BettyLou'sBudgetAssignment1

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Question 6 Not complete Marked out of 7.14 Flag question eBook Print Preparation of fund financial statements and schedules Prepare a governmental funds balance sheet; a governmental funds statement of revenues, expenditures, and changes in fund balances; and a General Fund budgetary comparison schedule. In the budgetary comparison schedule, include a column for variances. To ease financial statement preparation, we supply you with the pre-closing trial balances for Croton City's General Fund, Library Special Revenue Fund, Capital Projects Fund, and Debt Service Fund. Consider all funds as major funds for this exercise and classify the fund balance for the Debt Service Fund as Assigned fund balance. In addition, make calculations to determine which of the funds would be considered as nonmajor if Croton had not considered all of them to be major. Preclosing Trial Balance for Croton City General Fund December 31, 2019 Debits Credits Budgetary Accounts Estimated revenues- property taxes…

Accounting for Student Aid from External Sources Landry State University, a public university located in Louisiana, has a June 30 fiscal year. On July 20 of the current year, Landry State University receives $1,275,000 in payments from the U.S. federal government for Pell grants and loans for students for the upcoming academic semester which begins August 1. Record the following transactions. 1. The receipt of funds on July 20. 2. The recognition of revenue on August 1, assuming that amounts are applied to student accounts entirely for tuition and fees revenue. Debit Account To record receipt of funds on July 20. To record recognition of revenue on August 1. 0 0 0 0 Credit 0 0 0 0

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3 The Village of Seaside Pines prepared the following enterprise fund Trial Balance as of December 31, 2024, the last day of its fiscal year. The enterprise fund was established this year through a transfer from the General Fund.   Debits Credits Accounts payable   $ 108,000 Accounts receivable $ 27,400   Accrued interest payable   30,600 Accumulated depreciation   49,000 Administrative and selling expenses 51,000   Allowance for uncollectible accounts   13,000 Capital assets 714,000   Cash 96,800   Charges for sales and services   561,000 Cost of sales and services 500,000   Depreciation expense 49,000   Due from General Fund 17,300   Interest expense 40,500   Interest revenue   5,300 Transfer in from General Fund   117,600 Bank note payable   630,400 Supplies inventory 18,900   Totals $ 1,514,900 $ 1,514,900   Required: Prepare the reconciliation of operating income to net cash provided by operating activities that would appear at…

3 The Village of Seaside Pines prepared the following enterprise fund Trial Balance as of December 31, 2024, the last day of its fiscal year. The enterprise fund was established this year through a transfer from the General Fund.   Debits Credits Accounts payable   $ 108,000 Accounts receivable $ 27,400   Accrued interest payable   30,600 Accumulated depreciation   49,000 Administrative and selling expenses 51,000   Allowance for uncollectible accounts   13,000 Capital assets 714,000   Cash 96,800   Charges for sales and services   561,000 Cost of sales and services 500,000   Depreciation expense 49,000   Due from General Fund 17,300   Interest expense 40,500   Interest revenue   5,300 Transfer in from General Fund   117,600 Bank note payable   630,400 Supplies inventory 18,900   Totals $ 1,514,900 $ 1,514,900   Required: Prepare the reconciliation of operating income to net cash provided by operating activities that would appear at the…

PROGRAMS SELF DEVELOPMENT E-LIBRARY 8. 6. 10 11 12 13 14 15 16 Your company wants to invest JD 10,000,000 in network, taking into consideration the below table Investment 10,000,000.00 Lifetime Annual Revenues in Yearl 2,000,000.00 2% Annual decline in revenues from Y2 30% Direct Cost % of revenues 15% OPEX % of revenues 7% Interest Discount rate/fWACC) CO

2 The Village of Seaside Pines prepared the following enterprise fund Trial Balance as of December 31, 2024, the last day of its fiscal year. The enterprise fund was established this year through a transfer from the General Fund.   Debits Credits Accounts payable   $ 108,000 Accounts receivable $ 27,400   Accrued interest payable   30,600 Accumulated depreciation   49,000 Administrative and selling expenses 51,000   Allowance for uncollectible accounts   13,000 Capital assets 714,000   Cash 96,800   Charges for sales and services   561,000 Cost of sales and services 500,000   Depreciation expense 49,000   Due from General Fund 17,300   Interest expense 40,500   Interest revenue   5,300 Transfer in from General Fund   117,600 Bank note payable   630,400 Supplies inventory 18,900   Totals $ 1,514,900 $ 1,514,900     Required: Prepare the closing entries for December 31. Prepare the Statement of Revenues, Expenses, and Changes in Fund…

Surcharges 30,000.00 170,000.00 Interest from Loans Filling Fee 12,000.00 38,000.00 6,000.00 Service Fee Utilities Expense Representation and Travel Allowance Taxes and Licenses Social Services Expenses 12,000.00 1,600.00 1,000.00 General Assembly Expenses Interest Earned from Bank Deposits Membership Benefit's Expense Office Supplies Expense Fidelity Bond Premium Repairs and maintenance Depreciation Expenses Miscellaneous Expenses 19,000.00 58,000.00 18,000.00 10,000.00 900.00 10,000.00 39,000.00 4,000.00 How much is the Net Surplus?

Problem 4 – On 1/1/21 Holiday Charity receives a $300,000 pledge to be received $50,000 every 12/31 for the next 6 years. Required; a. Calculate the present value of the pledge assuming an appropriated discount rate of 3%. b. Prepare the necessary journal entries on the following dates; 1/1/21 12/31/21

Surcharges 30,000.00 170,000.00 Interest from Loans Filling Fee 12,000.00 38,000.00 Service Fee Utilities Expense Representation and Travel Allowance 6,000.00 12,000.00 Taxes and Licenses 1,600.00 1,000.00 Social Services Expenses General Assembly Expenses Interest Earned from Bank Deposits Membership Benefit's Expense Office Supplies Expense Fidelity Bond Premium Repairs and maintenance Depreciation Expenses Miscellaneous Expenses 19,000.00 58,000.00 18,000.00 10,000.00 900.00 10,000.00 39,000.00 4,000.00 How much is to be allocated for Cooperative Education and Training Fund?

Surcharges 30,000.00 170,000.00 Interest from Loans Filling Fee 12,000.00 38,000.00 Service Fee Utilities Expense Representation and Travel Allowance 6,000.00 12,000.00 Taxes and Licenses 1,600.00 1,000.00 Social Services Expenses General Assembly Expenses Interest Earned from Bank Deposits Membership Benefit's Expense Office Supplies Expense Fidelity Bond Premium Repairs and maintenance Depreciation Expenses Miscellaneous Expenses 19,000.00 58,000.00 18,000.00 10,000.00 900.00 10,000.00 39,000.00 4,000.00 How much is to be allocated for Community Development Fund?

Question The trial balance below relates to the Consolidated Fund for the year ended 31st December, 2019.   GHc'000 GHc'000 Indirect Taxes   120,300 Direct Taxes   85,000 Non taxe revenues   60,000 Compensation for employees 76,000   Goods and services 45,000   Consumption of fixed consumption 24,000   Loans and advances 30,000   Bank and cash balances 12,000   Equity investment 40,000   Domestic debt   90,500 External debt   110,000 Trust fund   50,000 Sundry creditors   24,500 Other expenditures 20,000   Public debt interest 33,000   Social benefit 12,000   Grants 20,000   Subsidies 12,000   Accumulated Fund (1/12/16) 216,300     540300 540,300   Required: 1. Prepare Statement of Revenue and Expenditure for the Consolidated Fund for the year ended 31st December, 2019.   2. Prepare Statement of Financial Position…

Take Home Portion Wishful Thinking (WT) School of Management is building a new facility on a piece of donated land. It received a generous cash donation from a local business to support the project, and now needs to borrow additional $10,000,000 to complete the project. Therefore WT School of Mgmt issued $10,000,000 of 6.00% 10-year bonds. These bonds were issued on January 1, 20X1, and pay interest annually on each January 1. The bonds yield 7.00%. WT School of Mgmt incurred $600,000 in bond issue costs related to the bond sale (round up the calculation to the nearest dollar). (a) Prepare the journal entry to record the issuance of the bonds and the related bond issue costs incurred on January 1, 20X1 THE (b) Prepare a bond amortization schedule up to and including January 1, 20X5, using the effective interest method ( Date Jan 1, X1 Interest Paid Interest Expense Disc/Prem Amortization Bond Carrying Value Jan 1, X2 Jan 1, X3 Jan 1, X4 Jan 1, X5 2 (c) Assume that on July 1, 20X4, WT…

Surcharges 30,000.00 170,000.00 Interest from Loans Filling Fee 12,000.00 38,000.00 6,000.00 Service Fee Utilities Expense Representation and Travel Allowance 12,000.00 Taxes and Licenses 1,600.00 Social Services Expenses General Assembly Expenses Interest Earned from Bank Deposits Membership Benefit's Expense Office Supplies Expense Fidelity Bond Premium Repairs and maintenance Depreciation Expenses Miscellaneous Expenses 1,000.00 19,000.00 58,000.00 18,000.00 10,000.00 900.00 10,000.00 39,000.00 4,000.00 How much is to be allocated for Optional Development Fund?

Question You are provided with the following information relating to the Consolidated Fund for the year ended 31st December, 2019.   Debit Credit   GHC'000 GHc'000 Corporate taxes   200,000 Personal income taxes   120,000 Capital gain taxes and sundries   50,000 Taxes on general goods and services   180,000 Fees, fines and penalties   80,000 Investment income   20,000 Custom duties   250,000 Grants   150,000 Communication service taxes   100,000 Royalties   40,000 Established post 240,000   Casual labour 60,000   Travel and transport 70,000   Repairs and maintenance 50,000   13% Social security contribution 26,000   Gratuity and end of service benefit 168,000   State protocol 180,000   Independence Day celebration 205,000   Seminar and conferences 30,000   Probation 25,000   Property plant and equipment (at cost) 300,000   Infrastructure (at…

Question You are provided with the following information relating to the Consolidated Fund for the year ended 31st December, 2019.   Debit Credit   GHC'000 GHc'000 Corporate taxes   200,000 Personal income taxes   120,000 Capital gain taxes and sundries   50,000 Taxes on general goods and services   180,000 Fees, fines and penalties   80,000 Investment income   20,000 Custom duties   250,000 Grants   150,000 Communication service taxes   100,000 Royalties   40,000 Established post 240,000   Casual labour 60,000   Travel and transport 70,000   Repairs and maintenance 50,000   13% Social security contribution 26,000   Gratuity and end of service benefit 168,000   State protocol 180,000   Independence Day celebration 205,000   Seminar and conferences 30,000   Probation 25,000   Property plant and equipment (at cost) 300,000   Infrastructure (at…

Problem 1 – Smith College has a fiscal year end of 6/30/22 and runs summer session classes from 6/1/22  to 8/31/22. The following are selected transactions of Smith College;  6/1/22 Smith College collects $300,000 tuition for the 2022 summer session  6/1/22 Smith College collects $1,000,000 tuition for the Fall 2022 semester  6/1/22 to 6/30/22 Smith College pays $2,000 to faculty teaching in the summer session  7/1/22 to 8/31/21 Smith College pays $4,000 to faculty teaching in the summer session   Required: Prepare the journal entries for the above transactions assuming Smith College is a private sector  not for profit college Prepare the journal entries for the above transactions assuming Smith College is a State college

Surcharges 30,000.00 170,000.00 Interest from Loans Filling Fee 12,000.00 38,000.00 Service Fee Utilities Expense Representation and Travel Allowance 6,000.00 12,000.00 Taxes and Licenses 1,600.00 1,000.00 Social Services Expenses General Assembly Expenses Interest Earned from Bank Deposits Membership Benefit's Expense Office Supplies Expense Fidelity Bond Premium Repairs and maintenance Depreciation Expenses 19,000.00 58,000.00 18,000.00 10,000.00 900.00 10,000.00 39,000.00 Miscellaneous Expenses 4,000.00 How much is to be allocated for General Reserved Fund?

Benefit obligation, 1 January 20X6 Current service cost for 20X6 SFP Accrued net OPEB liability, 1 January, 20X6 Accumulated OCI, OPEBS, 1 January 20X6, loss Fund assets, 1 January 20X6 Contributions to the benefit fund for 20X6-paid 1 April Benefit payments to retired employees for 20X6 evenly over year Actual return on fund assets Yield rate on long-term corporate bonds $ 77,000 20,000 15,000 31,000 62,000 9,800 16,000 350 7 % With this information, how would i calculate projected obligation? OPEB expense? Net OPEB? Accumulate OCI OPEB?

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Problem 16: The following disbursements were made in relation to the construction of CAN'T BE WITH YOU TONIGHT Co. building which started January 1, 2020 and the building was completed August 31, 2021. CAN'T BE WITH YOu TONIGHT Company have the following loans outstanding during 2020 and 2021: Interest Rate Amount Specific loan 15% 2,000,000 General loan 12% 15,000,000 The following expenditures were paid during 2020 and 2021 to KASI NANDITO ASAWA KO Construction. January 1, 2020 2,000,000 July 1, 2020 5,000,000 November 1, 2020 3,000,000 July 1, 2021 1,000,000 August 31, 2021 2,000,000 13,000,000 Answer the following questions In accordance with PAS 16 and PAS 23. 46. How much is the balance of the Building-in-progress at December 31, 2020? 47. How much interest incurred was capitalized in 2020? 48. How much interest incurred was recognized in the 2020 profit and loss statement? 49. How much interest incurred was recognized in the 2021 profit and loss statement assuming the all…

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Question 1 Not complete Marked out of 7.14 Flag question Scenario and General Fund budgetary journal entries The scenario: Croton City maintains four governmental-type funds: a General Fund, a Library Special Revenue Fund, a Capital Projects Fund, and a Debt Service Fund. Croton City started its calendar year 2019 with the following General Fund balances (all numbers are in thousands of dollars). Cash Property taxes receivable Debits Credits $1,800 800 Salaries payable Deferred property tax revenues Unassigned fund balance Totals $700 300 1,600 $2,600 $2,600 Croton has adopted the following budgetary and accounting policies: • Encumbrance accounting is used only for the acquisition of supplies and for the award of contracts for construction and construction-related activities. Open encumbrances lapse at the end of the year, but are considered in developing the next year's budget. Because final income tax returns are not required to be filed until April 15 of the year following the end…

Government Grants (PAS 20) Problem 1. On January 1, 2015, SMDC Inc. was granted a non-interest bearing loan from Bangko Sentral ng Pilipinas with a face value of P1,000,000, term of 3 years and implicit rate of 10%. SMDC received the face value of the loan on the condition that the company will continuously operate for the 3-year term of the loan. Required: Based on the result of your audit, determine the following: __________1. Realized income from government grant for the year ended December 31, 2015 __________2. Book value of deferred income from government grant as of December 31, 2015   Problem 2. On January 1, 2021, ALI Inc. received P2,000,000 from national government on the condition that the company will construct an environmentally-friendly building with a cost of P13,000,000 and useful life of 10 years and residual value of P1,000,000. On January 1, 2023, the government grant became repayable as a result of ALI Inc.’s failure to comply with the environmentally-friendly…

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0 1 E 20-7 General fund journal entries (property taxes) The following events and transactions relate to the levy and collection of property taxes for Jedville Township: 13 14 15 16 March 21, 2011-Property tax bills for $2,500,000 are sent to property owners. An estimated 2% of the property tax levies are uncollectible. The taxes are due on May 1. May 4, 2011-$1,900,000 in taxes have been collected. The remaining receivables are reclassified as delinquent. May 5 to December 31, 2011-An additional $150,000 of taxes are collected. November 1, 2011-A $5,000 tax receivable account is determined to be uncollectible and is written off. January 1, 2012, to February 28, 2012-An additional $87,750 of 2011 taxes are collected. REQUIRED 1. Prepare summary journal entries for the events and transactions described for the Jedville general fund. 2. How will property taxes be presented in the December 31, 2011, balance sheet? 3. What amount of property tax revenues should be reported for 2011?