The Hills City maintains a Water and Sewer Fund to provide utility s.pdf
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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. (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.
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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..
Assume that the City of Coyote has produced its financial statements f.pdf
Assume that the City of Coyote has produced its financial statements for December 31, 2020,
and the year then ended. The city's general fund was only used to monitor education and parks.
Its capital projects funds worked in connection with each of these functions at times during the
currentyear. The city also maintained an enterprise fund to account for its art museum. The
government-wide financlal statements provide the following figures: - Education reports net
expenses of $740 , 000 . - Parks reports net expenses of $130 , 000 . - Art museum reports net
revenues of $58 , 000 . - General government revenues for the year were $1 , 015 , 000 with an
overall increase in the city's net position of $203 , 000 . The fund financial statements provide
the following for the entire year. - The general fund reports a $33 , 250 increase in its fund
belance. - The capital projects fund reports a $63 , 250 increase in its fund balance. - The
enterprise fund reports a $75 , 750 increase in its net position. The city asks the CPA firm of
Abernethy and Chapman to examine several transactions that occurred during 2020 and indicate
how to correct any erroneous reporting. Officials also want to know the effect of each error.
View each of the following situations as independent. In 2020, the City of Coyote received a
$375 , 000 cash grant from the state to reduce air pollution. Assume that although a special
revenue fund could have been set up, the money remained in the general fund. Cash was recelved
immediately but had to be returned if the city had not lowered air pollution by 25 percent by
2020 . On December 31, 2020, Coyote spent $256 , 000 of this money for a large machine to
help begin the process of reducing alr pollution. The machine is expected to last for five years
and was recorded as an expenditure in the general fund and as an asset on the government wide
financial statements where it was depreciated based on the straight-line method and the half-year
convention. Becouse the money had been received, all $375 , 000 was recorded as a revenue on
both the fund and the government-wide financial statements. a. What was the correct change for
2020 in the total fund balance reported by the general fund? b. What was the correct overall
change in the net position reported on the government-wide financial statements?.
Assume that the City of Coyote has produced its financial statements f.pdf
Assume that the City of Coyote has produced its financial statements for December 31, 2020,
and the year then ended. The city's general fund was only used to monitor education and parks.
Its capital projects funds worked in connection with each of these functions at times during the
currentyear. The city also maintained an enterprise fund to account for its art museum. The
government-wide financlal statements provide the following figures: - Education reports net
expenses of $740 , 000 . - Parks reports net expenses of $130 , 000 . - Art museum reports net
revenues of $58 , 000 . - General government revenues for the year were $1 , 015 , 000 with an
overall increase in the city's net position of $203 , 000 . The fund financial statements provide
the following for the entire year. - The general fund reports a $33 , 250 increase in its fund
belance. - The capital projects fund reports a $63 , 250 increase in its fund balance. - The
enterprise fund reports a $75 , 750 increase in its net position. The city asks the CPA firm of
Abernethy and Chapman to examine several transactions that occurred during 2020 and indicate
how to correct any erroneous reporting. Officials also want to know the effect of each error.
View each of the following situations as independent. In 2020, the City of Coyote received a
$375 , 000 cash grant from the state to reduce air pollution. Assume that although a special
revenue fund could have been set up, the money remained in the general fund. Cash was recelved
immediately but had to be returned if the city had not lowered air pollution by 25 percent by
2020 . On December 31, 2020, Coyote spent $256 , 000 of this money for a large machine to
help begin the process of reducing alr pollution. The machine is expected to last for five years
and was recorded as an expenditure in the general fund and as an asset on the government wide
financial statements where it was depreciated based on the straight-line method and the half-year
convention. Becouse the money had been received, all $375 , 000 was recorded as a revenue on
both the fund and the government-wide financial statements. a. What was the correct change for
2020 in the total fund balance reported by the general fund? b. What was the correct overall
change in the net position reported on the government-wide financial statements?.
Internal Service Funds - Journal EntriesRequired Book journal en.pdf
Internal Service Funds - Journal Entries
Required: Book journal entries for the following transactions for both the Supplies Fund and the
Government-Wide.
Background: In the fiscal year of 2022 the Town of Susanville, upon the approval of the town
council, created an internal service fund to centralize the purchasing, storing, and issuing
functions.
1. In order to provide cash to be used for acquisition of a building and equipment needed to
handle the Supply Fund efficiently, the towns Water Utility Fund provides a long-term, interest-
free interfund loan of $130,000 to the Supply Fund which will be repaid in 20 equal annual
installments. The entry to record the loan is as follows:
Supplies Fund:
Government-Wide:
2. During 2022, supplies are received and related invoices are approved for payment in the
amount of $192,600:
Supplies Fund:
Government-Wide:
3. The budget for the Town of Susanvilles Supplies Fund indicates a 35% markup on the cost
for all supplies issued. The Supply Fund issues supplies costing $185,000 to the General Fund
which will be considered to be allocated and used to departments as follows: General
Government $9,885; Public Safety $54,889; Public Works $99,448; Culture and Recreation
$17,741; Health and Welfare $3,037:
Supplies Fund:
Government-Wide:
4. Collections of payment from the General Fund totaled $249,750 for 2020. The journal entry
is as follows:
Supplies Fund:
Government-Wide:.
Acct 567 final exam solutions 100% correct answers
Acct 567 final exam solutions 100% correct answers
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..
Assume that the City of Coyote has produced its financial statements f.pdf
Assume that the City of Coyote has produced its financial statements for December 31, 2020,
and the year then ended. The city's general fund was only used to monitor education and parks.
Its capital projects funds worked in connection with each of these functions at times during the
currentyear. The city also maintained an enterprise fund to account for its art museum. The
government-wide financlal statements provide the following figures: - Education reports net
expenses of $740 , 000 . - Parks reports net expenses of $130 , 000 . - Art museum reports net
revenues of $58 , 000 . - General government revenues for the year were $1 , 015 , 000 with an
overall increase in the city's net position of $203 , 000 . The fund financial statements provide
the following for the entire year. - The general fund reports a $33 , 250 increase in its fund
belance. - The capital projects fund reports a $63 , 250 increase in its fund balance. - The
enterprise fund reports a $75 , 750 increase in its net position. The city asks the CPA firm of
Abernethy and Chapman to examine several transactions that occurred during 2020 and indicate
how to correct any erroneous reporting. Officials also want to know the effect of each error.
View each of the following situations as independent. In 2020, the City of Coyote received a
$375 , 000 cash grant from the state to reduce air pollution. Assume that although a special
revenue fund could have been set up, the money remained in the general fund. Cash was recelved
immediately but had to be returned if the city had not lowered air pollution by 25 percent by
2020 . On December 31, 2020, Coyote spent $256 , 000 of this money for a large machine to
help begin the process of reducing alr pollution. The machine is expected to last for five years
and was recorded as an expenditure in the general fund and as an asset on the government wide
financial statements where it was depreciated based on the straight-line method and the half-year
convention. Becouse the money had been received, all $375 , 000 was recorded as a revenue on
both the fund and the government-wide financial statements. a. What was the correct change for
2020 in the total fund balance reported by the general fund? b. What was the correct overall
change in the net position reported on the government-wide financial statements?.
Assume that the City of Coyote has produced its financial statements f.pdf
Assume that the City of Coyote has produced its financial statements for December 31, 2020,
and the year then ended. The city's general fund was only used to monitor education and parks.
Its capital projects funds worked in connection with each of these functions at times during the
currentyear. The city also maintained an enterprise fund to account for its art museum. The
government-wide financlal statements provide the following figures: - Education reports net
expenses of $740 , 000 . - Parks reports net expenses of $130 , 000 . - Art museum reports net
revenues of $58 , 000 . - General government revenues for the year were $1 , 015 , 000 with an
overall increase in the city's net position of $203 , 000 . The fund financial statements provide
the following for the entire year. - The general fund reports a $33 , 250 increase in its fund
belance. - The capital projects fund reports a $63 , 250 increase in its fund balance. - The
enterprise fund reports a $75 , 750 increase in its net position. The city asks the CPA firm of
Abernethy and Chapman to examine several transactions that occurred during 2020 and indicate
how to correct any erroneous reporting. Officials also want to know the effect of each error.
View each of the following situations as independent. In 2020, the City of Coyote received a
$375 , 000 cash grant from the state to reduce air pollution. Assume that although a special
revenue fund could have been set up, the money remained in the general fund. Cash was recelved
immediately but had to be returned if the city had not lowered air pollution by 25 percent by
2020 . On December 31, 2020, Coyote spent $256 , 000 of this money for a large machine to
help begin the process of reducing alr pollution. The machine is expected to last for five years
and was recorded as an expenditure in the general fund and as an asset on the government wide
financial statements where it was depreciated based on the straight-line method and the half-year
convention. Becouse the money had been received, all $375 , 000 was recorded as a revenue on
both the fund and the government-wide financial statements. a. What was the correct change for
2020 in the total fund balance reported by the general fund? b. What was the correct overall
change in the net position reported on the government-wide financial statements?.
Internal Service Funds - Journal EntriesRequired Book journal en.pdf
Internal Service Funds - Journal Entries
Required: Book journal entries for the following transactions for both the Supplies Fund and the
Government-Wide.
Background: In the fiscal year of 2022 the Town of Susanville, upon the approval of the town
council, created an internal service fund to centralize the purchasing, storing, and issuing
functions.
1. In order to provide cash to be used for acquisition of a building and equipment needed to
handle the Supply Fund efficiently, the towns Water Utility Fund provides a long-term, interest-
free interfund loan of $130,000 to the Supply Fund which will be repaid in 20 equal annual
installments. The entry to record the loan is as follows:
Supplies Fund:
Government-Wide:
2. During 2022, supplies are received and related invoices are approved for payment in the
amount of $192,600:
Supplies Fund:
Government-Wide:
3. The budget for the Town of Susanvilles Supplies Fund indicates a 35% markup on the cost
for all supplies issued. The Supply Fund issues supplies costing $185,000 to the General Fund
which will be considered to be allocated and used to departments as follows: General
Government $9,885; Public Safety $54,889; Public Works $99,448; Culture and Recreation
$17,741; Health and Welfare $3,037:
Supplies Fund:
Government-Wide:
4. Collections of payment from the General Fund totaled $249,750 for 2020. The journal entry
is as follows:
Supplies Fund:
Government-Wide:.
Acct 567 final exam solutions 100% correct answers
Acct 567 final exam solutions 100% correct answers
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.
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 City of Tuffy is the trustee and custodian for cash collected from.pdf
The City of Tuffy is the trustee and custodian for cash collected from fees charged by a local
nonprofit cemetery association. The fees are paid by individuals and are dedicated for cemetery
plot maintenance for these individuals based on benefit terms enumerated in the trust. The
activity is administered through the Cemetery Care Private-Purpose Trust, which has its own
board of directors. The following transactions and events occurred in the Trust Fund during the
year. 1. Fees of $28,000 are collected. 2. Some of the cash collected ( $20,000) is invested in a
certificate of deposit (CD). 3. A lawn care company is paid $3,000 for cemetery plot
maintenance. 4. An accountant is paid $1,000 for bookkeeping services. 5. The CD matures with
interest earnings of $800. 6. A new CD in the amount of $20,000 is purchased. 7. The lawn care
company is owed an additional $1,000 for cemetery plot maintenance performed in 2022. a)
Prepare the journal entries necessary to record the above listed transactions on the books of the
Cemetery Care Private-Purpose Trust Fund. If an entry affects more than one debit or credit
account, enter the accounts in order of magnitude (largest to smallest balances), debits first..
FAC 2122Assignment Due Date April 24, 2019Instructions An.docx
FAC 2122
Assignment
Due Date: April 24, 2019
Instructions : Answer all questions
Question 1
Arcade Corporation's balance sheet and income statement appear below:
Income Statement
Sales
$723
Cost of goods sold
453
Gross margin
270
Selling and administrative expenses
163
Income before income taxes
107
Income tax expense
32
Net income
$75
Balance Sheet
Ending Balance
Beginning Balance
Cash
$42
$36
Debtors
77
80
Inventories
54
58
Plant and equipment
581
480
less: accumulated depreciation
(318)
(294)
Total Assets
$436
$360
creditors
$23
$28
Bonds payable
293
270
Common stock
61
60
Retained earnings
59
2
Total liabilities and equity
$436
$360
The company did not dispose of any property, plant, and equipment, retire any bonds payable, or repurchase any of its own common stock during the year. The company declared and paid a cash dividend of $18.
Required: Prepare a statement of cash flow . (10 marks)
Question 2
Comparative Balance Sheet
Shiner Corporation
Assets
Dec 31, 1996
Dec 31, 1995
Cash
$37,000
$49,000
Accounts Receivable
$26,000
$36,000
Prepaid Expenses
$6,000
$0
Land
$70,000
$0
Building
$200,000
$0
Accumulated Depreciation
$11,000
$189,000
$0
Equipment
$68,000
$0
Accumulated Depreciation
$10,000
$58,000
$0
Total Assets
$386,000
$85,000
Liabilities and Stockholder Equity
Accounts Payable
$40,000
$5,000
Bonds Payable
$150,000
$0
Common Stock
$60,000
$0
Retained Earnings
$136,000
$20,000
Total Liabilities and Stockholder Equity
$386,000
$85,000
Income Statement
Shiner Corporation
Revenue
$492,000
Operating Expenses
$269,000
Depreciation
$21,000
$290,000
Income before Income Taxes
$202,000
Income Tax Expense
$68,000
Net Income
$134,000
Additional information:
1. During the year Shiner Corporation paid dividends of $18,000.
2. Shiner also issued $150,000 in bonds.
Copy and complete the statement below: (15 marks)
Statement of Cash Flows
Cash Flow from Operating Activities
Net Income
Adjustments to reconcile net income to net cash
Depreciation
Accts Receivable decrease
Prepaid Expense increase
Accts Payable Increase
Net cash provided from Operating Activities
Investing Activities
Land Purchase
Building Purchase
Equipment Purchase
Financing Activities
Dividend payment to shareholders
Issuance of Bonds Payable
Net Decrease in Cash
Cash Jan 1, 1996
Cash Dec 31, 1996
Question 3
Caribbean Distributors
Balance Sheet for
Assets20102009
Cash 191 000 159 000
Debtors/Accounts Receivables 12 000 15 000
Stock/Inventory 170 000 160 000
Prepaid expenses 6 000 8 000
Land 140 000 80 000
Equipment 160 000 0
Accumulated depreciation – equipment (16 000) 0
Total 663 000 422 000
Liabilities and Shareholders Equity
Trade creditors/Accounts Payable 52 000 60 000
Accrued expenses payable/owing 15 000 20 000
Income tax .
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.
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.
1) AccountingA. processes data into reports and communicates t.docx
1) Accounting:
A. processes data into reports and communicates the data to decision makers.
B. is often called the language of business.
C. measures business activities.
D. is all of the above.
2) Assets include cash, land, and accounts payable.
True
False
3) A prepaid expense is an asset.
True
False
4) The primary objective of financial reporting is to provide information
A. on the cash flows of the company.
B. to the federal government.
C. useful for making investment and credit decisions.
D. about the profitability of the enterprise.
5) Each transaction has either an equal effect on both the left - and right- sides of the accounting equation, or an offsetting effect (both positive and negative) on the same side of the equation.
True
False
6) During February, assets increased by $ 87,000 and liabilities increased by $ 31,000. Stockholders' equity must have
A. increased by $ 56,000.
B. decreased by $ 56,000.
C. increased by $ 118,000.
D. decreased by $ 118,000
7) Thompson Instruments had retained earnings of $ 340,000 at December 31, 2015.
Net income for 2016 totaled $ 185,000, and dividends for 2016 were $ 85,000.
How much retained earnings should Thompson report at December 31, 2016?
A. $ 425,000
B. $ 340,000
C. $ 525,000
D. $ 440,000
8) Purchasing a laptop computer on account will
A. increase total assets.
B. have no effect on stockholders' equity.
C. increase total liabilities.
D. All of the listed choices are correct.
9) Performing a service on account will
A. increase total assets.
B. increase stockholders' equity.
C. increase total liabilities.
D. accomplish both a and b.
10) Receiving cash from a customer on account will
A. decrease liabilities.
B. have no effect on total assets.
C. increase stockholders' equity.
D. increase total assets.
11) Which of the following is not an asset account?
A. Salary Expense
B. Common Stock
C. Service Revenue
D. None of the listed accounts is an asset.
12) The journal entry to record the purchase of supplies on account
A. debits Supplies Expense and credits Supplies.
B. credits Supplies and debits Cash.
C. credits Supplies and debits Accounts Payable.
D. debits Supplies and credits Accounts Payable.
13) On January 1 of the current year, Bambi Company paid $ 1,500 in rent to cover six months
(January long dash June). Bambi recorded this transaction as follows:
Journal Entry
Date
Accounts
Debit
Credit
Jan
1
Prepaid Rent
1,500
Cash
1,500
Bambi adjusts the accounts at the end of each month. Based on these facts, the adjusting entry at the end of January should include
A. a debit to Prepaid Rent for $ 1,250.
B. a credit to Prepaid Rent for $ 250.
C. a debit to Prepaid Rent for $ 250.
D. a credit to Prepaid Rent for $ 1,250.
14) On January 1 of the current year, Bamber Company paid $ 1,500 in rent to cover six months (January - June). Bamber recorded this transaction as follows:
Journal Entry
Date
Accounts
Debit
Credit
Jan
1
Prepaid Rent
1,500
Cash
1,5.
Accounting Help Needed by 1010Displaying messages 1 - 3 of 3P.docx
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2015-10-09 17:20
Hi Can you do this? $40.
Floppy Company's December 31, 2014 trial balance is as follows:
Floppy Corporation
Trial Balance
December 31, 2014
Account
Debit
Credit
Cash
$43,500
Accounts Receivable
53,500
Allowance for Doubtful Accounts
1,500
Notes Receivable
30,000
Merchandise Inventory
55,000
Land
20,000
Building
150,000
Accumulated Depreciation, Building
$15,000
Equipment
50,000
Accumulated Depreciation, Equipment
21,000
Goodwill
26,000
Accounts Payable
25,000
Long Term Notes Payable
75,000
Common Stock, $10 par, 2,000 shares authorized & outstanding
20,000
Retained Earnings
147,000
Sales Revenue
700,000
Salaries Expense
150,000
Utilities Expense
3,500
Cost of Goods Sold
350,000
Administrative Expenses
55,000
Sales Expenses
15,000
_______
Totals
$1,003,000
$1,003,000
Floppy is a small company and records adjusting entries & closing entries only at fiscal (calendar) year end. Correcting and adjusting entries have not been recorded.
Additional Information:
a. Notes Receivable is a 3-months, 6% note accepted on November 1, 2014.
b. Long Term Notes Payable is a 5-year, 5% note, that was signed on July 1, 2014. Interest is payable annually.
c. Building is depreciated at 3% per year. There is no salvage value.
d. Equipment is depreciated at 15% year. There is no salvage value.
e. Floppy discovered, on December 30
th
, that the inexperienced bookkeeper recorded in the general journal and general ledger that day's $1,500 cash sales as a debit to Accounts Receivable and a credit to Sales Revenue.
f. The year-end physical count for Merchandise Inventory reflected a value of $51,500. Any difference in value will not be considered theft or loss.
g. Salaries for the last half of December, payable in January, amount to $5,500.
h. Floppy estimates that of the Accounts Receivable 5% will not be collectable.
Required:
a. Prepare in journal form, any required correcting entries
b. Prepare in journal form, all end-of-the period adjusting entries
c. Prepare a December adjusted trial balance
d. Prepare a classified balance sheet for the year ended December 31, 2014
e. Prepare in journal form, the closing entries for the year ended December 31, 2014
Floppy uses the period method and had the following inventory events during January:
Date
Units Purchased
Unit Cost
Date
Units Sold
Unit Sales Price
Jan. 1
150
$7.00
Jan. 2
100
$10.00
Jan. 5
225
7.20
Jan. 7
125
10.00
Jan. 10
100
7.50
Jan. 12
75
12.00
Jan. 15
150
7.80
Jan. 17
200
12.50
Jan. 20
200
7.95
Jan. 24
150
15.00
Jan. 25
150
8.00
Jan. 30
75
8.20
Note:
January 1 amount was the beginning inventory and unit value.
(Round all total dollar values to the nearest dollar. Round all unit values to the nearest penny.)
Required:
a. Calculate cost of goods available for sale.
b. Calculate the dollar v.
ACC 300 Final Exam answers 2015 version
ACC 300 Final Exam Answers
1) Which of the following statements is true?
only when operating conditions change significantly.
B. An unqualified independent auditor’s report must be included in the annual report.
because that information is only for internal users.
shareholders even when financial results are positive.
2) Notes to the financial statements include which of the following:
A. An independent auditors report.
B. Explanations of uncertainties.
C. Short-form Income Statement
D. Subsidiary ledger for Accounts Receivable
3) Which of the following financial statements is divided into major categories of
operating, investing, and financing activities?
A. The income statement.
B. The balance sheet.
C. The retained earnings statement.
D. The statement of cash flows.
4) If the retained earnings account increases from the beginning of the year to the
end of the year, then
A. net income is less than dividends.
B. a net loss is less than dividend
ACC 300 Final Exam answers 2015 version
ACC 300 Final Exam Answers
1) Which of the following statements is true?
only when operating conditions change significantly.
B. An unqualified independent auditor’s report must be included in the annual report.
because that information is only for internal users.
shareholders even when financial results are positive.
2) Notes to the financial statements include which of the following:
A. An independent auditors report.
B. Explanations of uncertainties.
C. Short-form Income Statement
D. Subsidiary ledger for Accounts Receivable
3) Which of the following financial statements is divided into major categories of
operating, investing, and financing activities?
A. The income statement.
B. The balance sheet.
C. The retained earnings statement.
D. The statement of cash flows.
4) If the retained earnings account increases from the beginning of the year to the
end of the year, then
A. net income is less than dividends.
B. a net loss is less than dividend
THE PRISON SERVICE The prison service provides an excellent exampl.pdf
THE PRISON SERVICE
The prison service provides an excellent example of the complexity of stakeholder requirements,
to
some extent reflecting the mixed task it faces.
Society requires the service to carry out potentially conflicting activities:
to ensure that dangerous criminals are locked up for the safety of society
to provide a regime that will punish wrongdoers as a means of payment for their crimes
to support inmates, providing counselling and training to rehabilitate and reform them, to
reduce
the likelihood of re- offending.
The principal stakeholders and their requirements are as follows:
Government ministers with responsibility for the prison service will be concerned to fulfil
manifesto promises while meeting spending targets. At the same time they will be concerned
about
stories of prisoner escapes or drug abuse that may be damaging to their personal reputation,
possibly forcing their resignation.
Prison governors will seek to provide an appropriate environment for inmates, while keeping to
strict operating budgets.
Prison officers will be concerned to strike a balance between building a rapport with inmates
and
enforcing discipline.
Offenders will have a wide range of requirements depending on the nature of the offence,
length
of term, desire to change, and so on.
Families of offenders may wish to maintain contact with inmates.
Members of society want to feel safe from criminals but will also believe that some help should
be
provided for those who wish to reform. The relationships between these stakeholder groups are
often complex. Clearly, politicians ultimately report to those who elect them, including prison
officers and families of offenders. Prison governors, with hopes of career advancement, may
feel
that they must satisfy the demands of the current party in power, which may be at odds with the
requirements of other groups.
QUESTION
1.Offer a theory-driven analysis of the case, identifying factors and possibly underlying key
issues (implications).
The primary risk of doing nothing to deal with the effects of inbree.pdf
The primary risk of doing nothing to deal with the effects of inbreeding in a conservation context
is that:
A. Local adaptations might be lost.
B. Migrants could introduce deleterious alleles.
C. If a population purges its deleterious alleles, it may eventually overshoot its carrying capacity.
D. Reduced fitness may drive the population to extinction before it has an opportunity to recover..
The primary benefit of introducing new individuals to a small, inbre.pdf
The primary benefit of introducing new individuals to a small, inbred population is that:
A. It decreases inbreeding and the frequency at which deleterious recessive alleles are expressed.
B. It decreases the strength of selection against deleterious alleles.
C. It increases the population size.
D. It introduces novel beneficial alleles to the population..
The population proportion is 0.20. What is the probability that a sa.pdf
The population proportion is 0.20. What is the probability that a sample proportion will be within
0.04 of the population proportion for each of the following sample sizes? (Round your answers
to 4 decimal places.)
(a)
n = 100
(b)
n = 200
(c)
n = 500
(d)
n = 1,000.
The postoperative care nurse is reviewing the patient�s preoperative.pdf
The postoperative care nurse is reviewing the patients preoperative medical record. Identify the
items that are most concerning during the postoperative period. Select all that
Alcohol consumption
Weight
Diabetes mellitus
No bowel movement for 2 days
ED admission pain of 10 out of 10
Temperature
Blood pressure
Anemia
WBCs
Platelet count.
The plainfield Company has a long-term debt ratio of (i.e the ratio .pdf
The plainfield Company has a long-term debt ratio of (i.e the ratio of long term debt to long term
debt + equity) of .39. and a current ratio of 1.31. Current liablities are $2,415 sales are $10,525,
profit margin is 11 % and ROE is 16%. What is the amount of the firm's Net Fixed Assets? ? (Do
not round or intermediate calculations and round your answers to 2 decimal places, e.g 32.16).
The patient fell and twisted her right ankle. She is diagnosed with .pdf
The patient fell and twisted her right ankle. She is diagnosed with a medial malleolar fracture. In
the operating room, the surgeon makes an incision over the fracture site and first removes a
superficial fixation device (a pin) that had been placed in the patient's tibia twenty years ago
when she fractured her leg in an old injury. Then the surgeon realigns the fractured medial
malleolus and fixes it in place with screws. Assign the appropriate procedure code(s). Also
assign the appropriate modifier(s) to indicate the side of the body the procedure was done on..
The organizational context for this change was a large mental health.pdf
The organizational context for this change was a large mental health and development services
agency, serving the lifespan (infants to seniors) of the client population. It covered a large urban
and rural region, and multiple office sites. The organization was government-funded by several
health and social service ministries and was facing increasing accountability to provide detailed
quarterly and annual financial and service reports. The organization collaborated with a wide
range of community service partners, such as healthcare, education, justice, child welfare,
employment, and housing. This was a traditional organization with a hierarchical structure and
culture, and well-established policies and procedures (OConnor & Netting, 2009). It was
governed by a board of directors from the professional community. The senior leadership team
included an executive director, a director of clinical services, and a director of operations. The
middle management team consisted of program managers and clinical supervisors for each area
(developmental, childrens, adult and seniors mental health). There were interdisciplinary teams
for each area (20 staff each), with ranging professional capacities: mental health workers
(masters level social workers/therapists), family support workers (child and youth workers),
crisis workers (nurses, social workers), developmental service workers (BA level), consulting
psychologists and psychiatrists. This organization had undergone continuous changes, including
a merger, multiple program expansions, and team/service restructuring. There was a new
executive director and director of service, who were both inexperienced in these positions. These
directors introduced a new mission, vision, values, and strategic directions for the organization,
including staff empowerment and the creation of self-directed teams. An external consultant
trained all staff on having difficult conversations with one another, to increase staffs sense of
safety and comfort in providing feedback to the organization. This initiative was not followed
through, and staff feedback indicated they were feeling dissatisfied and mistrustful of
management. Specifically, they requested improved communication and more involvement in
decision-making. Organizational Issue The executive director and director of service decided to
introduce a rapid shift in childrens services. First, the childrens mental health (CMHS) staff and
the developmental services (DS) staff were integrated under the DS manager, who became the
childrens services (CS) manager. This CS manager was new to the supervisors and staff in
CMHS, and this change coincided with the departure of the long-time CMHS manager. Second,
the CMHS team was changed to a self directed team model. This change was based on a pilot
project with DS staff, where a self-directed team format had been introduced. These changes
were undertaken quickly, over a two-month period. Supervisors roles were changed significantly.
The orbital speed of the material in the solar nebula at Plutos ave.pdf
The orbital speed of the material in the solar nebula at Pluto's average distance from the Sun is
about 5 km/s .What was the orbital speed of this material when it was 24,000 AU from the Sun
(before it fell inward with the collapse of the nebula)? Use the law of conservation of angular
momentum.
Express your answer to two significant figures and include the appropriate units..
More Related Content
Similar to 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
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.
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 City of Tuffy is the trustee and custodian for cash collected from.pdf
The City of Tuffy is the trustee and custodian for cash collected from fees charged by a local
nonprofit cemetery association. The fees are paid by individuals and are dedicated for cemetery
plot maintenance for these individuals based on benefit terms enumerated in the trust. The
activity is administered through the Cemetery Care Private-Purpose Trust, which has its own
board of directors. The following transactions and events occurred in the Trust Fund during the
year. 1. Fees of $28,000 are collected. 2. Some of the cash collected ( $20,000) is invested in a
certificate of deposit (CD). 3. A lawn care company is paid $3,000 for cemetery plot
maintenance. 4. An accountant is paid $1,000 for bookkeeping services. 5. The CD matures with
interest earnings of $800. 6. A new CD in the amount of $20,000 is purchased. 7. The lawn care
company is owed an additional $1,000 for cemetery plot maintenance performed in 2022. a)
Prepare the journal entries necessary to record the above listed transactions on the books of the
Cemetery Care Private-Purpose Trust Fund. If an entry affects more than one debit or credit
account, enter the accounts in order of magnitude (largest to smallest balances), debits first..
FAC 2122Assignment Due Date April 24, 2019Instructions An.docx
FAC 2122
Assignment
Due Date: April 24, 2019
Instructions : Answer all questions
Question 1
Arcade Corporation's balance sheet and income statement appear below:
Income Statement
Sales
$723
Cost of goods sold
453
Gross margin
270
Selling and administrative expenses
163
Income before income taxes
107
Income tax expense
32
Net income
$75
Balance Sheet
Ending Balance
Beginning Balance
Cash
$42
$36
Debtors
77
80
Inventories
54
58
Plant and equipment
581
480
less: accumulated depreciation
(318)
(294)
Total Assets
$436
$360
creditors
$23
$28
Bonds payable
293
270
Common stock
61
60
Retained earnings
59
2
Total liabilities and equity
$436
$360
The company did not dispose of any property, plant, and equipment, retire any bonds payable, or repurchase any of its own common stock during the year. The company declared and paid a cash dividend of $18.
Required: Prepare a statement of cash flow . (10 marks)
Question 2
Comparative Balance Sheet
Shiner Corporation
Assets
Dec 31, 1996
Dec 31, 1995
Cash
$37,000
$49,000
Accounts Receivable
$26,000
$36,000
Prepaid Expenses
$6,000
$0
Land
$70,000
$0
Building
$200,000
$0
Accumulated Depreciation
$11,000
$189,000
$0
Equipment
$68,000
$0
Accumulated Depreciation
$10,000
$58,000
$0
Total Assets
$386,000
$85,000
Liabilities and Stockholder Equity
Accounts Payable
$40,000
$5,000
Bonds Payable
$150,000
$0
Common Stock
$60,000
$0
Retained Earnings
$136,000
$20,000
Total Liabilities and Stockholder Equity
$386,000
$85,000
Income Statement
Shiner Corporation
Revenue
$492,000
Operating Expenses
$269,000
Depreciation
$21,000
$290,000
Income before Income Taxes
$202,000
Income Tax Expense
$68,000
Net Income
$134,000
Additional information:
1. During the year Shiner Corporation paid dividends of $18,000.
2. Shiner also issued $150,000 in bonds.
Copy and complete the statement below: (15 marks)
Statement of Cash Flows
Cash Flow from Operating Activities
Net Income
Adjustments to reconcile net income to net cash
Depreciation
Accts Receivable decrease
Prepaid Expense increase
Accts Payable Increase
Net cash provided from Operating Activities
Investing Activities
Land Purchase
Building Purchase
Equipment Purchase
Financing Activities
Dividend payment to shareholders
Issuance of Bonds Payable
Net Decrease in Cash
Cash Jan 1, 1996
Cash Dec 31, 1996
Question 3
Caribbean Distributors
Balance Sheet for
Assets20102009
Cash 191 000 159 000
Debtors/Accounts Receivables 12 000 15 000
Stock/Inventory 170 000 160 000
Prepaid expenses 6 000 8 000
Land 140 000 80 000
Equipment 160 000 0
Accumulated depreciation – equipment (16 000) 0
Total 663 000 422 000
Liabilities and Shareholders Equity
Trade creditors/Accounts Payable 52 000 60 000
Accrued expenses payable/owing 15 000 20 000
Income tax .
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.
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.
1) AccountingA. processes data into reports and communicates t.docx
1) Accounting:
A. processes data into reports and communicates the data to decision makers.
B. is often called the language of business.
C. measures business activities.
D. is all of the above.
2) Assets include cash, land, and accounts payable.
True
False
3) A prepaid expense is an asset.
True
False
4) The primary objective of financial reporting is to provide information
A. on the cash flows of the company.
B. to the federal government.
C. useful for making investment and credit decisions.
D. about the profitability of the enterprise.
5) Each transaction has either an equal effect on both the left - and right- sides of the accounting equation, or an offsetting effect (both positive and negative) on the same side of the equation.
True
False
6) During February, assets increased by $ 87,000 and liabilities increased by $ 31,000. Stockholders' equity must have
A. increased by $ 56,000.
B. decreased by $ 56,000.
C. increased by $ 118,000.
D. decreased by $ 118,000
7) Thompson Instruments had retained earnings of $ 340,000 at December 31, 2015.
Net income for 2016 totaled $ 185,000, and dividends for 2016 were $ 85,000.
How much retained earnings should Thompson report at December 31, 2016?
A. $ 425,000
B. $ 340,000
C. $ 525,000
D. $ 440,000
8) Purchasing a laptop computer on account will
A. increase total assets.
B. have no effect on stockholders' equity.
C. increase total liabilities.
D. All of the listed choices are correct.
9) Performing a service on account will
A. increase total assets.
B. increase stockholders' equity.
C. increase total liabilities.
D. accomplish both a and b.
10) Receiving cash from a customer on account will
A. decrease liabilities.
B. have no effect on total assets.
C. increase stockholders' equity.
D. increase total assets.
11) Which of the following is not an asset account?
A. Salary Expense
B. Common Stock
C. Service Revenue
D. None of the listed accounts is an asset.
12) The journal entry to record the purchase of supplies on account
A. debits Supplies Expense and credits Supplies.
B. credits Supplies and debits Cash.
C. credits Supplies and debits Accounts Payable.
D. debits Supplies and credits Accounts Payable.
13) On January 1 of the current year, Bambi Company paid $ 1,500 in rent to cover six months
(January long dash June). Bambi recorded this transaction as follows:
Journal Entry
Date
Accounts
Debit
Credit
Jan
1
Prepaid Rent
1,500
Cash
1,500
Bambi adjusts the accounts at the end of each month. Based on these facts, the adjusting entry at the end of January should include
A. a debit to Prepaid Rent for $ 1,250.
B. a credit to Prepaid Rent for $ 250.
C. a debit to Prepaid Rent for $ 250.
D. a credit to Prepaid Rent for $ 1,250.
14) On January 1 of the current year, Bamber Company paid $ 1,500 in rent to cover six months (January - June). Bamber recorded this transaction as follows:
Journal Entry
Date
Accounts
Debit
Credit
Jan
1
Prepaid Rent
1,500
Cash
1,5.
Accounting Help Needed by 1010Displaying messages 1 - 3 of 3P.docx
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Participants:
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2015-10-09 17:20
Hi Can you do this? $40.
Floppy Company's December 31, 2014 trial balance is as follows:
Floppy Corporation
Trial Balance
December 31, 2014
Account
Debit
Credit
Cash
$43,500
Accounts Receivable
53,500
Allowance for Doubtful Accounts
1,500
Notes Receivable
30,000
Merchandise Inventory
55,000
Land
20,000
Building
150,000
Accumulated Depreciation, Building
$15,000
Equipment
50,000
Accumulated Depreciation, Equipment
21,000
Goodwill
26,000
Accounts Payable
25,000
Long Term Notes Payable
75,000
Common Stock, $10 par, 2,000 shares authorized & outstanding
20,000
Retained Earnings
147,000
Sales Revenue
700,000
Salaries Expense
150,000
Utilities Expense
3,500
Cost of Goods Sold
350,000
Administrative Expenses
55,000
Sales Expenses
15,000
_______
Totals
$1,003,000
$1,003,000
Floppy is a small company and records adjusting entries & closing entries only at fiscal (calendar) year end. Correcting and adjusting entries have not been recorded.
Additional Information:
a. Notes Receivable is a 3-months, 6% note accepted on November 1, 2014.
b. Long Term Notes Payable is a 5-year, 5% note, that was signed on July 1, 2014. Interest is payable annually.
c. Building is depreciated at 3% per year. There is no salvage value.
d. Equipment is depreciated at 15% year. There is no salvage value.
e. Floppy discovered, on December 30
th
, that the inexperienced bookkeeper recorded in the general journal and general ledger that day's $1,500 cash sales as a debit to Accounts Receivable and a credit to Sales Revenue.
f. The year-end physical count for Merchandise Inventory reflected a value of $51,500. Any difference in value will not be considered theft or loss.
g. Salaries for the last half of December, payable in January, amount to $5,500.
h. Floppy estimates that of the Accounts Receivable 5% will not be collectable.
Required:
a. Prepare in journal form, any required correcting entries
b. Prepare in journal form, all end-of-the period adjusting entries
c. Prepare a December adjusted trial balance
d. Prepare a classified balance sheet for the year ended December 31, 2014
e. Prepare in journal form, the closing entries for the year ended December 31, 2014
Floppy uses the period method and had the following inventory events during January:
Date
Units Purchased
Unit Cost
Date
Units Sold
Unit Sales Price
Jan. 1
150
$7.00
Jan. 2
100
$10.00
Jan. 5
225
7.20
Jan. 7
125
10.00
Jan. 10
100
7.50
Jan. 12
75
12.00
Jan. 15
150
7.80
Jan. 17
200
12.50
Jan. 20
200
7.95
Jan. 24
150
15.00
Jan. 25
150
8.00
Jan. 30
75
8.20
Note:
January 1 amount was the beginning inventory and unit value.
(Round all total dollar values to the nearest dollar. Round all unit values to the nearest penny.)
Required:
a. Calculate cost of goods available for sale.
b. Calculate the dollar v.
ACC 300 Final Exam answers 2015 version
ACC 300 Final Exam Answers
1) Which of the following statements is true?
only when operating conditions change significantly.
B. An unqualified independent auditor’s report must be included in the annual report.
because that information is only for internal users.
shareholders even when financial results are positive.
2) Notes to the financial statements include which of the following:
A. An independent auditors report.
B. Explanations of uncertainties.
C. Short-form Income Statement
D. Subsidiary ledger for Accounts Receivable
3) Which of the following financial statements is divided into major categories of
operating, investing, and financing activities?
A. The income statement.
B. The balance sheet.
C. The retained earnings statement.
D. The statement of cash flows.
4) If the retained earnings account increases from the beginning of the year to the
end of the year, then
A. net income is less than dividends.
B. a net loss is less than dividend
ACC 300 Final Exam answers 2015 version
ACC 300 Final Exam Answers
1) Which of the following statements is true?
only when operating conditions change significantly.
B. An unqualified independent auditor’s report must be included in the annual report.
because that information is only for internal users.
shareholders even when financial results are positive.
2) Notes to the financial statements include which of the following:
A. An independent auditors report.
B. Explanations of uncertainties.
C. Short-form Income Statement
D. Subsidiary ledger for Accounts Receivable
3) Which of the following financial statements is divided into major categories of
operating, investing, and financing activities?
A. The income statement.
B. The balance sheet.
C. The retained earnings statement.
D. The statement of cash flows.
4) If the retained earnings account increases from the beginning of the year to the
end of the year, then
A. net income is less than dividends.
B. a net loss is less than dividend
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THE PRISON SERVICE
The prison service provides an excellent example of the complexity of stakeholder requirements,
to
some extent reflecting the mixed task it faces.
Society requires the service to carry out potentially conflicting activities:
to ensure that dangerous criminals are locked up for the safety of society
to provide a regime that will punish wrongdoers as a means of payment for their crimes
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the likelihood of re- offending.
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stories of prisoner escapes or drug abuse that may be damaging to their personal reputation,
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Prison officers will be concerned to strike a balance between building a rapport with inmates
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(a)
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Chapter 3 - Islamic Banking Products and Services.pptx
The Hills City maintains a Water and Sewer Fund to provide utility s.pdf
- 1. 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.
- 2. (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