funds for the payment of principal and
interest. Record the budget for the General Fund and post to the ledger.
b) Also as of January 1, 2015, the City Council approved and the mayor signed a budget for the
Street and Highway Fund that provided for estimated revenues from the state government in the
amount of $1,068,000 and appropriations of $1,047,000. Record the budget and post to the
ledger.
4–C. Part 1. General Fund Transactions
Required:
a. Record journal entries for the following transactions for FY 2015. Make any computations to
the nearest dollar. Journal entry explanations are not required. Use control accounts for revenues,
expenditures and budgetary accounts. It is not necessary to reflect subsidiary ledger entries.
(1) Encumbrances of $ 17,000 for purchase orders outstanding at the end of 2014 were re-
established.
(2) The January 1, 2015, balance in Deferred Inflows – Property Taxes relates to the amount of
the 2014 levy that was expected to be collected more than 60 days after December 31. This
amount should be recognized as 2015 revenues..
Hendricks City formally integrates the budget into its accounting syst.pdf
Hendricks City formally integrates the budget into its accounting system and uses the
encumbrance system. Appropriations do lapse at year-end. Supply purchases are treated as
expenditures. Assume that revenues, expenditures, and other financing sources and uses are
unassigned unless the following information indicates otherwise. Revenues, expenditures, and
other financing sources and uses are either unassigned, assigned, committed, restricted or
nonspendable. Please indicate which category is applicable for revenues, expenditures, or other
financing sources and uses in the problem. Prepare the necessary entries for the general fund.
a. The city approved a budget with revenues estimated to be $2,200 and appropriations of
$2,100.
b. The city ordered supplies at an estimated cost of $950 and equipment at an estimated cost of
$100.
c. The city received the supplies previously ordered. The actual cost was $900 that the city paid
in cash.
d. The city received property tax revenue of $2,100 and paid employees salaries of $1,000.
e. Make the necessary closing entries.
f. Make any necessary opening entries for the next fiscal year..
Acc 410 wk 11 final exam
Capital projects funds and debt service funds are used to account for long-term capital projects and debt in governmental entities. Capital projects funds use the modified accrual basis of accounting and record construction costs as long-term assets. Debt service funds use the same accounting basis and record interest and principal payments on bonds. When bonds are issued at a premium, the excess can be transferred to the debt service fund from the capital projects fund.
Acc 410 wk 6 quiz 4 ch. 6 & 7
1. Debt service funds account for resources to pay long-term debt principal and interest. Capital projects funds account for resources used to acquire capital assets on a project basis, using modified accrual accounting.
2. Governments have flexibility in how they structure capital projects funds, allowing single or combined funds for projects. Budgetary reporting is not required for capital projects funds as it is for the general fund and major special revenue funds.
3. When governments issue bonds at a premium, excess resources can be transferred from the capital projects fund to the debt service fund.
1- The Accumulated Surplus-Deficit at the end of the period is 2- The.docx
1. The Accumulated Surplus/Deficit at the end of the period is
2. The Statement of Financial Performance will report a Surplus/Deficit for the period of
3. The total Operating Expenses - MOOE for the period is
4. The Statement of Financial Position will show Total Current Assets
5. The Unutilized NCA at the end of the period is
Entity A is a newly formed government agency, tatily A s transactions and events during the calendar year 20 il I are as follows: a. Received appropriation of $500 , 000 . b. Received allotment of $450 , 000 . c. Incurred obligations amounting to P 440 , 000 , d. Received Notice of Cash Allocation of P 430 , 000 . e. Accrued 980,000 salaries through granting, and liquidation, of cash advance. The breakdown of the salaries is as follows: f. Received delivery of purchased office equipment worth P 200 , 000 . The equipment has an estimated useful life of 5 years and a 5% residual value. Entity A recognizes monthly depreciation every end of the month using the straight line method. The equipment is acquired on January 1, 20x1. g. Paid the accounts payable from the purchase of equipment in (f) above. Taxes withheld amount to P 12 , 000 . h. Received delivery of purchased office supplies worth P100,000. The office supplies were purchased through check. Taxes witheld amount to $5 , 000 . i. Issued office supplies worth 990,000 to end users. j. Granted P20 , 000 cash advance to an employee for travelling expenses on an official local travel. The employee liquidated 17,000 and remitted the excess cash advarice. k. Collected unbilled service income for Permit Fees of 40 , 000 and remitted 30 , 000 of the total collection. 1. Paid water and electricity expenses amounting to 5 , 000 and P10,000, respectively. Taxes withheld amount to P 2 , 000 . m . Remitted the taxes withheld to the BIR. n. Remitted contributions to GSIS, PhilHealth and Pag-IBIG.
.
1.Assume that The Sandy Creek Nature Center, a private not-for.docx
1.
Assume that The Sandy Creek Nature Center, a private not-for-profit organization, started the fiscal year ending December 31, 2015 with $59,380 in temporarily restricted net assets. The amounts are restricted for the following:
• restricted for educational programs relating to preservation of wetlands $16,000.
• restricted for future equipment purchases $18,000 (Fixed assets are recorded as unrestricted when acquired) and
• a promise to provide $5,000 each of the next six years for general support. Assume the pledge was made on December 31, 2014 and the present value of six (January 1) payments discounted at 5 percent is $25,378.
During the fiscal year ended December 31, 2015, the following transactions occur:
(a) The first $5,000 installment on the pledge receivable was received.
(b) Expenses related to educational programs on conservation of wetlands were incurred and paid in the amount of $19,900.
(c) The $18,000 received in a prior year for equipment, together with an additional $25,500 was used to acquire equipment.
(d) Interest of 5% is recorded on the remaining balance of the pledge receivable.
Required:
Prepare the journal entries necessary for the above transactions:
Continue next page
2.
Record the following transactions on the books of Franklin College, a private college. All of the transactions are for the year 2015.
(a) The College received $315,000 in funds that were pledged in 2014, to be used for unrestricted purposes in 2015.
(b) The College was awarded $600,000 in grants that are to be used for restricted research purposes. $410,000 in cash was received, and $450,000 was expended on these projects.
(c) On Dec. 1, the College received a pledge of $6,000,000 to build a new basketball arena. The funds were not expended or received in 2015, but are expected to be received early in 2015.
(d) The College had received cash of $200,000 in 2014 to be used to purchase computer equipment for the student labs. The equipment was purchased and put into service in early January 2015. The equipment has a five-year life and the College follows the practice of maintaining the balance of fixed assets (net of depreciation) in the temporarily restricted net asset category.
(e) On Dec. 31, the College received an unrestricted pledge to receive $20,000 per year each year for six years, beginning on December 31, 2015. The first installment of $20,000 was received on that date. The discount rate is 6%. The present value of six payments of $20,000 is $104,248.
Continue next page
3.
St. Martha's Hospital, a private not-for-profit, began the year 2015 with the following trial balance:
Transactions for 2015 are as follows:
(a) Collected $340,000 of the Patient Accounts Receivable that was outstanding at 12-31-2014. Actual contractual adjustments on these receivables totaled $152,000.
(b) The Hospital billed patients $2,350,000 for services rendered. Of this amount, 7% is expected to be uncollectible. Contractual ad ...
The Hills City maintains a Water and Sewer Fund to provide utility s.pdf
The Hills City maintains a Water and Sewer Fund to provide utility services to its citizens. As of
January 1, 2020, the Water and Sewer Fund had the following account balances:
(1) During the year, sales of water to non-government customers amounted to $1,025,000 and
sales of water to the General Fund amounted to $37,000.
(2) Collections from non-government customers amounted to $983,000.
(3) The Stores and Services Fund repaid $15,000 of the long-term advance to the Water and
Sewer Fund.
(4) Materials and supplies in the amount of $261,000 were received. A liability in that amount
was recorded.
(5) Materials and supplies were issued and were charged to the following accounts: cost of sales
and services, $180,000; selling, $15,000; administration, $18,000; construction work in progress,
$50,000.
(6) Payroll costs for the year totaled $416,200 plus $34,200 for the employer's share of payroll
taxes. Of that amount, $351,900 was paid in cash, and the remainder was withheld for taxes. The
$450,400 (416,200 + 34,200) was distributed as follows: cost of sales and services, $265,800;
sales, $43,900; administration, $91,400; construction work in progress, $49,300.
(7) Bond interest (5%) was paid.
(8) In accord with the revenue bond indenture, $25,000 cash was transferred from operating cash
to restricted assets.
(9) Construction projects at the water treatment plant (reflected in the beginning balance of
construction in process) were completed in the amount of $214,000, and the assets were placed
in service. Payments for these amounts were made in the previous year (no effect on 2020
Statement of Cash Flows).
(10) Collection efforts were discontinued on bills totaling $3,500. The unpaid receivables were
written off.
(11) An analysis of customer receivable balances indicated the Estimated Uncollectible Accounts
needed to be increased by $6,500.
(12) Payment of accounts payable amounted to $332,000. Payments of payroll taxes totaled
$95,200.
(13) Supplies transferred from the Stores and Services Fund amounted to $58,000. Cash in the
amount of $50,000 was paid to the Stores and Services Fund for supplies.
(14) Depreciation expense for the year was computed to be $267,000.
Required:
(A) Open a general journal for the Water and Sewer Utility Fund and record the above
transactions.
(B) A Statement of Revenues, Expenses, and Changes in Fund Net position for the Year Ended
December 31, 2020.
(C) A Statement of Net position, as of December 31, 2020.DebitsCreditsCash$102,000Customer
Accounts Receivable80,000Estimated Uncollectible Accounts Receivable$4,500Materials and
Supplies28,000Advance to Stores and Services Fund30,000Restricted Assets117,000Water
Treatment Plant in Service4,200,000Construction Work in Progress203,000Accumulated
Depreciation - Utility Plant1,200,000Accounts Payable96,500Revenue Bonds Payable (5%
interest)2,500,000Net position959,000Totals$4,760,000$4,760,000.
Acc 410 week 11 final exam
The document provides sample exam questions for an accounting course (ACC 410) covering governmental accounting topics like capital projects funds, debt service funds, and accounting for long-term debt. There are 30 multiple choice questions and 1 problem question testing understanding of setting up entries in various governmental fund types for bond issuances, capital construction projects, debt payments, and debt refinancing transactions.
Acc 410 week 11 final exam
The document provides sample exam questions for an accounting course covering governmental funds and long-term debt. It includes 30 multiple choice questions and 1 problem covering topics like capital projects funds, debt service funds, bond issuances, and debt-related accounting entries. The questions assess understanding of accounting for governmental capital assets, debt, and related transactions between funds.
Acc 410 week 11 final exam
The document provides sample questions and answers related to accounting for governmental activities, capital projects, and debt service in governmental funds. It includes 17 multiple choice questions and their answers about topics like accounting for capital project funds, debt service funds, bond proceeds, grants, and interest payments. The questions assess understanding of accounting entries and the appropriate funds to use for different long-term debt and capital project transactions in governmental financial reporting.
Acc 410 week 11 final exam
The document provides sample exam questions for an accounting course covering governmental funds and long-term debt. It includes 30 multiple choice questions and 1 problem covering topics like capital projects funds, debt service funds, bond proceeds, interest payments, and debt refunding. The questions assess understanding of accounting entries and financial reporting for governmental funds.
Acc 410 week 11 final exam
The document provides sample questions and answers related to governmental accounting for capital projects and debt service. It includes 20 multiple choice and true/false questions covering topics like accounting for capital projects funds, debt service funds, bond proceeds, grants, and interest payments. The questions assess understanding of accounting entries and compliance with generally accepted accounting principles for governmental entities.
Acc 410 week 11 final exam
The document provides sample exam questions for an accounting course (ACC 410) covering governmental accounting topics related to capital projects and debt service funds. There are 30 multiple choice questions and 1 problem question testing understanding of accounting entries and compliance with Generally Accepted Accounting Principles for governmental funds, capital projects, debt issuance, and debt service.
Acc 410 week 11 final exam
The document provides sample questions and answers related to accounting for governmental activities, capital projects, and debt service in governmental funds. It includes 17 multiple choice questions and their answers about topics like accounting for capital project funds, debt service funds, bond proceeds, grants, and interest payments. The questions assess understanding of accounting entries and the appropriate funds to use for different long-term debt and capital project transactions in governmental financial reporting.
Multiple choice [Based on AICPA] 1. The billings for transportation s.pdf
Multiple choice [Based on AICPA] 1. The billings for transportation services provided to other
governmental units are recorded by the internal service fund as: a Interfund exchanges b
Intergovernmental transfers c Transportation appropriations d Operating revenues 2. Which of
the following transactions would not be allowed in an internal service fund? a The purchase of
capital items b Borrowing from another fund c Transfers from other funds d None of the above 3.
Initial financing for internal service fund activities may be obtained from a Advances from
another fund b Transfers from another fund c Transfer of related materials held by governmental
departments d All of the above 4. Cariton City serves as a collecting agency for the local
independent school district and for a local water district. For this purpose. Cartton has created a
single agency fund and charges the other entities a fee of 1 percent of the gross amounts
collected. (The service fee is treated as a general fund revenue.) During the latest fiscal year, a
gross amount of $268,000 was collected for the independent school district and $80,000 for the
water district. As a consequence of the forgoing, Cariton's general fund should: a Recognize
receipts of $348,000 b Recognize receipts of $344,520 c Record revenue of $3,480 d Record
encumbrances of $344,520 5. Through an internal service fund, Floyd County operates a
centralized data processing center to provide services to Floyd's other departments. In 2012, this
internal service fund billed Floyd's parks and recreation fund $75,000 for data processing
services. What account should Floyd's internal service fund credit to record this $75,000 billing
to the parks and recreation fund? a Operating revenues b Interfund exchanges c
Intergovernmental transfers d Data processing department expenses.
such nice.rtfdTXT.rtfFrom Dayana Mirabal [email protected].docx
such nice.rtfd/TXT.rtf
From: Dayana Mirabal <[email protected]>
Date: July 5, 2016 at 11:14:49 PM EDT
To: Dayana mirabal <[email protected]>
Sent from my iPhone
__MACOSX/such nice.rtfd/._TXT.rtf
For Final Project One, you will use the Final Project One Student Workbook Excel spreadsheet provided for you.
If you would like a refresher course on using various features of Excel, sign in to Atomic Learning and type “Excel” in the search box. This will provide you with options to select the specific level of training that you need (i.e., intro, intermediate, or advanced) and the specific version of Excel that you have (i.e., 2011, 2013, etc.). The trainings are broken down into small, meaningful chunks. Therefore, you should be able to find specific topics at each level that will meet your needs.
IMPORTANT: For the transaction worksheets for each fund, in column A, the part shaded in yellow, code the account 1 for balance sheet accounts and 2 for operating statement accounts. For example, on sheet GF WS, cash is a balance sheet account so in cell A1 you will put 1. These codes will allow the worksheet to automatically populate the operating statement and balance sheet columns on the worksheets. These will automatically populate the corresponding financial statements.
For some funds, you will be required to prepare entries for transactions. Statements will automatically be created (if you properly code column A). You can check your work by ensuring debits equal credits and that the corresponding statements balance.
For other funds, you will be given the completed worksheet for the funds’ transactions and you will be required to prepare the appropriate statements (statements will not automatically be populated from the completed worksheet).
Sheets you are required to complete will have white tabs. Sheets that automatically populate or that have given information will have green tabs.
SAVE YOUR WORK OFTEN!
General Fund
As one of the accountants for the City of Springfield, you will record the following transactions into the accompanying workbooksheet GF WS. Note that some
transactions have already been recorded in the workbook. The city has other accountants who also record transactions.
1. The city levied its general property taxes for the year of $1,580,000. The city estimates that $30,000 of the taxes will prove uncollectible. Record the taxes assuming the city will collect the remaining balance later during the fiscal year.
2. The city collected $1,300,000 of property taxes before the due date for taxes. The remainder of the taxes receivable became delinquent.
3. The city received and vouchered the materials and supplies that were on order from the previous year. The actual cost equaled the estimated cost of these materials and supplies, $19,000. The city records expenditures for materials and supplies when they are consumed. A perpetual inventory system is used.
4. The city incurred and paid salary expenditures as follows:
Accrued salar ...
Im paying a monthly suscription already. No thanks. What amount of.pdf
I'm paying a monthly suscription already. No thanks. What amount of the forgoing revenues
stovid be accounted for in Aevidas govemmentat funds? as s,140000 as siou, 000 e ss.040,000 d
ss,000,000 2. Tapior Cly issued the following long-term obligations: Revenue boedv to be refaid
finum admiuken foes collected froen wen of the city swinning poel $1,000,000 Gencral
obligation boedk kwued for the siey water and seaer fund that will vervise the debe 31,30000
Athough tese bonds are expected to be pad trom enterproe finds the fa faith and oredt of the ofy
has been pledged as further assurance that the obligatons wil be paid. What anount of these
bonds should be accounted for in the proprietary funds? a 80 b 51,000,000 e 51,800,000 d
52,800,000 3. The fodswing proceeds received by Gad Caty in 2015 are legely restictad to
eapendture for sgecfied purposes: Dotkation by a heneficker mumated to provide makls for the
neody Sales taxes to finance the maithenance of motu facilities emest by the sity No0000 What
amount should be accounted for in Clads fouciay find?? at $0 - 5220,000 c seove00 di
51,000,000 4. In connoction with Thurman Townshipls long-term dett, the folcuing cash
aceurnulations are available to cover payment of peincipal and interest on. Bonds for fisancing of
water treinimen plant coestructionGonerallongtotimobligationst.000.000sopo.000 The anount of
these cash accumblationt that should be accourtad for in Thurman is dete serice funds ix: at $9 b
sinotade e $1,000000 d $1,400,000 Use the following information in answering questons 5 and 6
: On December 31, 2014, Cane City paid a contractor 51 , 000.000 for the totat cost of a new
municigal annex built in 2014 on city-owned land. Financing was provided by a 52,000.000
generat obligation bond issue soid at tace amount on December 31 , 2014, with the romaining
$1,000,000 tranederred trom the general fund. 5. What acoount and amount should be reported in
Cane s 2014 financial stafements for the general fund? a Other financing ases, $1,000,000 -
Other financing sourees, $2,000,000 6 Expenditures, $3,000,000 a Other finaneing sources,
53,000,000 6. What accounts and amounts should be reported in Cane s 2014 fnancial statements
for the capital projects fund? a Other financing sources, 52,000,000; generat long-term debt
$2000,000 - Revenues, $2,000,000; expenditures, $2,000,000 c Other financing spurces,
52,000,000, expenditures, st ava a00 df Revenue, 53,000,000; expenditures, $3,000,000.
2NameInstructorCourseDateInstitution Affil.docx
2
Name:
Instructor:
Course:
Date:
Institution Affiliation:
Governmental funds are used to report the accounting records of the government. The government uses the statement of financial position and the operating statements to report to the tax payers. This is because most of the government finances are received from the taxes paid by the taxpayers and the government thus owes a responsibility to the taxpayers of accountability.
The financial statements are comprised of the balance sheet and statement of operations which include all the revenues, expenditure and changes in the fund balances. Prepaid items and inventories are reported as assets during their purchase. The expenditures are deferred in their recognition till the period in which the assets are consumed or used.
The government fund generally focuses on the primary sources, uses and balances of current financial resources in a budget. The government fund includes the following:
· General fund
· Special revenue funds
· Capital projects funds
· Debt service funds
· Permanent funds
Proprietary funds involve the different sectors that a government is divided into for instance state governments. The proprietary funds account are presented by the statement of net position, the cash flows and also the statement of operating expenditures, incomes or revenues and changes in the net position. Individual proprietary funds should be recorded in separate columns. Proprietary funds include enterprise funds and internal service funds. The function of these enterprises is to provide goods and services to the general public at a fee. Internal service funds account for goods and services provided by one department to another department of the governmental unit on a cost-reimbursement basis.
Fiduciary funds are used to account for the assets held in trust by the government for the benefit of the different government departments or entities or individuals. For instance the employees receiving their retirement benefits is an example of the fiduciary fund held by the government. The fiduciary fund includes:
· Agency funds
the agency fund involve the receipt, temporary investment and remittance of the fiduciary resources to their specifics, be they individuals, private governments, or other governments. The statement of net position requires that assets be equal to the liabilities. The statement of the changes in assets and liabilities reports the beginning balances, additions, deductions and ending balances.
· Pension and other employee benefit trust funds
the division is required to hold and report the resources which are held in trust for the beneficiaries of pension plans, contribution plans, postemployment benefit plans, or other employee benefit plans. The requirements of the accounting of the different pension fund are stipulated in the GAAP and require maintaining of separate distinct accounts for the different entities.
· External investment trust funds
it requires the reporting of ...
What amount of the forgoing revenues stovid be accounted for in Aevid.pdf
What amount of the forgoing revenues stovid be accounted for in Aevidas govemmentat funds?
as s,140000 as siou, 000 e ss.040,000 d ss,000,000 2. Tapior Cly issued the following long-term
obligations: Revenue boedv to be refaid finum admiuken foes collected froen wen of the city
swinning poel $1,000,000 Gencral obligation boedk kwued for the siey water and seaer fund that
will vervise the debe 31,30000 Athough tese bonds are expected to be pad trom enterproe finds
the fa faith and oredt of the ofy has been pledged as further assurance that the obligatons wil be
paid. What anount of these bonds should be accounted for in the proprietary funds? a 80 b
51,000,000 e 51,800,000 d 52,800,000 3. The fodswing proceeds received by Gad Caty in 2015
are legely restictad to eapendture for sgecfied purposes: Dotkation by a heneficker mumated to
provide makls for the neody Sales taxes to finance the maithenance of motu facilities emest by
the sity No0000 What amount should be accounted for in Clads fouciay find?? at $0 - 5220,000 c
seove00 di 51,000,000 4. In connoction with Thurman Townshipls long-term dett, the folcuing
cash aceurnulations are available to cover payment of peincipal and interest on. Bonds for
fisancing of water treinimen plant coestructionGonerallongtotimobligationst.000.000sopo.000
The anount of these cash accumblationt that should be accourtad for in Thurman is dete serice
funds ix: at $9 b sinotade e $1,000000 d $1,400,000 Use the following information in answering
questons 5 and 6 : On December 31, 2014, Cane City paid a contractor 51 , 000.000 for the totat
cost of a new municigal annex built in 2014 on city-owned land. Financing was provided by a
52,000.000 generat obligation bond issue soid at tace amount on December 31 , 2014, with the
romaining $1,000,000 tranederred trom the general fund. 5. What acoount and amount should be
reported in Cane s 2014 financial stafements for the general fund? a Other financing ases,
$1,000,000 - Other financing sourees, $2,000,000 6 Expenditures, $3,000,000 a Other finaneing
sources, 53,000,000 6. What accounts and amounts should be reported in Cane s 2014 fnancial
statements for the capital projects fund? a Other financing sources, 52,000,000; generat long-
term debt $2000,000 - Revenues, $2,000,000; expenditures, $2,000,000 c Other financing
spurces, 52,000,000, expenditures, st ava a00 df Revenue, 53,000,000; expenditures, $3,000,000.
Statement of Cash Flows Required Designate where each of the followi.pdf
Statement of Cash Flows Required: Designate where each of the following events would be
presented on the Statement of Cash Flows (Operating, Non-Capital Finance, Capital Finance,
and Investing) and then prepare the statement in proper form. Background: Hulk County has a
beginning cash balance in its transportation enterprise fund of $895,635. During 2022 , the
following transactions occurred: 1. Interest received on investments totaled $42,400. 2. The city
acquired additional equity investments totaling $75,000. 3. A grant was received from the state
in the amount of $50,000 to provide wages for summer interns 4. Receipts from sales of goods or
services totaled $2,915,500. 5. Payments for supplies were made in the amount of $1,642,100. 6.
Payments to employees for salaries amounted to $479,300. 7. Equipment was sold for $57,500. It
had a book value of $56,625. 8. $25,000 was transferred to the General Fund to finance a
shortage in police officers' salaries. 9. Other cash expenses for operations were $89,200. 10.
Long-term debt payments (incurred to purchase capital assets) totaled $525,000.
3-22 Recording General Fund Operating Budget and Operating Transa.docx
3-22 Recording General Fund Operating Budget and Operating Transactions. The Town of Bedford Falls approved a General Fund operating budget for the fiscal year ending June 30, 2017. The budget provides for estimated revenues of $2,700,000 as follows: property taxes, $1,900,000; licenses and permits, $350,000; fines and forfeits, $250,000; and intergovernmental (state grants), $200,000. The budget approved appropriations of $2,650,000 as follows: General Government, $500,000; Public Safety, $1,600,000; Public Works, $350,000; Culture and Recreation, $150,000; and Miscellaneous, $50,000.
Required
A. Prepare the journal entry (or entries), including subsidiary ledger entries, to record the Town of Bedford Falls's General Fund operating budget on July 1, 2016, the beginning of the Town's 2017 fiscal year.
B. Prepare journal entries to record the following transactions that occurred during the month of July 2016.
1. Revenues were collected in cash amounting to $31,000 for licenses and permits and $12,000 for fines and forfeits.
2. Supplies were ordered by the following functions in early July 2016 at the estimated costs shown:
General Government $7,400
Public Safety $11,300
Public Works $6,100
Culture and Recreation $4,200
Miscellaneous $900
Total $29,900
...
Acct 567 final exam solutions 100% correct answers
The document contains the solutions to an accounting exam with multiple choice questions covering topics such as government-wide financial reporting, transfers between funds, budgetary reporting requirements, revenue and expense recognition, and accounting for donations. It also provides journal entries and financial statements for various governmental and not-for-profit organizations.
Acc 410 wk 8 quiz 6 ch. 10 & 11
This document provides an overview of key concepts from chapters 10 and 11 of the textbook related to fiduciary funds, component units, and financial reporting. Some key points include:
1) Permanent funds are classified as fiduciary funds under GASB Statement 34. Fiduciary funds use full accrual accounting and focus on current resources.
2) Component units are legally separate organizations for which a primary government is financially accountable. A primary government and its component units must be incorporated into the government-wide financial statements.
3) The comprehensive annual financial report includes audited financial statements and required supplementary information to provide full disclosure of a government's financial status and operations.
1. (TCO B) Which of the following is not a true statement .docx
1. (TCO B) Which of the following is not a true statement regarding the government-wide financial statements? (Points : 5)
The government-wide financial statements are not required to present prior-year data.
The government-wide financial statements include a Statement of Net Assets, Statement of Activities, and Statement of Cash Flows.
The government-wide financial statements include capital assets, include infrastructure, and reflect depreciation, except for the infrastructure using the modified approach.
All of the above are true.
2. (TCO D) A donor pledged $300,000 to thefund raising drive of a local government to assist its police officers in obtaining the latest technology. The pledge was made on July 17, 2011 but was conditioned on the government raising an additional $300,000 from other donors. By the fiscal year-end of June 30, 2012, the local government had raised only $6,000 from other donors. What entry would be made for the initial pledge by the local government during the year ended June 30, 2012? (Points : 5)
Debit a receivable account and credit deferred revenues, a liability account.
No entry is required.
Debit a receivable account and credit the Fund Balance account.
Debit a receivable account and credit a revenue account.
3. (TCO D) The City of Davenport adopted the following budget for fiscal year 2012:
Anticipated Revenues:
Property Taxes $5,340,000
Licenses and Permits 523,000
Fines and Forfeits 425,000Total $6,288,000
Approved Expenditures:
General Government $2,160,000
Public Safety 2,450,000
Public Works 1,560,000
Total $6,170,000
In addition, the City reported the following actual amounts for the same fiscal year:
Revenues:
Property Taxes $5,375,000
Licenses and Permits 519,000
Fines and Forfeits 437,000
Total $6,331,000
Expenditures-Current Year:
General Government 2,175,000
Public Safety ...
Govt assignment csi
This document provides a group assignment for a government accounting course. It includes 3 problems involving journal entries, financial statements, and accounting for governmental and enterprise funds. Problem 1 involves journal entries for transactions of a city government. Problem 2 requires journal entries, trial balance, and financial statements for a city debt service fund. Problem 3 requires preparation of financial statements for a city parking facilities enterprise fund.
SRF Entries & T-accounts DUE FROMreference Account Ti.docx
SRF Entries & T-accounts DUE FROMreference Account TitlesDebitsCredits CASH INVESTMENTS STATE GOV'Tbb23,000bb59,000bb107,0003-Ctype debit accounts in this columntype credit accounts in this column-4-C23,00059,000107,000TOTAL FUND BALANCEACCOUNTS PAYABLE (beginning of year)9,000bb180,000bb9,000180,000 REVENUES REVENUESEXPENDITURES - STREETINTERGOVERNMENTALINVESTMENT INTEREST& HIGHWAY MAINTENANCE---BUDGETARY ACCOUNTS BUDGETARYESTIMATED REVENUESAPPROPRIATIONSFUND BALANCE---BUDGETARY FUND BALANCE RESERVE FOR ENCUMBRANCESRESERVE FOR ENCUMBRANCESENCUMBRANCES-bb--Total Debits 189,000Total Credits189,000
&16City of Monroe &16
Street and Highway Fund - General Ledger
Closing Entries BUDGETARYAccount TitleDebitsCreditsFUND BALANCE-Preclosingclosing entry-FUND BALANCE180,000Preclosingclosing entry180,000ending balanceComplete the following tableNon-spendableRestrictedCommittedAssignedUnassignedTotalFund Balance-
&14City of Monroe &14
STREET & HIGHWAY MAINTENANCE FUND - Closing Entries
Stmt of revenues & expendituresRevenuesIntergovernmental RevenuesInterest on Investments Total Revenues$ -ExpendituresCurrent: Street & Highway Maintenance Total Expenditures-Excess (Deficiency) of Revenues Over Expenditures-Fund Balance, January 1Fund Balance, December 31$ -
&"Times New Roman,Regular"&14City of Monroe
Statement of Revenues, Expenditures and Changes in Fund Balance
Street and Highway Maintenance Fund
For the year ended December 31, 2017
Balance SheetAssetsCashInvestmentsDue from State Government Total Assets$ -Liabilities and Fund EquityLiabilitiesAccounts PayableFund EquityFund Balance - Restricted for Street and Highway Maintenance Total Liabilities and Fund Equity$ -
&"Times New Roman,Regular"&14City of Monroe
Street & Highway Maintenance Fund
Balance Sheet
As of December 31, 2017
General Fund Journal Entriesreference Account TitlesDebitsCredits3-Ctype debit accounts in this columntype credit accounts in this column4-C
&"Arial,Bold"&14City of Monroe - General Fund Journal Entries
General Fund T-accounts CASH ESTIMATED INTEREST & PENALTIESESTM' UNCOLLECTIBLE DUE FROMbb497,000TAXES RECEIVABLEUNCOLLECTIBLE TAXES RECEIVABLEINTEREST & PENALTIES STATE GOV'Tbb210,00037,000bbbb5,200950bbbb210,000210,00037,0005,200950210,000497,000 TAX ANTICIPATION DUE TO DUE TO DUE TO DEFERRED INFLOWSACCOUNTS PAYABLE NOTE PAYABLEOTHER FUNDSFEDERAL GOV'T STATE GOV'T - PROPERTY TAXES99,000bb-bb27,000bb-bbbb21,000bb99,000-27,000--21,000 TOTAL FUND BALANCE EXPENDITURESOTHER FINANCING (beginning of year)REVENUES CONTROL CONTROL USES CONTROL737,250bb-25-737,250---BUDGETARY ACCOUNTSESTIMATED OTHER BUDGETARYBUDGETARY FUND BALANCE ENCUMBRANCESESTIMATED REVENUESAPPROPRIATIONSFINANCING USESFUND BALANCE RESERVE FOR ENCUMBRANCESRESERVE FOR ENCUMBRANC.
IDENTIFY AND DISCUSS ONE LOCAL PROJECT THAT USED PROJECT FINANCE OR .pdf
IDENTIFY AND DISCUSS ONE LOCAL PROJECT THAT USED PROJECT FINANCE OR
PPP AS A FINANCING MODEL. YOU DISCUSSION SHOULD BE: 1. SOURCES OF
FUNDS/COST OF PROJECT 2. PROJECT DURATION 3. PROJECT
PARTICIPANTS/BENEFICIARIES 3. RISKS AND RISK ALLOCATION/MANAGMENT.
If we wanted to use the AWS CLI outside of AWS (on our local PCs) wh.pdf
If we wanted to use the AWS CLI outside of AWS (on our local PCs) what items would we have
to configure to access our accounts.
*Please list the steps/aws services that would be required to run commands against your account
and why they are required..
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The Hills City maintains a Water and Sewer Fund to provide utility services to its citizens. As of
January 1, 2020, the Water and Sewer Fund had the following account balances:
(1) During the year, sales of water to non-government customers amounted to $1,025,000 and
sales of water to the General Fund amounted to $37,000.
(2) Collections from non-government customers amounted to $983,000.
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(4) Materials and supplies in the amount of $261,000 were received. A liability in that amount
was recorded.
(5) Materials and supplies were issued and were charged to the following accounts: cost of sales
and services, $180,000; selling, $15,000; administration, $18,000; construction work in progress,
$50,000.
(6) Payroll costs for the year totaled $416,200 plus $34,200 for the employer's share of payroll
taxes. Of that amount, $351,900 was paid in cash, and the remainder was withheld for taxes. The
$450,400 (416,200 + 34,200) was distributed as follows: cost of sales and services, $265,800;
sales, $43,900; administration, $91,400; construction work in progress, $49,300.
(7) Bond interest (5%) was paid.
(8) In accord with the revenue bond indenture, $25,000 cash was transferred from operating cash
to restricted assets.
(9) Construction projects at the water treatment plant (reflected in the beginning balance of
construction in process) were completed in the amount of $214,000, and the assets were placed
in service. Payments for these amounts were made in the previous year (no effect on 2020
Statement of Cash Flows).
(10) Collection efforts were discontinued on bills totaling $3,500. The unpaid receivables were
written off.
(11) An analysis of customer receivable balances indicated the Estimated Uncollectible Accounts
needed to be increased by $6,500.
(12) Payment of accounts payable amounted to $332,000. Payments of payroll taxes totaled
$95,200.
(13) Supplies transferred from the Stores and Services Fund amounted to $58,000. Cash in the
amount of $50,000 was paid to the Stores and Services Fund for supplies.
(14) Depreciation expense for the year was computed to be $267,000.
Required:
(A) Open a general journal for the Water and Sewer Utility Fund and record the above
transactions.
(B) A Statement of Revenues, Expenses, and Changes in Fund Net position for the Year Ended
December 31, 2020.
(C) A Statement of Net position, as of December 31, 2020.DebitsCreditsCash$102,000Customer
Accounts Receivable80,000Estimated Uncollectible Accounts Receivable$4,500Materials and
Supplies28,000Advance to Stores and Services Fund30,000Restricted Assets117,000Water
Treatment Plant in Service4,200,000Construction Work in Progress203,000Accumulated
Depreciation - Utility Plant1,200,000Accounts Payable96,500Revenue Bonds Payable (5%
interest)2,500,000Net position959,000Totals$4,760,000$4,760,000.
Acc 410 week 11 final exam
The document provides sample exam questions for an accounting course (ACC 410) covering governmental accounting topics like capital projects funds, debt service funds, and accounting for long-term debt. There are 30 multiple choice questions and 1 problem question testing understanding of setting up entries in various governmental fund types for bond issuances, capital construction projects, debt payments, and debt refinancing transactions.
Acc 410 week 11 final exam
The document provides sample exam questions for an accounting course covering governmental funds and long-term debt. It includes 30 multiple choice questions and 1 problem covering topics like capital projects funds, debt service funds, bond issuances, and debt-related accounting entries. The questions assess understanding of accounting for governmental capital assets, debt, and related transactions between funds.
Acc 410 week 11 final exam
The document provides sample questions and answers related to accounting for governmental activities, capital projects, and debt service in governmental funds. It includes 17 multiple choice questions and their answers about topics like accounting for capital project funds, debt service funds, bond proceeds, grants, and interest payments. The questions assess understanding of accounting entries and the appropriate funds to use for different long-term debt and capital project transactions in governmental financial reporting.
Acc 410 week 11 final exam
The document provides sample exam questions for an accounting course covering governmental funds and long-term debt. It includes 30 multiple choice questions and 1 problem covering topics like capital projects funds, debt service funds, bond proceeds, interest payments, and debt refunding. The questions assess understanding of accounting entries and financial reporting for governmental funds.
Acc 410 week 11 final exam
The document provides sample questions and answers related to governmental accounting for capital projects and debt service. It includes 20 multiple choice and true/false questions covering topics like accounting for capital projects funds, debt service funds, bond proceeds, grants, and interest payments. The questions assess understanding of accounting entries and compliance with generally accepted accounting principles for governmental entities.
Acc 410 week 11 final exam
The document provides sample exam questions for an accounting course (ACC 410) covering governmental accounting topics related to capital projects and debt service funds. There are 30 multiple choice questions and 1 problem question testing understanding of accounting entries and compliance with Generally Accepted Accounting Principles for governmental funds, capital projects, debt issuance, and debt service.
Acc 410 week 11 final exam
The document provides sample questions and answers related to accounting for governmental activities, capital projects, and debt service in governmental funds. It includes 17 multiple choice questions and their answers about topics like accounting for capital project funds, debt service funds, bond proceeds, grants, and interest payments. The questions assess understanding of accounting entries and the appropriate funds to use for different long-term debt and capital project transactions in governmental financial reporting.
Multiple choice [Based on AICPA] 1. The billings for transportation s.pdf
Multiple choice [Based on AICPA] 1. The billings for transportation services provided to other
governmental units are recorded by the internal service fund as: a Interfund exchanges b
Intergovernmental transfers c Transportation appropriations d Operating revenues 2. Which of
the following transactions would not be allowed in an internal service fund? a The purchase of
capital items b Borrowing from another fund c Transfers from other funds d None of the above 3.
Initial financing for internal service fund activities may be obtained from a Advances from
another fund b Transfers from another fund c Transfer of related materials held by governmental
departments d All of the above 4. Cariton City serves as a collecting agency for the local
independent school district and for a local water district. For this purpose. Cartton has created a
single agency fund and charges the other entities a fee of 1 percent of the gross amounts
collected. (The service fee is treated as a general fund revenue.) During the latest fiscal year, a
gross amount of $268,000 was collected for the independent school district and $80,000 for the
water district. As a consequence of the forgoing, Cariton's general fund should: a Recognize
receipts of $348,000 b Recognize receipts of $344,520 c Record revenue of $3,480 d Record
encumbrances of $344,520 5. Through an internal service fund, Floyd County operates a
centralized data processing center to provide services to Floyd's other departments. In 2012, this
internal service fund billed Floyd's parks and recreation fund $75,000 for data processing
services. What account should Floyd's internal service fund credit to record this $75,000 billing
to the parks and recreation fund? a Operating revenues b Interfund exchanges c
Intergovernmental transfers d Data processing department expenses.
such nice.rtfdTXT.rtfFrom Dayana Mirabal [email protected].docx
such nice.rtfd/TXT.rtf
From: Dayana Mirabal <[email protected]>
Date: July 5, 2016 at 11:14:49 PM EDT
To: Dayana mirabal <[email protected]>
Sent from my iPhone
__MACOSX/such nice.rtfd/._TXT.rtf
For Final Project One, you will use the Final Project One Student Workbook Excel spreadsheet provided for you.
If you would like a refresher course on using various features of Excel, sign in to Atomic Learning and type “Excel” in the search box. This will provide you with options to select the specific level of training that you need (i.e., intro, intermediate, or advanced) and the specific version of Excel that you have (i.e., 2011, 2013, etc.). The trainings are broken down into small, meaningful chunks. Therefore, you should be able to find specific topics at each level that will meet your needs.
IMPORTANT: For the transaction worksheets for each fund, in column A, the part shaded in yellow, code the account 1 for balance sheet accounts and 2 for operating statement accounts. For example, on sheet GF WS, cash is a balance sheet account so in cell A1 you will put 1. These codes will allow the worksheet to automatically populate the operating statement and balance sheet columns on the worksheets. These will automatically populate the corresponding financial statements.
For some funds, you will be required to prepare entries for transactions. Statements will automatically be created (if you properly code column A). You can check your work by ensuring debits equal credits and that the corresponding statements balance.
For other funds, you will be given the completed worksheet for the funds’ transactions and you will be required to prepare the appropriate statements (statements will not automatically be populated from the completed worksheet).
Sheets you are required to complete will have white tabs. Sheets that automatically populate or that have given information will have green tabs.
SAVE YOUR WORK OFTEN!
General Fund
As one of the accountants for the City of Springfield, you will record the following transactions into the accompanying workbooksheet GF WS. Note that some
transactions have already been recorded in the workbook. The city has other accountants who also record transactions.
1. The city levied its general property taxes for the year of $1,580,000. The city estimates that $30,000 of the taxes will prove uncollectible. Record the taxes assuming the city will collect the remaining balance later during the fiscal year.
2. The city collected $1,300,000 of property taxes before the due date for taxes. The remainder of the taxes receivable became delinquent.
3. The city received and vouchered the materials and supplies that were on order from the previous year. The actual cost equaled the estimated cost of these materials and supplies, $19,000. The city records expenditures for materials and supplies when they are consumed. A perpetual inventory system is used.
4. The city incurred and paid salary expenditures as follows:
Accrued salar ...
Im paying a monthly suscription already. No thanks. What amount of.pdf
I'm paying a monthly suscription already. No thanks. What amount of the forgoing revenues
stovid be accounted for in Aevidas govemmentat funds? as s,140000 as siou, 000 e ss.040,000 d
ss,000,000 2. Tapior Cly issued the following long-term obligations: Revenue boedv to be refaid
finum admiuken foes collected froen wen of the city swinning poel $1,000,000 Gencral
obligation boedk kwued for the siey water and seaer fund that will vervise the debe 31,30000
Athough tese bonds are expected to be pad trom enterproe finds the fa faith and oredt of the ofy
has been pledged as further assurance that the obligatons wil be paid. What anount of these
bonds should be accounted for in the proprietary funds? a 80 b 51,000,000 e 51,800,000 d
52,800,000 3. The fodswing proceeds received by Gad Caty in 2015 are legely restictad to
eapendture for sgecfied purposes: Dotkation by a heneficker mumated to provide makls for the
neody Sales taxes to finance the maithenance of motu facilities emest by the sity No0000 What
amount should be accounted for in Clads fouciay find?? at $0 - 5220,000 c seove00 di
51,000,000 4. In connoction with Thurman Townshipls long-term dett, the folcuing cash
aceurnulations are available to cover payment of peincipal and interest on. Bonds for fisancing of
water treinimen plant coestructionGonerallongtotimobligationst.000.000sopo.000 The anount of
these cash accumblationt that should be accourtad for in Thurman is dete serice funds ix: at $9 b
sinotade e $1,000000 d $1,400,000 Use the following information in answering questons 5 and 6
: On December 31, 2014, Cane City paid a contractor 51 , 000.000 for the totat cost of a new
municigal annex built in 2014 on city-owned land. Financing was provided by a 52,000.000
generat obligation bond issue soid at tace amount on December 31 , 2014, with the romaining
$1,000,000 tranederred trom the general fund. 5. What acoount and amount should be reported in
Cane s 2014 financial stafements for the general fund? a Other financing ases, $1,000,000 -
Other financing sourees, $2,000,000 6 Expenditures, $3,000,000 a Other finaneing sources,
53,000,000 6. What accounts and amounts should be reported in Cane s 2014 fnancial statements
for the capital projects fund? a Other financing sources, 52,000,000; generat long-term debt
$2000,000 - Revenues, $2,000,000; expenditures, $2,000,000 c Other financing spurces,
52,000,000, expenditures, st ava a00 df Revenue, 53,000,000; expenditures, $3,000,000.
2NameInstructorCourseDateInstitution Affil.docx
2
Name:
Instructor:
Course:
Date:
Institution Affiliation:
Governmental funds are used to report the accounting records of the government. The government uses the statement of financial position and the operating statements to report to the tax payers. This is because most of the government finances are received from the taxes paid by the taxpayers and the government thus owes a responsibility to the taxpayers of accountability.
The financial statements are comprised of the balance sheet and statement of operations which include all the revenues, expenditure and changes in the fund balances. Prepaid items and inventories are reported as assets during their purchase. The expenditures are deferred in their recognition till the period in which the assets are consumed or used.
The government fund generally focuses on the primary sources, uses and balances of current financial resources in a budget. The government fund includes the following:
· General fund
· Special revenue funds
· Capital projects funds
· Debt service funds
· Permanent funds
Proprietary funds involve the different sectors that a government is divided into for instance state governments. The proprietary funds account are presented by the statement of net position, the cash flows and also the statement of operating expenditures, incomes or revenues and changes in the net position. Individual proprietary funds should be recorded in separate columns. Proprietary funds include enterprise funds and internal service funds. The function of these enterprises is to provide goods and services to the general public at a fee. Internal service funds account for goods and services provided by one department to another department of the governmental unit on a cost-reimbursement basis.
Fiduciary funds are used to account for the assets held in trust by the government for the benefit of the different government departments or entities or individuals. For instance the employees receiving their retirement benefits is an example of the fiduciary fund held by the government. The fiduciary fund includes:
· Agency funds
the agency fund involve the receipt, temporary investment and remittance of the fiduciary resources to their specifics, be they individuals, private governments, or other governments. The statement of net position requires that assets be equal to the liabilities. The statement of the changes in assets and liabilities reports the beginning balances, additions, deductions and ending balances.
· Pension and other employee benefit trust funds
the division is required to hold and report the resources which are held in trust for the beneficiaries of pension plans, contribution plans, postemployment benefit plans, or other employee benefit plans. The requirements of the accounting of the different pension fund are stipulated in the GAAP and require maintaining of separate distinct accounts for the different entities.
· External investment trust funds
it requires the reporting of ...
What amount of the forgoing revenues stovid be accounted for in Aevid.pdf
What amount of the forgoing revenues stovid be accounted for in Aevidas govemmentat funds?
as s,140000 as siou, 000 e ss.040,000 d ss,000,000 2. Tapior Cly issued the following long-term
obligations: Revenue boedv to be refaid finum admiuken foes collected froen wen of the city
swinning poel $1,000,000 Gencral obligation boedk kwued for the siey water and seaer fund that
will vervise the debe 31,30000 Athough tese bonds are expected to be pad trom enterproe finds
the fa faith and oredt of the ofy has been pledged as further assurance that the obligatons wil be
paid. What anount of these bonds should be accounted for in the proprietary funds? a 80 b
51,000,000 e 51,800,000 d 52,800,000 3. The fodswing proceeds received by Gad Caty in 2015
are legely restictad to eapendture for sgecfied purposes: Dotkation by a heneficker mumated to
provide makls for the neody Sales taxes to finance the maithenance of motu facilities emest by
the sity No0000 What amount should be accounted for in Clads fouciay find?? at $0 - 5220,000 c
seove00 di 51,000,000 4. In connoction with Thurman Townshipls long-term dett, the folcuing
cash aceurnulations are available to cover payment of peincipal and interest on. Bonds for
fisancing of water treinimen plant coestructionGonerallongtotimobligationst.000.000sopo.000
The anount of these cash accumblationt that should be accourtad for in Thurman is dete serice
funds ix: at $9 b sinotade e $1,000000 d $1,400,000 Use the following information in answering
questons 5 and 6 : On December 31, 2014, Cane City paid a contractor 51 , 000.000 for the totat
cost of a new municigal annex built in 2014 on city-owned land. Financing was provided by a
52,000.000 generat obligation bond issue soid at tace amount on December 31 , 2014, with the
romaining $1,000,000 tranederred trom the general fund. 5. What acoount and amount should be
reported in Cane s 2014 financial stafements for the general fund? a Other financing ases,
$1,000,000 - Other financing sourees, $2,000,000 6 Expenditures, $3,000,000 a Other finaneing
sources, 53,000,000 6. What accounts and amounts should be reported in Cane s 2014 fnancial
statements for the capital projects fund? a Other financing sources, 52,000,000; generat long-
term debt $2000,000 - Revenues, $2,000,000; expenditures, $2,000,000 c Other financing
spurces, 52,000,000, expenditures, st ava a00 df Revenue, 53,000,000; expenditures, $3,000,000.
Statement of Cash Flows Required Designate where each of the followi.pdf
Statement of Cash Flows Required: Designate where each of the following events would be
presented on the Statement of Cash Flows (Operating, Non-Capital Finance, Capital Finance,
and Investing) and then prepare the statement in proper form. Background: Hulk County has a
beginning cash balance in its transportation enterprise fund of $895,635. During 2022 , the
following transactions occurred: 1. Interest received on investments totaled $42,400. 2. The city
acquired additional equity investments totaling $75,000. 3. A grant was received from the state
in the amount of $50,000 to provide wages for summer interns 4. Receipts from sales of goods or
services totaled $2,915,500. 5. Payments for supplies were made in the amount of $1,642,100. 6.
Payments to employees for salaries amounted to $479,300. 7. Equipment was sold for $57,500. It
had a book value of $56,625. 8. $25,000 was transferred to the General Fund to finance a
shortage in police officers' salaries. 9. Other cash expenses for operations were $89,200. 10.
Long-term debt payments (incurred to purchase capital assets) totaled $525,000.
3-22 Recording General Fund Operating Budget and Operating Transa.docx
3-22 Recording General Fund Operating Budget and Operating Transactions. The Town of Bedford Falls approved a General Fund operating budget for the fiscal year ending June 30, 2017. The budget provides for estimated revenues of $2,700,000 as follows: property taxes, $1,900,000; licenses and permits, $350,000; fines and forfeits, $250,000; and intergovernmental (state grants), $200,000. The budget approved appropriations of $2,650,000 as follows: General Government, $500,000; Public Safety, $1,600,000; Public Works, $350,000; Culture and Recreation, $150,000; and Miscellaneous, $50,000.
Required
A. Prepare the journal entry (or entries), including subsidiary ledger entries, to record the Town of Bedford Falls's General Fund operating budget on July 1, 2016, the beginning of the Town's 2017 fiscal year.
B. Prepare journal entries to record the following transactions that occurred during the month of July 2016.
1. Revenues were collected in cash amounting to $31,000 for licenses and permits and $12,000 for fines and forfeits.
2. Supplies were ordered by the following functions in early July 2016 at the estimated costs shown:
General Government $7,400
Public Safety $11,300
Public Works $6,100
Culture and Recreation $4,200
Miscellaneous $900
Total $29,900
...
Acct 567 final exam solutions 100% correct answers
The document contains the solutions to an accounting exam with multiple choice questions covering topics such as government-wide financial reporting, transfers between funds, budgetary reporting requirements, revenue and expense recognition, and accounting for donations. It also provides journal entries and financial statements for various governmental and not-for-profit organizations.
Acc 410 wk 8 quiz 6 ch. 10 & 11
This document provides an overview of key concepts from chapters 10 and 11 of the textbook related to fiduciary funds, component units, and financial reporting. Some key points include:
1) Permanent funds are classified as fiduciary funds under GASB Statement 34. Fiduciary funds use full accrual accounting and focus on current resources.
2) Component units are legally separate organizations for which a primary government is financially accountable. A primary government and its component units must be incorporated into the government-wide financial statements.
3) The comprehensive annual financial report includes audited financial statements and required supplementary information to provide full disclosure of a government's financial status and operations.
1. (TCO B) Which of the following is not a true statement .docx
1. (TCO B) Which of the following is not a true statement regarding the government-wide financial statements? (Points : 5)
The government-wide financial statements are not required to present prior-year data.
The government-wide financial statements include a Statement of Net Assets, Statement of Activities, and Statement of Cash Flows.
The government-wide financial statements include capital assets, include infrastructure, and reflect depreciation, except for the infrastructure using the modified approach.
All of the above are true.
2. (TCO D) A donor pledged $300,000 to thefund raising drive of a local government to assist its police officers in obtaining the latest technology. The pledge was made on July 17, 2011 but was conditioned on the government raising an additional $300,000 from other donors. By the fiscal year-end of June 30, 2012, the local government had raised only $6,000 from other donors. What entry would be made for the initial pledge by the local government during the year ended June 30, 2012? (Points : 5)
Debit a receivable account and credit deferred revenues, a liability account.
No entry is required.
Debit a receivable account and credit the Fund Balance account.
Debit a receivable account and credit a revenue account.
3. (TCO D) The City of Davenport adopted the following budget for fiscal year 2012:
Anticipated Revenues:
Property Taxes $5,340,000
Licenses and Permits 523,000
Fines and Forfeits 425,000Total $6,288,000
Approved Expenditures:
General Government $2,160,000
Public Safety 2,450,000
Public Works 1,560,000
Total $6,170,000
In addition, the City reported the following actual amounts for the same fiscal year:
Revenues:
Property Taxes $5,375,000
Licenses and Permits 519,000
Fines and Forfeits 437,000
Total $6,331,000
Expenditures-Current Year:
General Government 2,175,000
Public Safety ...
Govt assignment csi
This document provides a group assignment for a government accounting course. It includes 3 problems involving journal entries, financial statements, and accounting for governmental and enterprise funds. Problem 1 involves journal entries for transactions of a city government. Problem 2 requires journal entries, trial balance, and financial statements for a city debt service fund. Problem 3 requires preparation of financial statements for a city parking facilities enterprise fund.
SRF Entries & T-accounts DUE FROMreference Account Ti.docx
SRF Entries & T-accounts DUE FROMreference Account TitlesDebitsCredits CASH INVESTMENTS STATE GOV'Tbb23,000bb59,000bb107,0003-Ctype debit accounts in this columntype credit accounts in this column-4-C23,00059,000107,000TOTAL FUND BALANCEACCOUNTS PAYABLE (beginning of year)9,000bb180,000bb9,000180,000 REVENUES REVENUESEXPENDITURES - STREETINTERGOVERNMENTALINVESTMENT INTEREST& HIGHWAY MAINTENANCE---BUDGETARY ACCOUNTS BUDGETARYESTIMATED REVENUESAPPROPRIATIONSFUND BALANCE---BUDGETARY FUND BALANCE RESERVE FOR ENCUMBRANCESRESERVE FOR ENCUMBRANCESENCUMBRANCES-bb--Total Debits 189,000Total Credits189,000
&16City of Monroe &16
Street and Highway Fund - General Ledger
Closing Entries BUDGETARYAccount TitleDebitsCreditsFUND BALANCE-Preclosingclosing entry-FUND BALANCE180,000Preclosingclosing entry180,000ending balanceComplete the following tableNon-spendableRestrictedCommittedAssignedUnassignedTotalFund Balance-
&14City of Monroe &14
STREET & HIGHWAY MAINTENANCE FUND - Closing Entries
Stmt of revenues & expendituresRevenuesIntergovernmental RevenuesInterest on Investments Total Revenues$ -ExpendituresCurrent: Street & Highway Maintenance Total Expenditures-Excess (Deficiency) of Revenues Over Expenditures-Fund Balance, January 1Fund Balance, December 31$ -
&"Times New Roman,Regular"&14City of Monroe
Statement of Revenues, Expenditures and Changes in Fund Balance
Street and Highway Maintenance Fund
For the year ended December 31, 2017
Balance SheetAssetsCashInvestmentsDue from State Government Total Assets$ -Liabilities and Fund EquityLiabilitiesAccounts PayableFund EquityFund Balance - Restricted for Street and Highway Maintenance Total Liabilities and Fund Equity$ -
&"Times New Roman,Regular"&14City of Monroe
Street & Highway Maintenance Fund
Balance Sheet
As of December 31, 2017
General Fund Journal Entriesreference Account TitlesDebitsCredits3-Ctype debit accounts in this columntype credit accounts in this column4-C
&"Arial,Bold"&14City of Monroe - General Fund Journal Entries
General Fund T-accounts CASH ESTIMATED INTEREST & PENALTIESESTM' UNCOLLECTIBLE DUE FROMbb497,000TAXES RECEIVABLEUNCOLLECTIBLE TAXES RECEIVABLEINTEREST & PENALTIES STATE GOV'Tbb210,00037,000bbbb5,200950bbbb210,000210,00037,0005,200950210,000497,000 TAX ANTICIPATION DUE TO DUE TO DUE TO DEFERRED INFLOWSACCOUNTS PAYABLE NOTE PAYABLEOTHER FUNDSFEDERAL GOV'T STATE GOV'T - PROPERTY TAXES99,000bb-bb27,000bb-bbbb21,000bb99,000-27,000--21,000 TOTAL FUND BALANCE EXPENDITURESOTHER FINANCING (beginning of year)REVENUES CONTROL CONTROL USES CONTROL737,250bb-25-737,250---BUDGETARY ACCOUNTSESTIMATED OTHER BUDGETARYBUDGETARY FUND BALANCE ENCUMBRANCESESTIMATED REVENUESAPPROPRIATIONSFINANCING USESFUND BALANCE RESERVE FOR ENCUMBRANCESRESERVE FOR ENCUMBRANC.
Similar to In 2023, Culebra City created a special revenue fund to help to help.pdf (20)
The Hills City maintains a Water and Sewer Fund to provide utility s.pdf
The Hills City maintains a Water and Sewer Fund to provide utility s.pdf
Multiple choice [Based on AICPA] 1. The billings for transportation s.pdf
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such nice.rtfdTXT.rtfFrom Dayana Mirabal [email protected].docx
such nice.rtfdTXT.rtfFrom Dayana Mirabal [email protected].docx
Im paying a monthly suscription already. No thanks. What amount of.pdf
Im paying a monthly suscription already. No thanks. What amount of.pdf
What amount of the forgoing revenues stovid be accounted for in Aevid.pdf
What amount of the forgoing revenues stovid be accounted for in Aevid.pdf
Statement of Cash Flows Required Designate where each of the followi.pdf
Statement of Cash Flows Required Designate where each of the followi.pdf
3-22 Recording General Fund Operating Budget and Operating Transa.docx
3-22 Recording General Fund Operating Budget and Operating Transa.docx
Acct 567 final exam solutions 100% correct answers
Acct 567 final exam solutions 100% correct answers
1. (TCO B) Which of the following is not a true statement .docx
1. (TCO B) Which of the following is not a true statement .docx
SRF Entries & T-accounts DUE FROMreference Account Ti.docx
SRF Entries & T-accounts DUE FROMreference Account Ti.docx
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Identify a routine task that you might need to communicate in an office. Write directions for that
task that are easy to understand. Discuss, with examples, the aspects of the communication that
make it easy for others to read and interpret it..
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If a coefficient B is estimated to be very close to zero (e.g., 0.0002 or -0.0005), the independent
variable may still have a statistically significant relationship to the dependent variable.
True or False?.
i. If a product has nonuniform inputs, is WIP generally divided betw.pdf
i. If a product has nonuniform inputs, is WIP generally divided between prime costs and
overhead costs or between materials costs and conversion costs?
j. If the cost of a completed equivalent unit is $1.00, what is the unit cost of goods sold when that
good is sold?.
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identify and compare three different mobile device management (MDM) tools. Create a table
that lists their various features for on-boarding, off-boarding, configuration, quarantine,
modification of device settings, etc. Which of the tools would you recommend for a small
business with 10 employees who use smartphones but has a single person managing IT services?
Why?.
IBM�s Stretch Project. 2500 words1. Title Page2.Introduction3..pdf
IBMs Stretch Project. 2500 words
1. Title Page
2.Introduction
3. Background of the failed project. What are the underlying causes or reasons for undertaking
project?
4. Scope/ Objectives of the failed project (design, purpose, resource, overall funding, overall
timeline)
5. Planning/ Execution of the failed project (WBS, work packages, timelines, deliverables,
milestones, cost accounts, and roles and responsibility)
6. HOW the project failed (what makes you determines that tha project was a failure? What are
or were the salient manifestations of the project's failure?)
7. Why the project failed (discuss the reasons for the project's failure).
8. Recommendations (what could or should have been doen to ensure the success of the failed
project?)
9. Conclusion
10. Bibilography.
i. Define Property, Plant and Equipment as stipulated by IAS 16 (3 .pdf
i. Define Property, Plant and Equipment as stipulated by IAS 16? (3 marks)
ii. After the initial recognition of property, plant and equipment, IAS 16 recommends two
methods which can be used to measure these non -current assets, name the two models? (3
marks)
iii. Identify the main elements that comprise the cost of Property Plant and Equipment? (5 marks).
IDEO, Amerika Birleik Devletlerindeki en b�y�k ve en etkili tasarm .pdf
IDEO, Amerika Birleik Devletleri'ndeki en byk ve en etkili tasarm danmanl firmalarndan biridir.
irket, ilk dizst bilgisayar, Apple iin ilk fare, Palm V PDA ve TiVo dijital video kaydedici dahil
olmak zere teknoloji ann birok tannabilir tasarm ikonunu yaratt. irket, ileri teknoloji sihirbazlnn
tesinde, her ikisi de Procter & Gamble iin Swiffer Sweeper ve Crest'in dik duran di macunu tp
gibi devrim niteliindeki ev eyalar tasarlad. IDEO'nun eitli mteri portfy arasnda AT&T, Bank of
America, Ford Motor Company, PepsiCo, Nike, Marriott, Caterpillar, Eli Lilly, Lufthansa, Prada
ve Mayo Clinic bulunmaktadr. IDEO'nun baars, davran tasarma dahil eden yeniliki bir yntem
olan tasarm dncesi ad verilen bir yaklama dayanmaktadr. Bu, allmadk bir problem zme yntemidir
ve eitli gemilere ve deneyimlere sahip bireylerden oluan ekipler oluturarak balar. Ekip yeleri,
antropologlar ve gazetecilerden MBA'ler ve mhendislere kadar uzanr. IDEO'nun inanc, bu
yeteneklere sahip eitli bir grubu bir araya getirirseniz, birbirlerinin fikirleri zerine ina edecekler
ve tek bir akln tek bana ulaamayaca bir zm bulacaklar. Daha sonra IDEO, tketicinin zihnine
girmek iin farkl davransal aratrma ve gzlem yntemleri kullanr. Bu, IDEO'nun derinlemesine
igrler ortaya karmasna ve tketicilerin rnleri nasl satn aldn, rnlerle nasl etkileim kurduunu,
kullandn ve hatta elden kardn anlamasna yardmc olur. rnein, bir yntem tketicileri glgede brakr,
rn satn alma veya kullanm durumlarnda fotoraflarn veya videolarn eker ve deneyimlerini daha
fazla deerlendirmek iin onlarla derinlemesine grmeler yapar. IDEO, davransal haritalama ad
verilen baka bir yntem kullanr ve deneyimin nasl iyiletirilebileceini lmek iin bir havayolu kalk
salonu, hastane bekleme odas veya yemek alan gibi belirli bir alandaki insanlarn fotorafl bir
kaydn tutar. Katlmclar, belirli bir rn veya kategoriyle ilgili grsel izlenimlerini kaydettikleri bir
"kamera gnl" tutarlar. IDEO ayrca tketicileri hikaye anlatma tekniklerini kullanmaya ve bir rn
veya hizmetle ilgili deneyimleriyle ilgili kiisel anlatlar, videolar, skeleri ve hatta animasyonlar
paylamaya davet ediyor. IDEO'nun insan merkezli yaklam, rnleri tasarlarken daha ok kendi
yeteneklerine odaklanan birok yksek teknoloji firmasnn hakim grne aykrdr. IDEO'nun teknoloji
grubu bakan David Blakely, "Teknoloji irketleri batan sona tasarm yapyor, oysa biz mterileri ilk
sraya koyabilmek iin dardan tasarlyoruz." Nihayetinde irket, stn bir deneyim sunduklar ve
sorunlar zdkleri iin tketicilerin istedii ve deer verdii rnler tasarlar. En son rn yenilikleri arasnda,
acil bir durumda talimatlarla konuan bir kalp defibrilatr ve klasik ahap snf sandalyesinin
yenilenmi bir versiyonu yer alyor. Marriott, Courtyard by Marriott otellerini gen misafirler iin
daha ekici hale getirmesine yardmc olmas iin IDEO ile anlat. IDEO, otelin salonlarnda,
lobilerinde ve restoranlarnda rportajlar yapt ve konuklar gzlemledi. Aratrmas, gen konuklarn
otelin halka ak alanlarndaki aktivite eksiklii, sunulan teknoloji .
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Identify and explain two (2) examples of collaborative care that could be applied to prevent and
or manage the health challenge and promote wound healing of bacterial sepsis of post right knee
replacement.
I. Assessment(s) DescriptionFor this exercise, students are supp.pdf
I. Assessment(s) Description
For this exercise, students are supposed to pick up one particular bicycle model and will be asked
to analyze and redraw the design thinking steps that led to the type in question.
The Invention and the Evolution of the Bicycle: A Design Thinking Exercise
Abstract
This case examines the invention and the evolution of the design of the bicycle. The bicycle is a
great example of design for everyday objects and its shape has been characterized by a complex
evolution that is still subject to change and proposals of new design alternatives. First, the
invention of the bicycle and the evolution of its design are presented by following a socio-
technical perspective showing how the design of the bicycle has been shaped by the interplay
between the evolution of the available technologies and the emergence of new needs by specific
social groups in given times and society. Students are then asked to complete a design thinking
exercise by inspecting and disassembling an actual bicycle. Working in teams, students are
required to select a specific component and then brainstorm to conduct two exercises: suggest
design improvements and identify the impact of those improvements on the actual or prospective
users and the complex socio-technical ecosystem of the artifact.
Invention and Reinvention of the Bicycle: An Overview
The Birth of the Modern Bicycle
In the last couple of decades, the bicycle market has been characterized by robust growth driven
by many factors including green mobility, the development of e-bikes, and a growing demand for
fitness use. Despite its overall size (USD 47.51bn in 2017) and the positive outlook, the
consumer market is still highly fragmented and characterized by a large variety of product
categories, diverse design and a multiplicity of applications. The market fragmentation is, in fact,
a consequence of the unavailability of a dominant design, whose appearance typically comes
along with the emergence of a few market dominators (Suarez & Utterback, 1995). Despite its
apparent simplicity, a bicycle is a sophisticated and highly flexible machine with complicated
physics (Wilson, 2004). A bicycles design involves facing a number of non-trivial technical
challenges that have been solved in a huge variety of ways at different times and places during
the history of this industry.
While bicycles have been around for a while and we are all quite familiar with this product,
modern bicycles are fairly different from earlier models. The first documented attempt to design
and build a bicycle was performed by Karl von Drais, an employee of the University of
Heidelberg in Germany, at the beginning of the 19th century. 1 The draisine could be ridden as a
modern bicycle but had no pedals or chains and the vehicle was propelled directly by the riders
legs. The frame and wheels were made of wood and there were no tires, but the draisine could be
driven through a steering device anticipating the modern handlebar.
In .
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a unilateral contract has been created.
a bilateral contract has been created.
a voidable contract has been created..
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1. of metamorphic rock tells when the high temperatures of metamorphism cooled below the
closure temperatures of the minerals involved.
2. can begin only when the rocks cool enough to lock the isotope into the crystal lattice.
3. can be used only if there is some hydrogen present in the rock.
4. can be used only if there is some hydrogen present in the rock..
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LAND USE LAND COVER AND NDVI OF MIRZAPUR DISTRICT, UP
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significant role in maintaining the ecological equilibrium of our planet.Land serves as the foundation for all human activities and provides the necessary materials for
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'Land uses,' which are determined by both human activities and the physical characteristics of the
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The utilization of land is impacted by human needs and environmental factors. In countries
like India, rapid population growth and the emphasis on extensive resource exploitation can lead
to significant land degradation, adversely affecting the region's land cover.
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centuries, evolving its structure over time and space. In the present era, these changes have
accelerated due to factors such as agriculture and urbanization. Information regarding land use and
cover is essential for various planning and management tasks related to the Earth's surface,
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Accurate understanding of land use and cover is imperative for the development planning
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cover support policymakers and scientists in making well-informed decisions, as alterations in
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Changes in vegetation cover refer to variations in the distribution, composition, and overall
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Chapter wise All Notes of First year Basic Civil Engineering.pptx
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Syllabus
Chapter-1
Introduction to objective, scope and outcome the subject
Chapter 2
Introduction: Scope and Specialization of Civil Engineering, Role of civil Engineer in Society, Impact of infrastructural development on economy of country.
Chapter 3
Surveying: Object Principles & Types of Surveying; Site Plans, Plans & Maps; Scales & Unit of different Measurements.
Linear Measurements: Instruments used. Linear Measurement by Tape, Ranging out Survey Lines and overcoming Obstructions; Measurements on sloping ground; Tape corrections, conventional symbols. Angular Measurements: Instruments used; Introduction to Compass Surveying, Bearings and Longitude & Latitude of a Line, Introduction to total station.
Levelling: Instrument used Object of levelling, Methods of levelling in brief, and Contour maps.
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Chapter 5
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Chapter 6
Environmental Engineering: Environmental Pollution, Environmental Acts and Regulations, Functional Concepts of Ecology, Basics of Species, Biodiversity, Ecosystem, Hydrological Cycle; Chemical Cycles: Carbon, Nitrogen & Phosphorus; Energy Flow in Ecosystems.
Water Pollution: Water Quality standards, Introduction to Treatment & Disposal of Waste Water. Reuse and Saving of Water, Rain Water Harvesting. Solid Waste Management: Classification of Solid Waste, Collection, Transportation and Disposal of Solid. Recycling of Solid Waste: Energy Recovery, Sanitary Landfill, On-Site Sanitation. Air & Noise Pollution: Primary and Secondary air pollutants, Harmful effects of Air Pollution, Control of Air Pollution. . Noise Pollution Harmful Effects of noise pollution, control of noise pollution, Global warming & Climate Change, Ozone depletion, Greenhouse effect
Text Books:
1. Palancharmy, Basic Civil Engineering, McGraw Hill publishers.
2. Satheesh Gopi, Basic Civil Engineering, Pearson Publishers.
3. Ketki Rangwala Dalal, Essentials of Civil Engineering, Charotar Publishing House.
4. BCP, Surveying volume 1
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- 1. In 2023, Culebra City created a special revenue fund to help to help create transportation for citizens. No budget is recorded in this fund. Only prepared alt transaction for Special Revenue Fund. Beginning Balance $200,000 in cash and Fund Balance Beginning for $200,000. a. During the first year of special revenue fund operations revenues from the transportation services totaled $998,000. Of this amount, $900,000 has been received is cash and the remainder will be received within 60 days of the end of the fiscal yeon for the grant; do not reimbursement this fund to the Transportation Department b. During the year, the Culebra City signed contract for transportation for $500,000. c During the year, Puerto Rico Island notified the Culebra City that $990,000 for this special revenue fund. Puerto Rico Island (general fund) assigned the grant (second grant) for uses the transportation special revenues fund; the grant is a cost reimbursement arrangement. d. Received invoice for transactions b for $500,000, of which 50% was paid in cash. e. Expenditures salaries for $400,000 was recorded, of this amount $120,000 was paid and the different record in salaries payable. f. Record other expenditures for $400,000 on account. (Culebra City do not paid other expenditures) 9. Received another cash for transaction a. h. Received $700,000 in cash of the Puerto Rico Island (General Fund) (record in other revenues). i. Paid all payable. j. Receives cash for the second grant (transaction c). Instructions: 1. Prepare the journal entries for transaction occurred in the Special Revenues Funds of Culebra City (above). 2. Prepare the closing entries for year ended. 3. What is the ending balance of the cash? 4. Prepare the Statement of Revenues, Expenditures and Changes in Fund Balance for the Special Revenues Fund for Transportation for the fiscal year ended June 30, 2023.