1. The Water Uity Fund of Cook City provides water and sewer services for the entire Cily. For the following summarized transactions for the year ended June 30, Prepare the fund level Journal entries and Statement of Revenues, expenses, and change in fund net position. . Biling to nongovemmental customers amounted to S63,000, and biling to the City General Fund amounts to $5.000, and al revenues was trom the sle of water Materials and suppliers were purchased with a cost of $56,000, and recorded as payables 3. Materials and Supplier used to provide services amounted to $49,000. 4. Accounts recelvable colettons totaled S58.000 from nongovernmental customers and $5,000 from the General Fund 5. Received new customer deposit of $3,000. 6. Depreciation expense of 58.000 was recorded for the year. 7. The allowance for uncollectible accounts was increased $5.200 for the year 8. Paid accounts payables $46,000. 9. Operating statement accounits were dosed for the year (including the redassification of rnet assets)

1. The Water Uity Fund of Cook City provides water and sewer services for the entire Cily. For the following summarized transactions for the year ended June 30, Prepare the fund level Journal entries and Statement of Revenues, expenses, and change in fund net position. . Biling to nongovemmental customers amounted to S63,000, and biling to the City General Fund amounts to $5.000, and al revenues was trom the sle of water Materials and suppliers were purchased with a cost of $56,000, and recorded as payables 3. Materials and Supplier used to provide services amounted to $49,000. 4. Accounts recelvable colettons totaled S58.000 from nongovernmental customers and $5,000 from the General Fund 5. Received new customer deposit of $3,000. 6. Depreciation expense of 58.000 was recorded for the year. 7. The allowance for uncollectible accounts was increased $5.200 for the year 8. Paid accounts payables $46,000. 9. Operating statement accounits were dosed for the year (including the redassification of rnet assets)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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1. Assume that the City of Juneau maintains its books and records to facilitate the preparation of its fund financial statements. The City pays its employees bi-weekly on Friday. The fiscal year ended on Wednesday, June 30. Employees had been paid on Friday, June 25. The employees paid from the General Fund had earned $120,000 on Monday, Tuesday, and Wednesday (June 28, 29, and 30). What entry, if any, should be made in the City s General Fund? a. Debit Expenditures; Credit Wages and Salaries Payable. b. Debit Expenses; Credit Wages and Salaries Payable. c. Debit Expenditures; Credit Encumbrances. d. No entry is required.
For each of the summarized transactions for the Village of Sycamore General Fund, prepare the general ledger journal entries. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) The budget was formally adopted, providing for estimated revenues of $1,120,000 and appropriations of $987,000. Revenues were received, all in cash, in the amount of $1,105,000. Purchase orders were issued in the amount of $479,000. Of the $479,000 in (c), purchase orders were filled in the amount of $470,500; the invoice amount was $470,000 (not yet paid).
For each of the summarized transactions for the Village of Sycamore General Fund, prepare the general ledger journal entries. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) The budget was formally adopted, providing for estimated revenues of $1,120,000 and appropriations of $987,000. Revenues were received, all in cash, in the amount of $1,105,000. Purchase orders were issued in the amount of $479,000. Of the $479,000 in (c), purchase orders were filled in the amount of $470,500; the invoice amount was $470,000 (not yet paid). Expenditures for payroll not encumbered amounted to $513,000 (not yet paid). Amounts from (d) and (e) are paid in cash. ONLY NEED 5 AND 6 Done Please, the other numbers are given to make sure all info is provided.
The City of Fox is evaluating which of its funds it will present as a major fund in its fund financial statements on December 31, Year 1. The city presents the following partial listing of asset data at December 31, Year 1: Total Governmental Fund Type Assets $ 3,000,000 Total Enterprise Fund Assets 2,000,000 General Fund Assets 280,000 Community Development Special Revenue Fund 290,000 Faberville River Bridge Capital Project Fund 100,000 Faberville Water & Sewer Utility Fund 1,800,000 Faberville Landfill 200,000 Based purely on assets, how many funds should be displayed as major funds? A.) Four B.) Five C.) TWO D.) Three
The following selected information was taken from SunValley City’s general fund statement of revenues, expenditures, and changes in fund balance for the year ended December 31, 2019:Revenues:Property taxes—2019 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 825,000Expenditures:Current services:Public safety . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 350,000Capital outlay (police vehicles) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100,000Debt service . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 74,000Excess of revenues over expenditures . . . . . . . . . . . . . . . . . . . . $ 153,000Other financing uses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (125,000)Excess of revenues over expenditures and other financing uses. $ 28,000Decrease in fund balance assigned (encumbrances) during 2019 . 15,000Residual equity transfers-out…
Prepare the entries to record the following general fund transactions for the village of Del Valley for the year ended September 30, 2018:a. Revenues are estimated at $520,000; expenditures are estimated at $515,000.b. A tax levy is set at $378,788, of which 1% will likely be uncollectible.c. Purchase orders amounting to $240,000 are authorized.d. Tax receipts total $280,000.e. Invoices totaling $225,000 are received and vouchered for orders originally estimated at $223,000.f. Salaries amounting to $135,000 are approved for payment.g. A state grant-in-aid of $100,000 is received.h. Fines and penalties of $10,000 are collected.i. Property for a village park is purchased, costing $120,000. No encumbrance had been made for this item.j. Additional recreational property valued at $88,000 is donated.k. Amounts of $12,000 due to other village funds are approved for payment. (Note: To establish the liability to other funds, credit Due to Other Funds.)l. The village’s share of sales tax due…
[The following information applies to the questions displayed below.]The Township of Thomasville’s General Fund has the following net resources at year end: $69,000 of prepaid insurance $410,000 rainy day fund approved by the township governing board with specific conditions for its use $1,800 of supplies inventory $60,000 state grant for snow removal $150,000 contractual obligations for the purchase of equipment Outstanding encumbrance of $105,000 for the purchase of furniture & fixtures (assume no contractual obligation) Total Fund Balance is $1,010,500 What would be the total Nonspendable fund balance? Multiple Choice $70,800 $150,000 $69,000 $410,500 What would be the total Restricted fund balance? Multiple Choice $60,000 $150,000 $479,000 $410,000
[The following information applies to the questions displayed below.]The Township of Thomasville’s General Fund has the following net resources at year end: $69,000 of prepaid insurance $410,000 rainy day fund approved by the township governing board with specific conditions for its use $1,800 of supplies inventory $60,000 state grant for snow removal $150,000 contractual obligations for the purchase of equipment Outstanding encumbrance of $105,000 for the purchase of furniture & fixtures (assume no contractual obligation) Total Fund Balance is $1,010,500 What would be the total Committed fund balance? Multiple Choice $410,000 $210,000 $560,000 $562,500 What would be the total Assigned fund balance? Multiple Choice $129,000 $165,000 $315,000 $105,000
Indicate (i) how each of the following transactions impacts the fund balance of the general fund, and its classifications, for fund financial statements and (ii) what impact each transaction has on the net position balance of the Government Activities on the government-wide financial statements.a. Issue a five-year bond for $6 million to finance general operations.b. Pay cash of $149,000 for a truck to be used by the police department.c. The fire department pays $17,000 to a government motor pool that services the vehicles of only the police and fire departments. Work was done on several department vehicles. d. Levy property taxes of $75,000 for the current year that will not be collected until four months into the subsequent year.e. Receive a grant for $7,000 that must be returned unless the money is spent according to the stipulations of the conveyance. That is expected to happen in the future.f. Businesses make sales of $20 million during the current year. The…
Prepare journal entries to record the following events. Identify every fund(s) or group of accounts in which an entry is made.a. The city authorized the construction of a city hall to be financed by a $6,000,000 contribution of the general fund and the proceeds of a $30,000,000 general obligation serial bond issue. Both amounts are budgeted to be received in the current year. Expenditures during the current year are estimated to be $14,000,000. Budgetary accounts are used.b. The general fund remits the $6,000,000.c. The bonds are sold for 99; issue costs totaled $50,000.d. A contract is signed with Mader Construction Company for construction of the city hall for an estimated contract cost of $32,000,000. The contract was authorized by a city official delegated authority by the city council.e. By year-end, $7,000,000 is paid against the contract withMader Construction Company.
Governmental accounting Explain how each of the following would affect the classification of the fund balance in the General Fund. All related resources are reported as General Fund assets. 1. Inventory of materials and supplies is $50,000 but $20,000 has not yet been paid to vendors for the recent purchases of the materials and supplies on hand. 2. The finance director has committed to using $40,000 of the carryover fund balance for employee attendance at training conferences. 3. Prepaid insurance in the General Fund is $10,000. 4. The city council adopted an ordinance setting aside $100,000 for planned improvements to police training programs. 5. Unspent receipts of a tax imposed with the stipulation that the monies raised must be used for economic development total $750,000. 6. Unrestricted tax receivables total $1,000,000, however, there are related deferred inflows of resources for unavailable taxes of $740,000. 7. A long-term receivable from which collection proceeds are assigned…
A city orders a new computer for its general fund at an anticipated cost of $88,000. Its actual cost when received is $89,400. Payment is subsequently made. Prepare all required journal entries for both fund and government-wide financial statements. What information do the government-wide financial statements present? What information do the fund financial statements present?