The Watson Foundation, a private not-for-profit entity, starts 2024 .pdf
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The Watson Foundation, a private not-for-profit entity, starts 2024 with cash of $100,000; contributions receivable (net) of $200,000; investments of $300,000; and land, buildings, and equipment (net) of $200,000. Net assets without donor restrictions were reported as $400,000, the same figure as the net assets with donor restrictions. Of the restricted net assets, $300,000 was purpose restricted, whereas the other $100,000 had to be held permanently, although the subsequently earned income is without restriction. Fifty percent of the purpose-restricted net assets had to be used to help pay for a new building. The remainder was restricted to the payment of officer salaries. Donors made no stipulations about the eventual reporting of buildings and other long-lived assets when acquired. Watson has one program service (health care) and two supporting services (fundraising and administrative. During the current year, Watson Foundation has the following transactions: prepare the journal entries for transactions 1- 15. No Financial statements are required.
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Only prepare the journal entries for transactions 1- 15. No Financia.pdf
Only prepare the journal entries for transactions 1- 15. No Financial statements are required.
Please, be very specific. Explain very detail and step 44. The Watson Foundation, a private not-
for-profit entity, starts 2024 with cash of $100,000; contributions receivable (net) of $200,000;
investments of $300,000; and land, buildings, and equipment (net) of $200,000. Net assets
without donor restrictions were reported as $400,000, the same figure as the net assets with
donor restrictions. Of the restricted net assets, $300,000 was purpose restricted, whereas the
other $100,000 had to be held permanently, although the subsequently earned income is without
restriction. Fifty percent of the purpose-restricted net assets had to be used to help pay for a new
building. The remainder was restricted to the payment of officer salaries. Donors made no
stipulations about the eventual reporting of buildings and other long-lived assets when acquired.
Watson has one program service (health care) and two supporting services (fundraising and
administrative). During the current year, Watson Foundation has the following transactions: (1)
Computes interest of $20,000 on the unrestricted contribution receivable. (2) Receives cash of
$100,000 from the contributions receivable and wrote off another $4,000 as uncollectible. (3)
Receives unrestricted cash donations of $180,000. (4) Receives $23,000 in cash that must be
spent for a particular type of office machine within the next year or the money must be returned.
(5) Pays salaries of $90,000. Of that amount, $15,000 came from restricted funds. The payment
was made to individuals doing health care work. (6) Spends the $23,000 in (4) for the
appropriate office machine. (7) Receives a cash gift of $12,000 that Watson must convey to
another specified charity. However, Watson has the right to give this money to a different
organization if officials so choose..
Only prepare the journal entries for transactions 1-15. 44. The Wats.pdf
Only prepare the journal entries for transactions 1-15. 44. The Watson Foundation, a private not-
for-profit entity, starts 2024 with cash of $100,000; contributions receivable (net) of $200,000;
investments of $300,000; and land, buildings, and equipment (net) of $200,000. Net assets
without donor restrictions were reported as $400,000, the same figure as the net assets with
donor restrictions. Of the restricted net assets, $300,000 was purpose restricted, whereas the
other $100,000 had to be held permanently, although the subsequently earned income is without
restriction. Fifty percent of the purpose-restricted net assets had to be used to help pay for a new
building. The remainder was restricted to the payment of officer salaries. Donors made no
stipulations about the eventual reporting of buildings and other long-lived assets when acquired.
Watson has one program service (health care) and two supporting services (fundraising and
administrative). During the current year, Watson Foundation has the following transactions: (1)
Computes interest of $20,000 on the unrestricted contribution receivable. (2) Receives cash of
$100,000 from the contributions receivable and wrote off another $4,000 as uncollectible. (3)
Receives unrestricted cash donations of $180,000. (4) Receives $23,000 in cash that must be
spent for a particular type of office machine within the next year or the money must be returned.
(5) Pays salaries of $90,000. Of that amount, $15,000 came from restricted funds. The payment
was made to individuals doing health care work. (6) Spends the $23,000 in (4) for the
appropriate office machine. (7) Receives a cash gift of $12,000 that Watson must convey to
another specified charity. However, Watson has the right to give this money to a different
organization if officials so choose.
(8) Buys a building for $500,000 by signing a long-term note for $450,000 and using restricted
funds for the remainder. (9) Collects annual membership dues of $30,000. Individuals receive
substantial benefits from their memberships. By the end of the year, two-thirds of the time for the
average membership has passed. (10) Receives unrestricted income of $40,000 generated by net
assets that must be held permanently. (11) The board of directors of the Watson Foundation
votes to set aside $9,000 of its investments for emergency purposes. (12) Pays rent of $12,000
for the past month, advertising of $15,000, and utilities of $16,000. These were half for the
program service and one-fourth each for the two supporting services. (13) Receives an
unrestricted pledge of $200,000. Watson will collect the money in five years and does not expect
any part to be uncollectible. Present value at inception is $149,000, but interest for the year to
date is $6,000. (14) Computes depreciation of $40,000,60 percent for health care, 30 percent for
administrative, and 10 percent for fundraising. (15) Pays $15,000 in interest on the note signed in
(8). All of this cost is assumed to.
Prepare the Journal entries for each Transactions 44- The Watson Foun.pdf
Prepare the Journal entries for each Transactions
44. The Watson Foundation, a private not-for-profit entity, starts 2020 with cash of $100,000,
contributions receivable (net) of $200,000, investments of $300,000, and land, buildings, and
equipment (net) of $200,000. Net assets without donor restrictions were reported as $400,000,
the same figure as the net assets with donor restrictions. Of the restricted net assets, $300,000
was purpose restricted whereas the other $100,000 had to be held permanently, although the
subsequently earned income is without restriction. Fifty percent of the purpose restricted net
assets had to be used to help pay for a new building. The remainder was restricted to the payment
of officer salaries. Donors made no stipulations about the eventual reporting of buildings and
other long-lived assets when acquired. Watson has one program service (health care) and two
supporting services (fundraising and administrative)
During the current year, Watson Foundation has the following transactions.
(1) Computed interest of $20,000 on the unrestricted contribution receivable.
(2) Received cash of $100,000 from the contributions receivable and wrote off another $4,000 as
uncollectible.
(3) Received unrestricted cash donations of $180,000.
(4) Received $23,000 in cash that must be spent for a particular type of office machine within the
next year or the money must be returned.
(5) Paid salaries of $90,000. Of that amount, $15,000 came from restricted funds. The payment
was made to individuals doing health care work.
(6) Spent the $23,000 in (4) for the appropriate office machine.
(7) Received a cash gift of $12,000 that Watson must convey to another specified charity.
However, Watson has the right to give this money to a different organization if officials so
choose.
(8) Bought a building for $500,000 by signing a long-term note for $450,000 and using restricted
funds for the remainder.
(9) Collected annual membership dues of $30,000. Individuals receive substantial benefits from
their memberships. By the end of the year, two-thirds of the time for the average membership
has passed.
(10) Received unrestricted income of $40,000 generated by net assets that must be held
permanently.
(11) The board of directors of the Watson Foundation vote to set aside $9,000 of its investments
for emergency purposes.
(12) Paid rent of $12,000 for the past month, advertising of $15,000, and utilities of $16,000.
These were half for the program service and one-fourth each for the two supporting services.
(13) Received an unrestricted pledge of $200,000. Watson will collect the money in five years
and does not expect any part to be uncollectible. Present value at inception is $149,000, but
interest for the year to date is $6,000.
(14) Computed depreciation of $40,000, 60 percent for health care, 30 percent for administrative,
and 10 percent for fundraising.
(15) Paid $15,000 in interest on the note signed in (8). All of this cost is assumed to be rel.
1 Which of the following accounts of a governmental unit is credit.docx
1
Which of the following accounts of a governmental unit is credited to close it at the end of the fiscal year?
[removed]
Reserve for Encumbrances
[removed]
Other Financing Sources-Transfers In
[removed]
Encumbrances Control
[removed]
Appropriations Control
2
In its Statement of Net Assets, a government reported: Assets of $90 million, including $30 million in capital assets (net) and liabilities of $50 million, including long-term debt of $15 million, all related to capital asset acquisition. The government also reported $5 million of net assets that were restricted for payment of debt service. The government's unrestricted net assets would be reported as:
[removed]
$10 million
[removed]
$25 million
[removed]
$20 million
[removed]
$30 million
3
A donor pledged $100,000 to the fund raising drive of a local government to assist its police officers in obtaining the latest technology. The pledge was made on July 16, 2008 but was conditioned on the government raising an additional $100,000 from other donors. By the fiscal year-end of June 30, 2009, the local government had raised only $5,000 from other donors. What entry would be made for the initial pledge by the local government during the year ended June 30, 2009?
[removed]
Debit a receivable and credit a revenue
[removed]
Debit a receivable and credit Fund Balance
[removed]
No entry
[removed]
Debit a receivable and credit deferred revenues, a liability
4
What are the three major sections of the Comprehensive Annual Financial Report?
[removed]
Introductory Section, Financial Section, Budgetary Comparison.
[removed]
Introductory Section, Financial Section, Statistical Section.
[removed]
Introductory Section, Financial Section, Reporting Infrastructure.
[removed]
Introductory Section, Financial Section, Management Discussion and Analysis.
5
When payrolls and other liabilities are incurred and must be paid before substantial amounts of cash will be collected, what type of short-term note is desirable and secured by a government's power to tax?
[removed]
Tax Relief Note Payable
[removed]
Tax Anticipation Note Payable
[removed]
Tax Budget Note Payable
[removed]
Tax Encumbrances Note Payable
6
What is a Special Revenue Fund?
[removed]
A fund created to account for all resources and revenues to be used for the construction or acquisition of capital assets
[removed]
A fund used to account for revenues from specific taxes or other revenue sources that by law are designated to finance particular activities of the government other than capital projects
[removed]
A fund used to account for revenues from general taxes or other revenue sources that by law are designated to finance general activities of the government
[removed]
A fund used to account for all revenue transactions of a governmental unit that are not accounted for in another fund
7
What type of serial bond schedules an increase each year in annual principal repayment approximately equivalent to the decrease in interest payments?
[remo.
1. (TCO B) Which of the following is not a true statement .docx
1. (TCO B) Which of the following is not a true statement regarding the government-wide financial statements? (Points : 5)
The government-wide financial statements are not required to present prior-year data.
The government-wide financial statements include a Statement of Net Assets, Statement of Activities, and Statement of Cash Flows.
The government-wide financial statements include capital assets, include infrastructure, and reflect depreciation, except for the infrastructure using the modified approach.
All of the above are true.
2. (TCO D) A donor pledged $300,000 to thefund raising drive of a local government to assist its police officers in obtaining the latest technology. The pledge was made on July 17, 2011 but was conditioned on the government raising an additional $300,000 from other donors. By the fiscal year-end of June 30, 2012, the local government had raised only $6,000 from other donors. What entry would be made for the initial pledge by the local government during the year ended June 30, 2012? (Points : 5)
Debit a receivable account and credit deferred revenues, a liability account.
No entry is required.
Debit a receivable account and credit the Fund Balance account.
Debit a receivable account and credit a revenue account.
3. (TCO D) The City of Davenport adopted the following budget for fiscal year 2012:
Anticipated Revenues:
Property Taxes $5,340,000
Licenses and Permits 523,000
Fines and Forfeits 425,000Total $6,288,000
Approved Expenditures:
General Government $2,160,000
Public Safety 2,450,000
Public Works 1,560,000
Total $6,170,000
In addition, the City reported the following actual amounts for the same fiscal year:
Revenues:
Property Taxes $5,375,000
Licenses and Permits 519,000
Fines and Forfeits 437,000
Total $6,331,000
Expenditures-Current Year:
General Government 2,175,000
Public Safety ...
2NameInstructorCourseDateInstitution Affil.docx
2
Name:
Instructor:
Course:
Date:
Institution Affiliation:
Governmental funds are used to report the accounting records of the government. The government uses the statement of financial position and the operating statements to report to the tax payers. This is because most of the government finances are received from the taxes paid by the taxpayers and the government thus owes a responsibility to the taxpayers of accountability.
The financial statements are comprised of the balance sheet and statement of operations which include all the revenues, expenditure and changes in the fund balances. Prepaid items and inventories are reported as assets during their purchase. The expenditures are deferred in their recognition till the period in which the assets are consumed or used.
The government fund generally focuses on the primary sources, uses and balances of current financial resources in a budget. The government fund includes the following:
· General fund
· Special revenue funds
· Capital projects funds
· Debt service funds
· Permanent funds
Proprietary funds involve the different sectors that a government is divided into for instance state governments. The proprietary funds account are presented by the statement of net position, the cash flows and also the statement of operating expenditures, incomes or revenues and changes in the net position. Individual proprietary funds should be recorded in separate columns. Proprietary funds include enterprise funds and internal service funds. The function of these enterprises is to provide goods and services to the general public at a fee. Internal service funds account for goods and services provided by one department to another department of the governmental unit on a cost-reimbursement basis.
Fiduciary funds are used to account for the assets held in trust by the government for the benefit of the different government departments or entities or individuals. For instance the employees receiving their retirement benefits is an example of the fiduciary fund held by the government. The fiduciary fund includes:
· Agency funds
the agency fund involve the receipt, temporary investment and remittance of the fiduciary resources to their specifics, be they individuals, private governments, or other governments. The statement of net position requires that assets be equal to the liabilities. The statement of the changes in assets and liabilities reports the beginning balances, additions, deductions and ending balances.
· Pension and other employee benefit trust funds
the division is required to hold and report the resources which are held in trust for the beneficiaries of pension plans, contribution plans, postemployment benefit plans, or other employee benefit plans. The requirements of the accounting of the different pension fund are stipulated in the GAAP and require maintaining of separate distinct accounts for the different entities.
· External investment trust funds
it requires the reporting of ...
Case 1 Primary Care Financial ManagementThe Health Center P
Case 1: Primary Care Financial Management
The Health Center Program provides grants to nonprofit private and public entities that serve designated medically underserved populations and areas and vulnerable populations of migrant and seasonal farm workers, homeless individuals, and public housing residents. These grants are commonly referred to as “section 330 grants.”Under the American Recovery and Reinvestment Act of 2009, P.L. No. 111-5 (Recovery Act), enacted February 17, 2009, HRSA received $2.5 billion, $2 billion of which was to expand the Health Center Program by serving more patients, stimulating new jobs, and meeting the expected increase in demand for primary healthcare services among the Nation’s uninsured and underserved populations. HRSA awarded a number of grants using Recovery Act funding in support of the Health Center Program, including Health Information Technology Implementation (HIT), Capital Improvement Program (CIP), New Access Point (NAP), and Increased Demand for Services (IDS) grants.Neighborhood Care, is a nonprofit organization that operates community health centers in San Antonio, Texas, and the surrounding area. Neighborhood Care provides medical, dental, and mental health services and is funded primarily by patient service revenues and Federal grants. During fiscal years 2010 and 2011 (February 1, 2009, through January 31, 2011), Neighborhood Care received approximately $9.8 million (Federal share) in section 330 grant funding to supplement its health center operations. For project periods ranging from March 2009 through May 2012, HRSA awarded Barrio funding for five Recovery Act grants totaling $7,518,980: $4,024,697 under two HIT grants, $1,447,420 under a CIP grant, $1,300,000 under an NAP grant, and $746,863 under an IDS grant.
OBJECTIVES
Our objectives were to determine whether:(1) The costs that Neighborhood Care claimed were allowable and(2) Neighborhood Care had adequate controls over its financial management system.
SUMMARY OF FINDINGS
Of the $16,020,116 that we reviewed, $3,417,461 was allowable. We could not determine whether salary and fringe benefit costs totaling $12,543,068 that Neighborhood Care claimed were allowable because Neighborhood Care did not maintain personnel activity reports for employees who worked on its section 330, HIT, NAP, and IDS grants and because the accounting records for the section 330 and NAP grants did not separate expenditures related to the Federal grants from those related to other funding sources. Neighborhood Care recorded additional potentially unallowable costs of $50,240 for compensation increases and $9,347 for interest expense.Neighborhood Care did not have adequate controls over its financial management system. Specifically, Neighborhood Care did not draw down funds based on the cash needs for each project and did not prepare and complete bank statement reconciliations in a timely manner. Also, Neighborhood Care did not have adequate procurement procedur ...
1. (TCO A) Which of the following distinguishes governmental.docx
1. (TCO A) Which of the following distinguishes governmental entities from nongovernmental not-for-profit organizations?
The power to enact and enforce a tax levy.
Absence of profit motive.
Resource providers do not expect benefits proportional to the resources provided.
Absence of a defined ownership interest that can be sold, transferred, or redeemed.
2. (TCO B)Expenditures are generally recorded and fund liabilities are recognized under which of the following?
When goods and services are received, but only if resources are available in the fund.
When purchases orders are issued, regardless of whether or not resources are available in the fund.
When goods and services are received, regardless of whether or not resources are available in the fund.
When the invoices are paid.
3. (TCO C) The general ledger journal entry in the General Fund to record actual expenditures and record the reversal of the associated encumbrance would include which of the following journal entry?
A debit to the Encumbrance Account.
A credit to the Encumbrance Account.
A credit to Budgetary Fund Balance—Reserve for Encumbrance Account.
A debit to the Accounts Payable account.
4. (TCO D) Which of the following is a true statement regarding the use of a Special Revenue Fund? (Points : 5)
Special Revenue Funds may be used when a government wishes to segregate income for specific purposes.
Special Revenue Funds may only be used when a substantial portion of the resources are provided by restricted or committed revenue sources.
Assigned resources can be accounted for in a Special Revenue Fund.
Once a Special Revenue Fund is established by the governmental entity, it will continue to be a Special Revenue Fund until all of the resources are exhausted.
5. (TCO B) Which of the following is not a true statement regarding the government-wide financial statements? (Points : 5)
The government-wide financial statements are not required to present prior-year data.
The government-wide financial statements include a Statement of Net Assets, Statement of Activities, and Statement of Cash Flows.
The government-wide financial statements include capital assets, include infrastructure, and reflect depreciation, except for the infrastructure using the modified approach.
All of the above are true.
6. (TCO D) A donor pledged $300,000 to thefund raising drive of a local government to assist its police officers in obtaining the latest technology. The pledge was made on July 17, 2011 but was conditioned on the government raising an additional $300,000 from other donors. By the fiscal year-end of June 30, 2012, the local government had raised only $6,000 from other donors. What entry would be made for the initial pledge by the local government during the year ended June 30, 2012? (Points : 5)
Debit a receivable account and credit deferr ...
Recommended
Only prepare the journal entries for transactions 1- 15. No Financia.pdf
Only prepare the journal entries for transactions 1- 15. No Financial statements are required.
Please, be very specific. Explain very detail and step 44. The Watson Foundation, a private not-
for-profit entity, starts 2024 with cash of $100,000; contributions receivable (net) of $200,000;
investments of $300,000; and land, buildings, and equipment (net) of $200,000. Net assets
without donor restrictions were reported as $400,000, the same figure as the net assets with
donor restrictions. Of the restricted net assets, $300,000 was purpose restricted, whereas the
other $100,000 had to be held permanently, although the subsequently earned income is without
restriction. Fifty percent of the purpose-restricted net assets had to be used to help pay for a new
building. The remainder was restricted to the payment of officer salaries. Donors made no
stipulations about the eventual reporting of buildings and other long-lived assets when acquired.
Watson has one program service (health care) and two supporting services (fundraising and
administrative). During the current year, Watson Foundation has the following transactions: (1)
Computes interest of $20,000 on the unrestricted contribution receivable. (2) Receives cash of
$100,000 from the contributions receivable and wrote off another $4,000 as uncollectible. (3)
Receives unrestricted cash donations of $180,000. (4) Receives $23,000 in cash that must be
spent for a particular type of office machine within the next year or the money must be returned.
(5) Pays salaries of $90,000. Of that amount, $15,000 came from restricted funds. The payment
was made to individuals doing health care work. (6) Spends the $23,000 in (4) for the
appropriate office machine. (7) Receives a cash gift of $12,000 that Watson must convey to
another specified charity. However, Watson has the right to give this money to a different
organization if officials so choose..
Only prepare the journal entries for transactions 1-15. 44. The Wats.pdf
Only prepare the journal entries for transactions 1-15. 44. The Watson Foundation, a private not-
for-profit entity, starts 2024 with cash of $100,000; contributions receivable (net) of $200,000;
investments of $300,000; and land, buildings, and equipment (net) of $200,000. Net assets
without donor restrictions were reported as $400,000, the same figure as the net assets with
donor restrictions. Of the restricted net assets, $300,000 was purpose restricted, whereas the
other $100,000 had to be held permanently, although the subsequently earned income is without
restriction. Fifty percent of the purpose-restricted net assets had to be used to help pay for a new
building. The remainder was restricted to the payment of officer salaries. Donors made no
stipulations about the eventual reporting of buildings and other long-lived assets when acquired.
Watson has one program service (health care) and two supporting services (fundraising and
administrative). During the current year, Watson Foundation has the following transactions: (1)
Computes interest of $20,000 on the unrestricted contribution receivable. (2) Receives cash of
$100,000 from the contributions receivable and wrote off another $4,000 as uncollectible. (3)
Receives unrestricted cash donations of $180,000. (4) Receives $23,000 in cash that must be
spent for a particular type of office machine within the next year or the money must be returned.
(5) Pays salaries of $90,000. Of that amount, $15,000 came from restricted funds. The payment
was made to individuals doing health care work. (6) Spends the $23,000 in (4) for the
appropriate office machine. (7) Receives a cash gift of $12,000 that Watson must convey to
another specified charity. However, Watson has the right to give this money to a different
organization if officials so choose.
(8) Buys a building for $500,000 by signing a long-term note for $450,000 and using restricted
funds for the remainder. (9) Collects annual membership dues of $30,000. Individuals receive
substantial benefits from their memberships. By the end of the year, two-thirds of the time for the
average membership has passed. (10) Receives unrestricted income of $40,000 generated by net
assets that must be held permanently. (11) The board of directors of the Watson Foundation
votes to set aside $9,000 of its investments for emergency purposes. (12) Pays rent of $12,000
for the past month, advertising of $15,000, and utilities of $16,000. These were half for the
program service and one-fourth each for the two supporting services. (13) Receives an
unrestricted pledge of $200,000. Watson will collect the money in five years and does not expect
any part to be uncollectible. Present value at inception is $149,000, but interest for the year to
date is $6,000. (14) Computes depreciation of $40,000,60 percent for health care, 30 percent for
administrative, and 10 percent for fundraising. (15) Pays $15,000 in interest on the note signed in
(8). All of this cost is assumed to.
Prepare the Journal entries for each Transactions 44- The Watson Foun.pdf
Prepare the Journal entries for each Transactions
44. The Watson Foundation, a private not-for-profit entity, starts 2020 with cash of $100,000,
contributions receivable (net) of $200,000, investments of $300,000, and land, buildings, and
equipment (net) of $200,000. Net assets without donor restrictions were reported as $400,000,
the same figure as the net assets with donor restrictions. Of the restricted net assets, $300,000
was purpose restricted whereas the other $100,000 had to be held permanently, although the
subsequently earned income is without restriction. Fifty percent of the purpose restricted net
assets had to be used to help pay for a new building. The remainder was restricted to the payment
of officer salaries. Donors made no stipulations about the eventual reporting of buildings and
other long-lived assets when acquired. Watson has one program service (health care) and two
supporting services (fundraising and administrative)
During the current year, Watson Foundation has the following transactions.
(1) Computed interest of $20,000 on the unrestricted contribution receivable.
(2) Received cash of $100,000 from the contributions receivable and wrote off another $4,000 as
uncollectible.
(3) Received unrestricted cash donations of $180,000.
(4) Received $23,000 in cash that must be spent for a particular type of office machine within the
next year or the money must be returned.
(5) Paid salaries of $90,000. Of that amount, $15,000 came from restricted funds. The payment
was made to individuals doing health care work.
(6) Spent the $23,000 in (4) for the appropriate office machine.
(7) Received a cash gift of $12,000 that Watson must convey to another specified charity.
However, Watson has the right to give this money to a different organization if officials so
choose.
(8) Bought a building for $500,000 by signing a long-term note for $450,000 and using restricted
funds for the remainder.
(9) Collected annual membership dues of $30,000. Individuals receive substantial benefits from
their memberships. By the end of the year, two-thirds of the time for the average membership
has passed.
(10) Received unrestricted income of $40,000 generated by net assets that must be held
permanently.
(11) The board of directors of the Watson Foundation vote to set aside $9,000 of its investments
for emergency purposes.
(12) Paid rent of $12,000 for the past month, advertising of $15,000, and utilities of $16,000.
These were half for the program service and one-fourth each for the two supporting services.
(13) Received an unrestricted pledge of $200,000. Watson will collect the money in five years
and does not expect any part to be uncollectible. Present value at inception is $149,000, but
interest for the year to date is $6,000.
(14) Computed depreciation of $40,000, 60 percent for health care, 30 percent for administrative,
and 10 percent for fundraising.
(15) Paid $15,000 in interest on the note signed in (8). All of this cost is assumed to be rel.
1 Which of the following accounts of a governmental unit is credit.docx
1
Which of the following accounts of a governmental unit is credited to close it at the end of the fiscal year?
[removed]
Reserve for Encumbrances
[removed]
Other Financing Sources-Transfers In
[removed]
Encumbrances Control
[removed]
Appropriations Control
2
In its Statement of Net Assets, a government reported: Assets of $90 million, including $30 million in capital assets (net) and liabilities of $50 million, including long-term debt of $15 million, all related to capital asset acquisition. The government also reported $5 million of net assets that were restricted for payment of debt service. The government's unrestricted net assets would be reported as:
[removed]
$10 million
[removed]
$25 million
[removed]
$20 million
[removed]
$30 million
3
A donor pledged $100,000 to the fund raising drive of a local government to assist its police officers in obtaining the latest technology. The pledge was made on July 16, 2008 but was conditioned on the government raising an additional $100,000 from other donors. By the fiscal year-end of June 30, 2009, the local government had raised only $5,000 from other donors. What entry would be made for the initial pledge by the local government during the year ended June 30, 2009?
[removed]
Debit a receivable and credit a revenue
[removed]
Debit a receivable and credit Fund Balance
[removed]
No entry
[removed]
Debit a receivable and credit deferred revenues, a liability
4
What are the three major sections of the Comprehensive Annual Financial Report?
[removed]
Introductory Section, Financial Section, Budgetary Comparison.
[removed]
Introductory Section, Financial Section, Statistical Section.
[removed]
Introductory Section, Financial Section, Reporting Infrastructure.
[removed]
Introductory Section, Financial Section, Management Discussion and Analysis.
5
When payrolls and other liabilities are incurred and must be paid before substantial amounts of cash will be collected, what type of short-term note is desirable and secured by a government's power to tax?
[removed]
Tax Relief Note Payable
[removed]
Tax Anticipation Note Payable
[removed]
Tax Budget Note Payable
[removed]
Tax Encumbrances Note Payable
6
What is a Special Revenue Fund?
[removed]
A fund created to account for all resources and revenues to be used for the construction or acquisition of capital assets
[removed]
A fund used to account for revenues from specific taxes or other revenue sources that by law are designated to finance particular activities of the government other than capital projects
[removed]
A fund used to account for revenues from general taxes or other revenue sources that by law are designated to finance general activities of the government
[removed]
A fund used to account for all revenue transactions of a governmental unit that are not accounted for in another fund
7
What type of serial bond schedules an increase each year in annual principal repayment approximately equivalent to the decrease in interest payments?
[remo.
1. (TCO B) Which of the following is not a true statement .docx
1. (TCO B) Which of the following is not a true statement regarding the government-wide financial statements? (Points : 5)
The government-wide financial statements are not required to present prior-year data.
The government-wide financial statements include a Statement of Net Assets, Statement of Activities, and Statement of Cash Flows.
The government-wide financial statements include capital assets, include infrastructure, and reflect depreciation, except for the infrastructure using the modified approach.
All of the above are true.
2. (TCO D) A donor pledged $300,000 to thefund raising drive of a local government to assist its police officers in obtaining the latest technology. The pledge was made on July 17, 2011 but was conditioned on the government raising an additional $300,000 from other donors. By the fiscal year-end of June 30, 2012, the local government had raised only $6,000 from other donors. What entry would be made for the initial pledge by the local government during the year ended June 30, 2012? (Points : 5)
Debit a receivable account and credit deferred revenues, a liability account.
No entry is required.
Debit a receivable account and credit the Fund Balance account.
Debit a receivable account and credit a revenue account.
3. (TCO D) The City of Davenport adopted the following budget for fiscal year 2012:
Anticipated Revenues:
Property Taxes $5,340,000
Licenses and Permits 523,000
Fines and Forfeits 425,000Total $6,288,000
Approved Expenditures:
General Government $2,160,000
Public Safety 2,450,000
Public Works 1,560,000
Total $6,170,000
In addition, the City reported the following actual amounts for the same fiscal year:
Revenues:
Property Taxes $5,375,000
Licenses and Permits 519,000
Fines and Forfeits 437,000
Total $6,331,000
Expenditures-Current Year:
General Government 2,175,000
Public Safety ...
2NameInstructorCourseDateInstitution Affil.docx
2
Name:
Instructor:
Course:
Date:
Institution Affiliation:
Governmental funds are used to report the accounting records of the government. The government uses the statement of financial position and the operating statements to report to the tax payers. This is because most of the government finances are received from the taxes paid by the taxpayers and the government thus owes a responsibility to the taxpayers of accountability.
The financial statements are comprised of the balance sheet and statement of operations which include all the revenues, expenditure and changes in the fund balances. Prepaid items and inventories are reported as assets during their purchase. The expenditures are deferred in their recognition till the period in which the assets are consumed or used.
The government fund generally focuses on the primary sources, uses and balances of current financial resources in a budget. The government fund includes the following:
· General fund
· Special revenue funds
· Capital projects funds
· Debt service funds
· Permanent funds
Proprietary funds involve the different sectors that a government is divided into for instance state governments. The proprietary funds account are presented by the statement of net position, the cash flows and also the statement of operating expenditures, incomes or revenues and changes in the net position. Individual proprietary funds should be recorded in separate columns. Proprietary funds include enterprise funds and internal service funds. The function of these enterprises is to provide goods and services to the general public at a fee. Internal service funds account for goods and services provided by one department to another department of the governmental unit on a cost-reimbursement basis.
Fiduciary funds are used to account for the assets held in trust by the government for the benefit of the different government departments or entities or individuals. For instance the employees receiving their retirement benefits is an example of the fiduciary fund held by the government. The fiduciary fund includes:
· Agency funds
the agency fund involve the receipt, temporary investment and remittance of the fiduciary resources to their specifics, be they individuals, private governments, or other governments. The statement of net position requires that assets be equal to the liabilities. The statement of the changes in assets and liabilities reports the beginning balances, additions, deductions and ending balances.
· Pension and other employee benefit trust funds
the division is required to hold and report the resources which are held in trust for the beneficiaries of pension plans, contribution plans, postemployment benefit plans, or other employee benefit plans. The requirements of the accounting of the different pension fund are stipulated in the GAAP and require maintaining of separate distinct accounts for the different entities.
· External investment trust funds
it requires the reporting of ...
Case 1 Primary Care Financial ManagementThe Health Center P
Case 1: Primary Care Financial Management
The Health Center Program provides grants to nonprofit private and public entities that serve designated medically underserved populations and areas and vulnerable populations of migrant and seasonal farm workers, homeless individuals, and public housing residents. These grants are commonly referred to as “section 330 grants.”Under the American Recovery and Reinvestment Act of 2009, P.L. No. 111-5 (Recovery Act), enacted February 17, 2009, HRSA received $2.5 billion, $2 billion of which was to expand the Health Center Program by serving more patients, stimulating new jobs, and meeting the expected increase in demand for primary healthcare services among the Nation’s uninsured and underserved populations. HRSA awarded a number of grants using Recovery Act funding in support of the Health Center Program, including Health Information Technology Implementation (HIT), Capital Improvement Program (CIP), New Access Point (NAP), and Increased Demand for Services (IDS) grants.Neighborhood Care, is a nonprofit organization that operates community health centers in San Antonio, Texas, and the surrounding area. Neighborhood Care provides medical, dental, and mental health services and is funded primarily by patient service revenues and Federal grants. During fiscal years 2010 and 2011 (February 1, 2009, through January 31, 2011), Neighborhood Care received approximately $9.8 million (Federal share) in section 330 grant funding to supplement its health center operations. For project periods ranging from March 2009 through May 2012, HRSA awarded Barrio funding for five Recovery Act grants totaling $7,518,980: $4,024,697 under two HIT grants, $1,447,420 under a CIP grant, $1,300,000 under an NAP grant, and $746,863 under an IDS grant.
OBJECTIVES
Our objectives were to determine whether:(1) The costs that Neighborhood Care claimed were allowable and(2) Neighborhood Care had adequate controls over its financial management system.
SUMMARY OF FINDINGS
Of the $16,020,116 that we reviewed, $3,417,461 was allowable. We could not determine whether salary and fringe benefit costs totaling $12,543,068 that Neighborhood Care claimed were allowable because Neighborhood Care did not maintain personnel activity reports for employees who worked on its section 330, HIT, NAP, and IDS grants and because the accounting records for the section 330 and NAP grants did not separate expenditures related to the Federal grants from those related to other funding sources. Neighborhood Care recorded additional potentially unallowable costs of $50,240 for compensation increases and $9,347 for interest expense.Neighborhood Care did not have adequate controls over its financial management system. Specifically, Neighborhood Care did not draw down funds based on the cash needs for each project and did not prepare and complete bank statement reconciliations in a timely manner. Also, Neighborhood Care did not have adequate procurement procedur ...
1. (TCO A) Which of the following distinguishes governmental.docx
1. (TCO A) Which of the following distinguishes governmental entities from nongovernmental not-for-profit organizations?
The power to enact and enforce a tax levy.
Absence of profit motive.
Resource providers do not expect benefits proportional to the resources provided.
Absence of a defined ownership interest that can be sold, transferred, or redeemed.
2. (TCO B)Expenditures are generally recorded and fund liabilities are recognized under which of the following?
When goods and services are received, but only if resources are available in the fund.
When purchases orders are issued, regardless of whether or not resources are available in the fund.
When goods and services are received, regardless of whether or not resources are available in the fund.
When the invoices are paid.
3. (TCO C) The general ledger journal entry in the General Fund to record actual expenditures and record the reversal of the associated encumbrance would include which of the following journal entry?
A debit to the Encumbrance Account.
A credit to the Encumbrance Account.
A credit to Budgetary Fund Balance—Reserve for Encumbrance Account.
A debit to the Accounts Payable account.
4. (TCO D) Which of the following is a true statement regarding the use of a Special Revenue Fund? (Points : 5)
Special Revenue Funds may be used when a government wishes to segregate income for specific purposes.
Special Revenue Funds may only be used when a substantial portion of the resources are provided by restricted or committed revenue sources.
Assigned resources can be accounted for in a Special Revenue Fund.
Once a Special Revenue Fund is established by the governmental entity, it will continue to be a Special Revenue Fund until all of the resources are exhausted.
5. (TCO B) Which of the following is not a true statement regarding the government-wide financial statements? (Points : 5)
The government-wide financial statements are not required to present prior-year data.
The government-wide financial statements include a Statement of Net Assets, Statement of Activities, and Statement of Cash Flows.
The government-wide financial statements include capital assets, include infrastructure, and reflect depreciation, except for the infrastructure using the modified approach.
All of the above are true.
6. (TCO D) A donor pledged $300,000 to thefund raising drive of a local government to assist its police officers in obtaining the latest technology. The pledge was made on July 17, 2011 but was conditioned on the government raising an additional $300,000 from other donors. By the fiscal year-end of June 30, 2012, the local government had raised only $6,000 from other donors. What entry would be made for the initial pledge by the local government during the year ended June 30, 2012? (Points : 5)
Debit a receivable account and credit deferr ...
The Town of Bedford Falls approved a General Fund operating budget for.docx
The Town of Bedford Falls approved a General Fund operating budget for the fiscal year beginning on July 1. The budget provides for estimated revenues of $2 , 746 , 000 as follows: property taxes, $1 , 916 , 000 ; licenses and permits, $360 , 000 ; fines and forfeits, $260 , 000 ; and intergovernmental (state grants), \$210,000. The budget approved appropriations of $2 , 694 , 000 as follows: General Government, \$510,000; Public Safety, \$1,620,000; Public Works, $360 , 000 : Culture and Recreation, $152 , 000 ; and Miscellaneous, $52 , 000 Required a. \& b. Prepare the journal entry (or entries), to record the Town of Bedford Falls's General Fund operating budget on July 1, the beginning of the Town's fiscal year and also record the following transactions that occurred during the month of July. Also show entries in the subsidiary ledger accounts, to record the Town of Bedford Falls's General Fund operating budget on July 1, the beginning of the Town's fiscal year. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account fieid.) 1. Revenues were collected in cash amounting to $33 , 000 for licenses and permits and $13 , 000 for fines and forfeits. 2. Supplies were ordered by the following functions in early July at the estimated costs shown: 3. During July, supplies were received at the actual costs shown below and were paid in cash. General Government, Culture and Recreation, and Miscellaneous received all supplies ordered. Public Safety and Public Works received part of the supplies ordered eariler in the month at estimated costs of $10 , 900 and $6 , 100 , respectively. Journal entry worksheet 5 Record the Town of Bedford Falls's General Fund operating budget on July 1 , the beginning of the Town's fiscal year. Note: Enter debits before credits. Journal entry worksheet 5 Revenues were collected in cash amounting to $33 , 000 for licenses and permits and $13 , 000 for fines and forfeits. Note: Enter debits before credits. Journal entry worksheet < 1 5 Record the issuance of the purchase orders and contracts. Note: Enter debits before credits. Journal entry worksheet 1 Record the reversal of the purchase orders. Note: Enter debits before credits. 1 Record the cash paid for expenses. Note: Enter debits before credits. TOWN OF BEDFORD FALLS Revenues Ledger TOWN OF BEDFORD FALLS Appropriations, Expenditures, and Encumbrances Ledger Supplies received Public Safety Appropriations Order of Supplies Supplies received Public Works Appropriations Order of Supplies Supplies received Culture and Recreation Appropriations Order of Supplies Supplies received Miscellaneous Appropriations Order of Supplies Supplies received c. Calculate the amount of budgeted but unrealized revenues in total and from each source as of July 31 . (Input all amounts as positive values.) d. Calculate the amount of avallable appropriation in total and for each function as of July 31 (input all amounts as positive values.)
.
please need help on those- You can use Excel- Word- or handwritten 1-.pdf
please need help on those, You can use Excel, Word, or handwritten
1. Prepare journal entries for the fund financial statements;
2. prepare a Statement of Revenues, Expenditures, and Other Changes in Fund Balance and a
Balance Sheet for the fund;
42. The following information pertains to the City of Williamson for 2020 , its first year of legal
existence. For convenience, assume that all transactions are for the general fund, which has three
separate functions: general government, public safety, and health and sanitation. Receipts:
Property taxes Franchise taxes Charges for general government services Charges for public
safety services Charges for health and sanitation services Issued long-term note payable
Receivables at end of year: Property laxes ( 90% estimated to be collectible) Payments: Salary:
General government Public satety IIcalth and sanitation Rent: General government Public safety
Health and sanitation Maintenance: General government Public safety Haalth and sanitation
Insurance: General government Public safety ( $2 , 000 still prepaid at end of year) Health and
sanitation Interest on debt Principal payment on debt Storage shed Equipment Supplies (20\%
still held) (public safety) Investments Ordered but not received: Equipment Liabilities, all of
which are due in one month at end of year: Salaries: General government Public safely Health
and sanitation Compensated absences (such as vacations and sick days) legally owed to general
government workers at year-end total $13 , 000 . These amounts will not be taken by the
employees until so late in 2021 that the payment is not viewed as requiring 2020 current
financial resources. The city received a piece of art this year as a donation. It is valued at $14 ,
000 . The city plans to use it for general government purposes. The gift has no eligibility
requirements. The city chose not to capitalize this property. General government activities use
the storage shed that was acquired this year. It is depreciated over a 10-year period using the
straightline method with no residual value. The city uses the equipment for health and sanitation
and depreciates it using the straight-line method over five years with no residual value. The
investments are valued at $103 , 000 at the end of the year. For the equipment that was ordered
but not yet received, the City Council (the highest decision-making body in the government)
voted to honor the commitment when the equipment eventually arrives..
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 following selected events and transactions were recorded by Milos.pdf
The following selected events and transactions were recorded by Milos County Hospital. 1.
Gross charges for hospital services, all charged to accounts and notes receivable, were as
follows: 2. The hospital cafeteria and gift shop had cash sales of $296 , 500 . 3. Additional
information determined subsequently to recording patient service revenues and relating to the
current year is as follows 4. A federal cost reimbursement research grant of $362 , 000 was
awarded. As of the end of the year, $320 , 000 in expenses related t the grant had been made. 5.
Vouchers totaling $1 , 354 , 140 were issued for the following items: 6. Collections of accounts
receivable totaled $1 , 171 , 000 . Accounts written off as uncollectible amounted to $13 , 100 .
7. Cash payments on vouchers payable (paid to employers and suppliers) during the year were $1
, 037 , 200 . 8. Supplies of $100 , 970 were issued to nursing services. 9. On December 31 ,
accrued interest income on investments was $2 , 000 . 0 . Depreciation of buildings and
equipment was as follows: 11. On December 31, closing entries were made in the general
journal. Required a-1. Prepare journal entries for each of the transactions in accordance with the
standards for a governmental health care entity that follows proprietary fund accounting. (If no
entry is required for a transaction/event, select "No Journal Entry Required" in the b. Prepare
journal entries to record the foregoing transactions, assuming the hospital is a business-type
government facility. (If no entry is required for a transaction/event, select "No Journal Entry
Required" in the first account field.) Journal entry worksheet B C D E F D > The hospital has a
contractual agreement with a lender requiring that $550 , 000 in cash be set aside to meet its
future debt payment. Note: Enter debits before credits..
Congress Gave Hospitals and Providers $100B in the Coronavirus Stimulus Packa...
The COVID-19 pandemic has caused immense financial strain on healthcare systems across the nation. As a result, Congress passed a $3 trillion stimulus package that includes $100 billion for hospitals and other healthcare providers. While this relief for healthcare organizations is much needed, it can also add confusion. What can organizations use these stimulus funds for? What are the risks and compliance requirements?
Bobbi Brown, Senior Vice President of Professional Services, and Dan Orenstein, General Counsel at Health Catalyst, discuss answers to these questions and more. With over thirty years of experience in healthcare financial planning and analysis, Bobbi shares her unique perspective on the stimulus package and how providers can use these funds in their recovery planning. Dan has over two decades of legal experience in healthcare and discusses the specifics of compliance requirements.
In this webinar, Bobbi and Dan address the following:
-Explain significant sections of the four laws passed, including the CARES Act.
-Review program details of the Provider Relief Fund.
-Explore the use of the funds and compliance with terms and conditions.
-Discuss policy changes to better prepare for healthcare emergencies.
Exercise 6-8Serial Bond Debt Service Fund Journal Entries .docx
Exercise 6-8
Serial Bond Debt Service Fund Journal Entries and Financial Statements.
As of December 31, 2010, New Town had $9,500,000 in 4.5 percent serial bonds outstanding. Cash of $509,000 is the debt service fund’s only asset as of December 31, 2010, and there are no liabilities. The serial bonds pay interest semiannually on January 1 and July 1, with $500,000 in bonds being retired on each interest payment date. Resources for payment of interest are transferred from the General Fund and the debt service fund levies property taxes in an amount sufficient to cover principal payments.
A.
Prepare debt service fund and government-wide entries in general journal form to reflect, as necessary, the following information and transactions for FY 2011.
(1)The operating budget for FY 2011 consists of estimated revenues of $1,020,000 and estimated other financing sources equal to the amount of interest to be paid in FY 2011. Appropriations must be provided for interest payments and bond redemptions on January 1 and July 1.
(2)Cash was received from the General Fund and checks were written and mailed for the January 1 principal and interest payments.
(3)Property taxes in the amount of $1,020,000 were levied (no estimate for uncollectible accounts has been made).
(4)Property taxes in the amount of $1,019,000 were collected.
(5)Cash was received from the General Fund and checks were written and mailed for the July 1 principal and interest payments.
(6)Adjusting entries were made and uncollected taxes receivable were reclassified as delinquent. At the fund level, entries were also made to close budgetary and operating statement accounts. (Ignore closing entries in the government activities journal.)
B.
Prepare a statement of revenues, expenditures, and changes in fund balances for the debt service fund for the year ended December 31, 2011.
C.
Prepare a balance sheet for the debt service fund as of December 31, 2011.
.
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..
The Hills City maintains a Water and Sewer Fund to provide utility s.pdf
The Hills City maintains a Water and Sewer Fund to provide utility services to its citizens. As of
January 1, 2020, the Water and Sewer Fund had the following account balances:
(1) During the year, sales of water to non-government customers amounted to $1,025,000 and
sales of water to the General Fund amounted to $37,000.
(2) Collections from non-government customers amounted to $983,000.
(3) The Stores and Services Fund repaid $15,000 of the long-term advance to the Water and
Sewer Fund.
(4) Materials and supplies in the amount of $261,000 were received. A liability in that amount
was recorded.
(5) Materials and supplies were issued and were charged to the following accounts: cost of sales
and services, $180,000; selling, $15,000; administration, $18,000; construction work in progress,
$50,000.
(6) Payroll costs for the year totaled $416,200 plus $34,200 for the employer's share of payroll
taxes. Of that amount, $351,900 was paid in cash, and the remainder was withheld for taxes. The
$450,400 (416,200 + 34,200) was distributed as follows: cost of sales and services, $265,800;
sales, $43,900; administration, $91,400; construction work in progress, $49,300.
(7) Bond interest (5%) was paid.
(8) In accord with the revenue bond indenture, $25,000 cash was transferred from operating cash
to restricted assets.
(9) Construction projects at the water treatment plant (reflected in the beginning balance of
construction in process) were completed in the amount of $214,000, and the assets were placed
in service. Payments for these amounts were made in the previous year (no effect on 2020
Statement of Cash Flows).
(10) Collection efforts were discontinued on bills totaling $3,500. The unpaid receivables were
written off.
(11) An analysis of customer receivable balances indicated the Estimated Uncollectible Accounts
needed to be increased by $6,500.
(12) Payment of accounts payable amounted to $332,000. Payments of payroll taxes totaled
$95,200.
(13) Supplies transferred from the Stores and Services Fund amounted to $58,000. Cash in the
amount of $50,000 was paid to the Stores and Services Fund for supplies.
(14) Depreciation expense for the year was computed to be $267,000.
Required:
(A) Open a general journal for the Water and Sewer Utility Fund and record the above
transactions.
(B) A Statement of Revenues, Expenses, and Changes in Fund Net position for the Year Ended
December 31, 2020.
(C) A Statement of Net position, as of December 31, 2020.DebitsCreditsCash$102,000Customer
Accounts Receivable80,000Estimated Uncollectible Accounts Receivable$4,500Materials and
Supplies28,000Advance to Stores and Services Fund30,000Restricted Assets117,000Water
Treatment Plant in Service4,200,000Construction Work in Progress203,000Accumulated
Depreciation - Utility Plant1,200,000Accounts Payable96,500Revenue Bonds Payable (5%
interest)2,500,000Net position959,000Totals$4,760,000$4,760,000.
FINC400 Unit 5 IPFINC400 Unit 5 IP TemplateTo Start Fill in Cells.docx
FINC400 Unit 5 IPFINC400 Unit 5 IP TemplateTo Start: Fill in Cells C4 through C13 with the given information from the assignment directions.Bicycle UnitsPrice per bicycleFixed CostsVariable Cost per BicycleInitial Net Working CapitalInitial Machine InvestmentStraight-Line Depreciation TimeTax rateRequired rate of returnMachine sold at Year 5Year 0Year 1Year 2Year 3Year 4Year 5Capital Expenditures$0$0Change in Net Working Capital$0$0Change in Revenue$0$0$0$0$0Change in Variable Costs$0$0$0$0$0Change in Fixed Costs$0$0$0$0$0DepreciationERROR:#DIV/0!ERROR:#DIV/0!ERROR:#DIV/0!ERROR:#DIV/0!ERROR:#DIV/0!EBITERROR:#DIV/0!ERROR:#DIV/0!ERROR:#DIV/0!ERROR:#DIV/0!ERROR:#DIV/0!Tax Rate * EBITERROR:#DIV/0!ERROR:#DIV/0!ERROR:#DIV/0!ERROR:#DIV/0!ERROR:#DIV/0!DepreciationERROR:#DIV/0!ERROR:#DIV/0!ERROR:#DIV/0!ERROR:#DIV/0!ERROR:#DIV/0!Operating Cash FlowERROR:#DIV/0!ERROR:#DIV/0!ERROR:#DIV/0!ERROR:#DIV/0!ERROR:#DIV/0!Total Project Cash Flow$0ERROR:#DIV/0!ERROR:#DIV/0!ERROR:#DIV/0!ERROR:#DIV/0!ERROR:#DIV/0!NPVERROR:#DIV/0!In the following textbox, answer the following question in 50 or fewer words: Should the project be accepted or not?
Running head: COMPARISON AND CONTRAST OF THE COMPREHENSIVE ANNUAL FINANCIAL REPORT (CAFR) 1
COMPARISON AND CONTRAST OF THE COMPREHENSIVE ANNUAL FINANCIAL REPORT (CAFR) 2
Comparison and Contrast of the Comprehensive Annual Financial Report (CAFR)
Student’s name
Institution
Comparison and Contrast the Comprehensive Annual Financial Report (CAFR)
The complete yearly reports of any given state are drawn nearer on the review ability to uncover all the conceivable experiences or cover some subtle elements in the report exhibited. This article complexities and thinks about the yearly reports exhibited by the condition of South Carolina and the monetary review report for the City of Austin Minnesota (Turpen 2012). The production technique for these two CAFR is to the general population through to shifted bodies to look at. The City of Austin free report was distributed in the paper tended to the workplace of the Honorable Mayor and Members of the City Council. The South Carolina report, then again, tended to the Governor of the State of South Carolina and the Members of Legislative Assembly of the condition of South Carolina (Naughton, Petacchi, & Weber, 2015).
The two reports correspondingly were exhibited in consistence with the benchmarks of reviewing by the Government Auditing Standards and acknowledgment of the set government inspecting regulations and laws. The two productions were in consistence to uncover all the money related points of interest of the two organizations practically identical to uncover reality whether the monetary proclamations are free of any material misquote and give inward control ...
(14 minutes) Amer Company purchases an investment in stock that repres.docx
(14 minutes) Amer Company purchases an investment in stock that represents a 30% interest in another company with the ability to exercise significant control. The investment costs $40 , 000 . At the date of purchase on 1/1/22 , the investee's balance sheet included: Assets not subject to depreciation $30 , 000 (same as fair value) Assets subject to depreciation $40 , 000 (fair value $49 , 000 , 10 year remaining useful life) Liabilities $10 , 000 (same as fair value) The investee company reported net income of $20 , 000 and declared and paid a total cash dividend of $50 , 000 . Amer reports the following amount in its 2022 financial statements: Balance Sheet: Noncurrent Asset \$45,730; Income Statement: Investment Income $21 , 000 Other/Nonoperating - Regular Income. Balance Sheet: Current Asset $30 , 730 ; Income Statement: Investment Income $15 , 000 Other/Nonoperating Regular Income and $6 , 000 Other Comprehensive income. Balance Sheet Current Asset $45 , 730 ; Income Statement: Investment Income $6 , 000 Other/Nonoperating Regular Income. Balance Sheet: Noncurrent Asset $30 , 730 ; Income Statement: Investment Income $5 , 730 Other/Nonoperoting - Regular Income.
.
Acct 567 week 2 case study i(uophelp)
ACCT 567 Week 2 Case Study I
ACCT 567 Week 1 Exercises
ACCT 567 Entire Course
ACCT 567 Week 2 Problems 3
ACCT 567 Week 3 Problems 5
ACCT 567 Week 4 Midterm Exam
ACCT 567 Week 4 Problems 7
ACCT 567 Week 5 Case Study City of Shipley
ACCT 567 Week 5 Homework Case study
ACCT 567 Week 5 Problems 8
ACCT 567 Week 5 Test All Questions and Answers
ACCT 567 Week 6 Problem 12
ACCT 567 Week 7 Problems 16
ACCT 567 Week 8 Final Exams
September 28th cares act monthly report
Alphonso Jefferson led the development of CARES Act monthly report to communicate activities to the residents of St. Lucie County.
Acct 567 final exam solutions 100% correct answers
Acct 567 final exam solutions 100% correct answers
GASB 84 | Fiduciary Activities For School Districts
This course will cover an overview of the annual financial statement reporting requirements (for both GAAP and Cash Basis reporting) for the implementation of GASB 84, to include how to prepare for the implementation and best practices to ensure complete and accurate reporting. Changes from these new GASB’s are expected to have an impact on all schools on how Fiduciary activities have been reported in the past vs what are required under the new GASB.
Specifically, this course will provide definitional changes on fiduciary activities. It will also provide an explanation of the changes in reporting within the financial statements, along with a school treasurers' perspective on how to prepare for its implementation to include completing the information requested spreadsheet.
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?.
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.
The capital accounts of Jamie Dexter and Max Gee have balances of $136.pdf
The capital accounts of Jamie Dexter and Max Gee have balances of $136,500 and $95,500,
respectively. Darcey Lind and Loren Rothman are to be admitted to the partnership. Darcey Lind
buys one-fifth of Jamie Dexter's interest for $31,100 and one-fourth of Max Gee's interest
$19,200. Loren Rothman contributes $71,200 cash to the partnership, for which she is to receive
an ownership equity of $71,200. a. On December 31, journalize the entries to record the
admission of (1) Darcey Lind and (2) Loren Rothman. b. What are the capital balances of each
partner after the admission of the new partners?EQUITY 310 Jamie Dexter, Capital 311 Jamie
Dexter, Drawing 312 Max Gee, Capital 313 Max Gee, Drawing 314 Darcey Lind, Capital 315
Darcey Lind, Drawing 316 Loren Rothman,.
Taylor is one of three senior managers submitting internal proposals.pdf
Taylor is one of three senior managers submitting internal proposals for a capital budgeting
project. Only one manager is selected each year to receive funding that can reach up to one
million dollars. The last three managers that won the bid were promoted to vice president and
given very handsome salary increases. Taylor asked each member of the department to gather
information on projected costs and revenue, and was assembling the pieces into a final project
budget. At the end of the analysis, Taylor stared at the computer in disbelief. The Internal Rate of
Return (IRR) was estimated to come in at 7.5%, but every project approved in the last few years
had an 8% IRR or higher. Taylor examined the numbers for a long time and realized that by
reclassifying one project expenditure as a normal operating expense instead of a project expense,
the projected IRR could be adjusted upwards to 8.15%. Taylor knew the higher IRR would
improve the likelihood of getting the funding and the cost reclassification to operations was
unlikely to be discovered.
Decision 1 Taylor decided to turn in the proposal based on the higher projected IRR due to the
cost reclassification. Consequences of Behavioral Action: The project was funded and, when
completed, the IRR came in at 8%. No one noticed the added expenditure that had been
reclassified to normal operations, thus understating operating income. One year later Taylor was
promoted to vice president.
Decision 2 Taylor decided to turn in the proposal based on the higher projected IRR due to the
cost reclassification. Consequences of Behavioral Action: The project was funded and, when
completed, the IRR came in at 8%. During the annual audit a few months later, the project
expenditure that had been reclassified to normal operations was discovered and reassigned to the
project. The IRR for the project was recalculated to be 7.4%. Taylor was not promoted.
Decision 3 Taylor decided to turn in the proposal based on the higher projected IRR due to the
cost reclassification. Consequences of Behavioral Action: The project was funded and, when
completed, the IRR came in much higher than expected. Taylor was able to reverse the
reclassification by reinstating the omitted expenditure back to the project rather than normal
operations and still achieve an IRR of 8% on the project. One year later Taylor was promoted to
vice president.
Decision 4 Taylor decided to turn in the proposal with a 7.5% IRR and it was not accepted.
Taylor was not promoted.
Next is a set of adjectives that allow your group to discuss their general beliefs about the
situation/ issue above regarding Taylors behavioral action. Think of each of them in context of
all 4 decision scenarios.
FAIR -- UNFAIR
JUST -- UNJUST
MORALLY RIGHT -- NOT MORALLY RIGHT
ACCEPTABLE TO MY FAMILY --UNACCEPTABLE TO MY FAMILY
UNIMPORTANT ISSUE --IMPORTANT ISSUE
I believe this scenario overall involves an ethical dilemma: DISAGREE -- AGREE
The probability I would behave the same w.
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The Town of Bedford Falls approved a General Fund operating budget for.docx
The Town of Bedford Falls approved a General Fund operating budget for the fiscal year beginning on July 1. The budget provides for estimated revenues of $2 , 746 , 000 as follows: property taxes, $1 , 916 , 000 ; licenses and permits, $360 , 000 ; fines and forfeits, $260 , 000 ; and intergovernmental (state grants), \$210,000. The budget approved appropriations of $2 , 694 , 000 as follows: General Government, \$510,000; Public Safety, \$1,620,000; Public Works, $360 , 000 : Culture and Recreation, $152 , 000 ; and Miscellaneous, $52 , 000 Required a. \& b. Prepare the journal entry (or entries), to record the Town of Bedford Falls's General Fund operating budget on July 1, the beginning of the Town's fiscal year and also record the following transactions that occurred during the month of July. Also show entries in the subsidiary ledger accounts, to record the Town of Bedford Falls's General Fund operating budget on July 1, the beginning of the Town's fiscal year. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account fieid.) 1. Revenues were collected in cash amounting to $33 , 000 for licenses and permits and $13 , 000 for fines and forfeits. 2. Supplies were ordered by the following functions in early July at the estimated costs shown: 3. During July, supplies were received at the actual costs shown below and were paid in cash. General Government, Culture and Recreation, and Miscellaneous received all supplies ordered. Public Safety and Public Works received part of the supplies ordered eariler in the month at estimated costs of $10 , 900 and $6 , 100 , respectively. Journal entry worksheet 5 Record the Town of Bedford Falls's General Fund operating budget on July 1 , the beginning of the Town's fiscal year. Note: Enter debits before credits. Journal entry worksheet 5 Revenues were collected in cash amounting to $33 , 000 for licenses and permits and $13 , 000 for fines and forfeits. Note: Enter debits before credits. Journal entry worksheet < 1 5 Record the issuance of the purchase orders and contracts. Note: Enter debits before credits. Journal entry worksheet 1 Record the reversal of the purchase orders. Note: Enter debits before credits. 1 Record the cash paid for expenses. Note: Enter debits before credits. TOWN OF BEDFORD FALLS Revenues Ledger TOWN OF BEDFORD FALLS Appropriations, Expenditures, and Encumbrances Ledger Supplies received Public Safety Appropriations Order of Supplies Supplies received Public Works Appropriations Order of Supplies Supplies received Culture and Recreation Appropriations Order of Supplies Supplies received Miscellaneous Appropriations Order of Supplies Supplies received c. Calculate the amount of budgeted but unrealized revenues in total and from each source as of July 31 . (Input all amounts as positive values.) d. Calculate the amount of avallable appropriation in total and for each function as of July 31 (input all amounts as positive values.)
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please need help on those- You can use Excel- Word- or handwritten 1-.pdf
please need help on those, You can use Excel, Word, or handwritten
1. Prepare journal entries for the fund financial statements;
2. prepare a Statement of Revenues, Expenditures, and Other Changes in Fund Balance and a
Balance Sheet for the fund;
42. The following information pertains to the City of Williamson for 2020 , its first year of legal
existence. For convenience, assume that all transactions are for the general fund, which has three
separate functions: general government, public safety, and health and sanitation. Receipts:
Property taxes Franchise taxes Charges for general government services Charges for public
safety services Charges for health and sanitation services Issued long-term note payable
Receivables at end of year: Property laxes ( 90% estimated to be collectible) Payments: Salary:
General government Public satety IIcalth and sanitation Rent: General government Public safety
Health and sanitation Maintenance: General government Public safety Haalth and sanitation
Insurance: General government Public safety ( $2 , 000 still prepaid at end of year) Health and
sanitation Interest on debt Principal payment on debt Storage shed Equipment Supplies (20\%
still held) (public safety) Investments Ordered but not received: Equipment Liabilities, all of
which are due in one month at end of year: Salaries: General government Public safely Health
and sanitation Compensated absences (such as vacations and sick days) legally owed to general
government workers at year-end total $13 , 000 . These amounts will not be taken by the
employees until so late in 2021 that the payment is not viewed as requiring 2020 current
financial resources. The city received a piece of art this year as a donation. It is valued at $14 ,
000 . The city plans to use it for general government purposes. The gift has no eligibility
requirements. The city chose not to capitalize this property. General government activities use
the storage shed that was acquired this year. It is depreciated over a 10-year period using the
straightline method with no residual value. The city uses the equipment for health and sanitation
and depreciates it using the straight-line method over five years with no residual value. The
investments are valued at $103 , 000 at the end of the year. For the equipment that was ordered
but not yet received, the City Council (the highest decision-making body in the government)
voted to honor the commitment when the equipment eventually arrives..
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 following selected events and transactions were recorded by Milos.pdf
The following selected events and transactions were recorded by Milos County Hospital. 1.
Gross charges for hospital services, all charged to accounts and notes receivable, were as
follows: 2. The hospital cafeteria and gift shop had cash sales of $296 , 500 . 3. Additional
information determined subsequently to recording patient service revenues and relating to the
current year is as follows 4. A federal cost reimbursement research grant of $362 , 000 was
awarded. As of the end of the year, $320 , 000 in expenses related t the grant had been made. 5.
Vouchers totaling $1 , 354 , 140 were issued for the following items: 6. Collections of accounts
receivable totaled $1 , 171 , 000 . Accounts written off as uncollectible amounted to $13 , 100 .
7. Cash payments on vouchers payable (paid to employers and suppliers) during the year were $1
, 037 , 200 . 8. Supplies of $100 , 970 were issued to nursing services. 9. On December 31 ,
accrued interest income on investments was $2 , 000 . 0 . Depreciation of buildings and
equipment was as follows: 11. On December 31, closing entries were made in the general
journal. Required a-1. Prepare journal entries for each of the transactions in accordance with the
standards for a governmental health care entity that follows proprietary fund accounting. (If no
entry is required for a transaction/event, select "No Journal Entry Required" in the b. Prepare
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government facility. (If no entry is required for a transaction/event, select "No Journal Entry
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contractual agreement with a lender requiring that $550 , 000 in cash be set aside to meet its
future debt payment. Note: Enter debits before credits..
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Exercise 6-8Serial Bond Debt Service Fund Journal Entries .docx
Exercise 6-8
Serial Bond Debt Service Fund Journal Entries and Financial Statements.
As of December 31, 2010, New Town had $9,500,000 in 4.5 percent serial bonds outstanding. Cash of $509,000 is the debt service fund’s only asset as of December 31, 2010, and there are no liabilities. The serial bonds pay interest semiannually on January 1 and July 1, with $500,000 in bonds being retired on each interest payment date. Resources for payment of interest are transferred from the General Fund and the debt service fund levies property taxes in an amount sufficient to cover principal payments.
A.
Prepare debt service fund and government-wide entries in general journal form to reflect, as necessary, the following information and transactions for FY 2011.
(1)The operating budget for FY 2011 consists of estimated revenues of $1,020,000 and estimated other financing sources equal to the amount of interest to be paid in FY 2011. Appropriations must be provided for interest payments and bond redemptions on January 1 and July 1.
(2)Cash was received from the General Fund and checks were written and mailed for the January 1 principal and interest payments.
(3)Property taxes in the amount of $1,020,000 were levied (no estimate for uncollectible accounts has been made).
(4)Property taxes in the amount of $1,019,000 were collected.
(5)Cash was received from the General Fund and checks were written and mailed for the July 1 principal and interest payments.
(6)Adjusting entries were made and uncollected taxes receivable were reclassified as delinquent. At the fund level, entries were also made to close budgetary and operating statement accounts. (Ignore closing entries in the government activities journal.)
B.
Prepare a statement of revenues, expenditures, and changes in fund balances for the debt service fund for the year ended December 31, 2011.
C.
Prepare a balance sheet for the debt service fund as of December 31, 2011.
.
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
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The Hills City maintains a Water and Sewer Fund to provide utility s.pdf
The Hills City maintains a Water and Sewer Fund to provide utility services to its citizens. As of
January 1, 2020, the Water and Sewer Fund had the following account balances:
(1) During the year, sales of water to non-government customers amounted to $1,025,000 and
sales of water to the General Fund amounted to $37,000.
(2) Collections from non-government customers amounted to $983,000.
(3) The Stores and Services Fund repaid $15,000 of the long-term advance to the Water and
Sewer Fund.
(4) Materials and supplies in the amount of $261,000 were received. A liability in that amount
was recorded.
(5) Materials and supplies were issued and were charged to the following accounts: cost of sales
and services, $180,000; selling, $15,000; administration, $18,000; construction work in progress,
$50,000.
(6) Payroll costs for the year totaled $416,200 plus $34,200 for the employer's share of payroll
taxes. Of that amount, $351,900 was paid in cash, and the remainder was withheld for taxes. The
$450,400 (416,200 + 34,200) was distributed as follows: cost of sales and services, $265,800;
sales, $43,900; administration, $91,400; construction work in progress, $49,300.
(7) Bond interest (5%) was paid.
(8) In accord with the revenue bond indenture, $25,000 cash was transferred from operating cash
to restricted assets.
(9) Construction projects at the water treatment plant (reflected in the beginning balance of
construction in process) were completed in the amount of $214,000, and the assets were placed
in service. Payments for these amounts were made in the previous year (no effect on 2020
Statement of Cash Flows).
(10) Collection efforts were discontinued on bills totaling $3,500. The unpaid receivables were
written off.
(11) An analysis of customer receivable balances indicated the Estimated Uncollectible Accounts
needed to be increased by $6,500.
(12) Payment of accounts payable amounted to $332,000. Payments of payroll taxes totaled
$95,200.
(13) Supplies transferred from the Stores and Services Fund amounted to $58,000. Cash in the
amount of $50,000 was paid to the Stores and Services Fund for supplies.
(14) Depreciation expense for the year was computed to be $267,000.
Required:
(A) Open a general journal for the Water and Sewer Utility Fund and record the above
transactions.
(B) A Statement of Revenues, Expenses, and Changes in Fund Net position for the Year Ended
December 31, 2020.
(C) A Statement of Net position, as of December 31, 2020.DebitsCreditsCash$102,000Customer
Accounts Receivable80,000Estimated Uncollectible Accounts Receivable$4,500Materials and
Supplies28,000Advance to Stores and Services Fund30,000Restricted Assets117,000Water
Treatment Plant in Service4,200,000Construction Work in Progress203,000Accumulated
Depreciation - Utility Plant1,200,000Accounts Payable96,500Revenue Bonds Payable (5%
interest)2,500,000Net position959,000Totals$4,760,000$4,760,000.
FINC400 Unit 5 IPFINC400 Unit 5 IP TemplateTo Start Fill in Cells.docx
FINC400 Unit 5 IPFINC400 Unit 5 IP TemplateTo Start: Fill in Cells C4 through C13 with the given information from the assignment directions.Bicycle UnitsPrice per bicycleFixed CostsVariable Cost per BicycleInitial Net Working CapitalInitial Machine InvestmentStraight-Line Depreciation TimeTax rateRequired rate of returnMachine sold at Year 5Year 0Year 1Year 2Year 3Year 4Year 5Capital Expenditures$0$0Change in Net Working Capital$0$0Change in Revenue$0$0$0$0$0Change in Variable Costs$0$0$0$0$0Change in Fixed Costs$0$0$0$0$0DepreciationERROR:#DIV/0!ERROR:#DIV/0!ERROR:#DIV/0!ERROR:#DIV/0!ERROR:#DIV/0!EBITERROR:#DIV/0!ERROR:#DIV/0!ERROR:#DIV/0!ERROR:#DIV/0!ERROR:#DIV/0!Tax Rate * EBITERROR:#DIV/0!ERROR:#DIV/0!ERROR:#DIV/0!ERROR:#DIV/0!ERROR:#DIV/0!DepreciationERROR:#DIV/0!ERROR:#DIV/0!ERROR:#DIV/0!ERROR:#DIV/0!ERROR:#DIV/0!Operating Cash FlowERROR:#DIV/0!ERROR:#DIV/0!ERROR:#DIV/0!ERROR:#DIV/0!ERROR:#DIV/0!Total Project Cash Flow$0ERROR:#DIV/0!ERROR:#DIV/0!ERROR:#DIV/0!ERROR:#DIV/0!ERROR:#DIV/0!NPVERROR:#DIV/0!In the following textbox, answer the following question in 50 or fewer words: Should the project be accepted or not?
Running head: COMPARISON AND CONTRAST OF THE COMPREHENSIVE ANNUAL FINANCIAL REPORT (CAFR) 1
COMPARISON AND CONTRAST OF THE COMPREHENSIVE ANNUAL FINANCIAL REPORT (CAFR) 2
Comparison and Contrast of the Comprehensive Annual Financial Report (CAFR)
Student’s name
Institution
Comparison and Contrast the Comprehensive Annual Financial Report (CAFR)
The complete yearly reports of any given state are drawn nearer on the review ability to uncover all the conceivable experiences or cover some subtle elements in the report exhibited. This article complexities and thinks about the yearly reports exhibited by the condition of South Carolina and the monetary review report for the City of Austin Minnesota (Turpen 2012). The production technique for these two CAFR is to the general population through to shifted bodies to look at. The City of Austin free report was distributed in the paper tended to the workplace of the Honorable Mayor and Members of the City Council. The South Carolina report, then again, tended to the Governor of the State of South Carolina and the Members of Legislative Assembly of the condition of South Carolina (Naughton, Petacchi, & Weber, 2015).
The two reports correspondingly were exhibited in consistence with the benchmarks of reviewing by the Government Auditing Standards and acknowledgment of the set government inspecting regulations and laws. The two productions were in consistence to uncover all the money related points of interest of the two organizations practically identical to uncover reality whether the monetary proclamations are free of any material misquote and give inward control ...
(14 minutes) Amer Company purchases an investment in stock that repres.docx
(14 minutes) Amer Company purchases an investment in stock that represents a 30% interest in another company with the ability to exercise significant control. The investment costs $40 , 000 . At the date of purchase on 1/1/22 , the investee's balance sheet included: Assets not subject to depreciation $30 , 000 (same as fair value) Assets subject to depreciation $40 , 000 (fair value $49 , 000 , 10 year remaining useful life) Liabilities $10 , 000 (same as fair value) The investee company reported net income of $20 , 000 and declared and paid a total cash dividend of $50 , 000 . Amer reports the following amount in its 2022 financial statements: Balance Sheet: Noncurrent Asset \$45,730; Income Statement: Investment Income $21 , 000 Other/Nonoperating - Regular Income. Balance Sheet: Current Asset $30 , 730 ; Income Statement: Investment Income $15 , 000 Other/Nonoperating Regular Income and $6 , 000 Other Comprehensive income. Balance Sheet Current Asset $45 , 730 ; Income Statement: Investment Income $6 , 000 Other/Nonoperating Regular Income. Balance Sheet: Noncurrent Asset $30 , 730 ; Income Statement: Investment Income $5 , 730 Other/Nonoperoting - Regular Income.
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Acct 567 week 2 case study i(uophelp)
ACCT 567 Week 2 Case Study I
ACCT 567 Week 1 Exercises
ACCT 567 Entire Course
ACCT 567 Week 2 Problems 3
ACCT 567 Week 3 Problems 5
ACCT 567 Week 4 Midterm Exam
ACCT 567 Week 4 Problems 7
ACCT 567 Week 5 Case Study City of Shipley
ACCT 567 Week 5 Homework Case study
ACCT 567 Week 5 Problems 8
ACCT 567 Week 5 Test All Questions and Answers
ACCT 567 Week 6 Problem 12
ACCT 567 Week 7 Problems 16
ACCT 567 Week 8 Final Exams
September 28th cares act monthly report
Alphonso Jefferson led the development of CARES Act monthly report to communicate activities to the residents of St. Lucie County.
Acct 567 final exam solutions 100% correct answers
Acct 567 final exam solutions 100% correct answers
GASB 84 | Fiduciary Activities For School Districts
This course will cover an overview of the annual financial statement reporting requirements (for both GAAP and Cash Basis reporting) for the implementation of GASB 84, to include how to prepare for the implementation and best practices to ensure complete and accurate reporting. Changes from these new GASB’s are expected to have an impact on all schools on how Fiduciary activities have been reported in the past vs what are required under the new GASB.
Specifically, this course will provide definitional changes on fiduciary activities. It will also provide an explanation of the changes in reporting within the financial statements, along with a school treasurers' perspective on how to prepare for its implementation to include completing the information requested spreadsheet.
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?.
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.
Similar to The Watson Foundation, a private not-for-profit entity, starts 2024 .pdf (20)
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please need help on those- You can use Excel- Word- or handwritten 1-.pdf
please need help on those- You can use Excel- Word- or handwritten 1-.pdf
Continuous Problem – City of Monroe 1Continuous Probl.docx
Continuous Problem – City of Monroe 1Continuous Probl.docx
The following selected events and transactions were recorded by Milos.pdf
The following selected events and transactions were recorded by Milos.pdf
Congress Gave Hospitals and Providers $100B in the Coronavirus Stimulus Packa...
Congress Gave Hospitals and Providers $100B in the Coronavirus Stimulus Packa...
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(14 minutes) Amer Company purchases an investment in stock that repres.docx
Acct 567 final exam solutions 100% correct answers
Acct 567 final exam solutions 100% correct answers
GASB 84 | Fiduciary Activities For School Districts
GASB 84 | Fiduciary Activities For School Districts
Assume that the City of Coyote has produced its financial statements f.pdf
Assume that the City of Coyote has produced its financial statements f.pdf
Assume that the City of Coyote has produced its financial statements f.pdf
Assume that the City of Coyote has produced its financial statements f.pdf
Continuous Problem – City of Monroe 1Continuous Probl.docx
Continuous Problem – City of Monroe 1Continuous Probl.docx
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The capital accounts of Jamie Dexter and Max Gee have balances of $136.pdf
The capital accounts of Jamie Dexter and Max Gee have balances of $136,500 and $95,500,
respectively. Darcey Lind and Loren Rothman are to be admitted to the partnership. Darcey Lind
buys one-fifth of Jamie Dexter's interest for $31,100 and one-fourth of Max Gee's interest
$19,200. Loren Rothman contributes $71,200 cash to the partnership, for which she is to receive
an ownership equity of $71,200. a. On December 31, journalize the entries to record the
admission of (1) Darcey Lind and (2) Loren Rothman. b. What are the capital balances of each
partner after the admission of the new partners?EQUITY 310 Jamie Dexter, Capital 311 Jamie
Dexter, Drawing 312 Max Gee, Capital 313 Max Gee, Drawing 314 Darcey Lind, Capital 315
Darcey Lind, Drawing 316 Loren Rothman,.
Taylor is one of three senior managers submitting internal proposals.pdf
Taylor is one of three senior managers submitting internal proposals for a capital budgeting
project. Only one manager is selected each year to receive funding that can reach up to one
million dollars. The last three managers that won the bid were promoted to vice president and
given very handsome salary increases. Taylor asked each member of the department to gather
information on projected costs and revenue, and was assembling the pieces into a final project
budget. At the end of the analysis, Taylor stared at the computer in disbelief. The Internal Rate of
Return (IRR) was estimated to come in at 7.5%, but every project approved in the last few years
had an 8% IRR or higher. Taylor examined the numbers for a long time and realized that by
reclassifying one project expenditure as a normal operating expense instead of a project expense,
the projected IRR could be adjusted upwards to 8.15%. Taylor knew the higher IRR would
improve the likelihood of getting the funding and the cost reclassification to operations was
unlikely to be discovered.
Decision 1 Taylor decided to turn in the proposal based on the higher projected IRR due to the
cost reclassification. Consequences of Behavioral Action: The project was funded and, when
completed, the IRR came in at 8%. No one noticed the added expenditure that had been
reclassified to normal operations, thus understating operating income. One year later Taylor was
promoted to vice president.
Decision 2 Taylor decided to turn in the proposal based on the higher projected IRR due to the
cost reclassification. Consequences of Behavioral Action: The project was funded and, when
completed, the IRR came in at 8%. During the annual audit a few months later, the project
expenditure that had been reclassified to normal operations was discovered and reassigned to the
project. The IRR for the project was recalculated to be 7.4%. Taylor was not promoted.
Decision 3 Taylor decided to turn in the proposal based on the higher projected IRR due to the
cost reclassification. Consequences of Behavioral Action: The project was funded and, when
completed, the IRR came in much higher than expected. Taylor was able to reverse the
reclassification by reinstating the omitted expenditure back to the project rather than normal
operations and still achieve an IRR of 8% on the project. One year later Taylor was promoted to
vice president.
Decision 4 Taylor decided to turn in the proposal with a 7.5% IRR and it was not accepted.
Taylor was not promoted.
Next is a set of adjectives that allow your group to discuss their general beliefs about the
situation/ issue above regarding Taylors behavioral action. Think of each of them in context of
all 4 decision scenarios.
FAIR -- UNFAIR
JUST -- UNJUST
MORALLY RIGHT -- NOT MORALLY RIGHT
ACCEPTABLE TO MY FAMILY --UNACCEPTABLE TO MY FAMILY
UNIMPORTANT ISSUE --IMPORTANT ISSUE
I believe this scenario overall involves an ethical dilemma: DISAGREE -- AGREE
The probability I would behave the same w.
Skip to question[The following information applies to the questi.pdf
Skip to question
[The following information applies to the questions displayed below.]
Diana and Ryan Workman were married on January 1 of last year. Ryan has an eight-year-old
son, Jorge, from his previous marriage. Diana works as a computer programmer at Datafile
Incorporated (DI) earning a salary of $102,500. Ryan is self-employed and runs a day care
center. The Workmans reported the following financial information pertaining to their activities
during the current year.
1. Assuming the Workmans file a joint tax return, determine their gross income minus expenses
on the day care business (this is called total income on the Form 1040).
3. Assuming the Workmans live in California, a community property state, and that Diana and
Ryan file separately, what is Diana's gross income minus expenses on the day care business?.
Set out below are the financial statements of Tubombeshe Co. You a.pdf
Set out below are the financial statements of Tubombeshe Co. You are the financial controller,
faced with the task of implementing IAS 7 Statement of cashflows.
Tubombeshe CO Income statement for the year ended 31 December 2021
Revenue
Cost of sales
Gross profit Distribution costs Administrative expenses
Interest received Interest paid
Profit before taxation Taxation
Profit for the period
Statementsoffinancial positionasat31 December
K'000
2,553 (1,814)
739 (125)
(264)
(75)
(140) 160
Assets
Non-current assets
Property, plant and equipment
380
305 Intangible assets
250 200 Investments 25 Currentassets
Inventories
Receivables
Short-term investments Cash in hand
Total assets
150 102
2021 2020
K'000
K'000
390 50
- 2 1,222
3 1 5 -
1 948
4|Page
Equity and liabilities
Equity
Share capital (K1 ordinary shares) Shere premium account Revaluation reserve
Retained earnings Non-currentliabilities
Loan
Current liabilities
Trade payables Bank overdraft
Taxation
Total equity and liabilities
The following information is available and relevant.
200 150
160 150 1 0 0 91
260 180
1. The proceeds of the sale of non-current asset investments amountedt o K30,000.
2. Fixtures and fittings, with an original cost of K85,000 and a net book value of K45,000, were
sold
for K32,000 during the year.
.3 The following information relates to property, plant and equipment
Cost
Accumulated depreciation Net book value
K'000
720 3 4 0 380
K'000 595
2 9 0 305
.4 50,000 K1 ordinary shares were issued during the year at a premium of K0.20 per share. 5.
Dividends totaling K80,000 were paid during the year.
Required
(a) Prepare a statement of cash flows for the year ended 31 December 2021 using IAS 7 indirect
method. (15 marks) (b) Analyse the statement of cash flows prepared in part (a) (10 marks)
[Total = 25 Marks]
Set out below are the financial statements of Tubombeshe Co. You are the financial controller,
faced with the task of implementing IAS 7 Statement of cashflows.
Tubombeshe CO Income statement for the year ended 31 December 2021
Revenue
Cost of sales
Gross profit Distribution costs Administrative expenses
Interest received Interest paid
Profit before taxation Taxation
Profit for the period
Statementsoffinancial positionasat31 December
K'000
2,553 (1,814)
739 (125)
(264)
(75)
(140) 160
Assets
Non-current assets
Property, plant and equipment
380
305 Intangible assets
250 200 Investments 25 Currentassets
Inventories
Receivables
Short-term investments Cash in hand
Total assets
150 102
2021 2020
K'000
K'000
390 50
- 2 1,222
3 1 5 -
1 948
4|Page
Equity and liabilities
Equity
Share capital (K1 ordinary shares) Shere premium account Revaluation reserve
Retained earnings Non-currentliabilities
Loan
Current liabilities
Trade payables Bank overdraft
Taxation
Total equity and liabilities
The following information is available and relevant.
200 150
160 150 1 0 0 91
260 180
1. The proceeds of the sale of non-current asset investments amountedt o K30,000.
2. Fixtures and fittings, with an.
The post-closing trial balance of Coronado Company and other related.pdf
The post-closing trial balance of Coronado Company and other related information for the year
2025 are presented as follows.
Additional information:
Prepare a balance sheet as of December 31, 2025, so that all important information is fully
disclosed. (List Current Assets in order of liquidity. List Property, Plant, and Equipment in order
of Land, Construction in Process, and Equipmen inter account name only and do not provide the
descriptive information provided in the question.)DebitcreditCash44440Accounts
Receivable166,940Allowance for Doubtful Accounts9070Prepaid
Insurance6270Inventory211940Equity Investments (long-term)342440Land88440Construction
in Process (building)127440Patents36000Equipment403440Accumulated Depreciation-
Equipment240370Discount on Bonds Payable20000Accounts Payable151440Accrued
Liabilities52640Notes Payable97440Bonds Payable203440Common Stock503440Paid-in
Capital in Excess of Par-Common Stock45000Retained Earnings144510Total14473501447350.
The following items are taken from the financial statements of Starr.pdf
The following items are taken from the financial statements of Starr Corporation for 2021:
Accounts Payable $78,000
Accounts Receivable 146,000
Bonds Payable 50,000
Cash 84,000
Common Stock 25,000
Advertising Expense 10,000
Dividends 3,000
Rent Expense 8,000
Supplies Expense 4,000
Retained Earnings, January 1 10,000
Salaries Expense 20,000
Consulting Revenue 118,000
Supplies on Hand 6,000
Instructions: Prepare each of the following financial statements.
1. an income statement.
2. retained earnings statement.
3. a classified balance sheet.
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• The Committee on Education and the Workforce has been investigating your institution since December 7, 2023. The Committee has broad jurisdiction over postsecondary education, including its compliance with Title VI of the Civil Rights Act, campus safety concerns over disruptions to the learning environment, and the awarding of federal student aid under the Higher Education Act.
• The Committee on Oversight and Accountability is investigating the sources of funding and other support flowing to groups espousing pro-Hamas propaganda and engaged in antisemitic harassment and intimidation of students. The Committee on Oversight and Accountability is the principal oversight committee of the US House of Representatives and has broad authority to investigate “any matter” at “any time” under House Rule X.
• The Committee on Ways and Means has been investigating several universities since November 15, 2023, when the Committee held a hearing entitled From Ivory Towers to Dark Corners: Investigating the Nexus Between Antisemitism, Tax-Exempt Universities, and Terror Financing. The Committee followed the hearing with letters to those institutions on January 10, 202
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- 1. The Watson Foundation, a private not-for-profit entity, starts 2024 with cash of $100,000; contributions receivable (net) of $200,000; investments of $300,000; and land, buildings, and equipment (net) of $200,000. Net assets without donor restrictions were reported as $400,000, the same figure as the net assets with donor restrictions. Of the restricted net assets, $300,000 was purpose restricted, whereas the other $100,000 had to be held permanently, although the subsequently earned income is without restriction. Fifty percent of the purpose-restricted net assets had to be used to help pay for a new building. The remainder was restricted to the payment of officer salaries. Donors made no stipulations about the eventual reporting of buildings and other long-lived assets when acquired. Watson has one program service (health care) and two supporting services (fundraising and administrative. During the current year, Watson Foundation has the following transactions: prepare the journal entries for transactions 1- 15. No Financial statements are required