A. $250,000 B. $300,000 C. $450,000 D. $500,000
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- The Eaton School District engaged in the following transactions during its fiscal year ending August 31, 2021. • It established a purchasing department, which would be accounted for in a new internal service fund, to purchase supplies and distribute them to operating units. To provide working capital for the new department, it transferred $1.7 million from its general fund to the internal service fund. • During the year, operating departments that are accounted for in the general fund acquired supplies from the internal service fund for which they were billed $300,000. Of this amount, the government transferred $200,000 from the general fund to the internal service fund, expecting to transfer the balance in the following fiscal year. The supplies had cost the purchasing department $190,000. During 2021, the operating departments used only $220,000 of the supplies for which they were billed. They had nosupplies on hand at the start of the year. • The school district transferred…The unadjusted trial balance for the General Fund of the City of Allensville at June 30, 2019 is as follows: Debits Accounts Receivable $40,000 Cash 75,000 Due from Agency Fund 25,000 Encumbrances 60,000 Estimated Revenues 975,000 Expenditures 750,000 Taxes Receivable 250,000 $2,175,000 Credits Allowance for Doubtful Accounts $ 5,000 Allowance for Uncollectible Taxes 50,000 Appropriations 785,000 Due to a Utility Fund 40,000 Unassigned Fund Balance (160,000) Estimated…The unadjusted trial balance for the General Fund of the City of Allensville at June 30, 2019 is as follows: Debits Accounts Receivable $40,000 Cash 75,000 Due from Agency Fund 25,000 Encumbrances 60,000 Estimated Revenues 975,000 Expenditures 750,000 Taxes Receivable 250,000 $2,175,000 Credits Allowance for Doubtful Accounts $ 5,000 Allowance for Uncollectible Taxes 50,000 Appropriations 785,000 Due to a Utility Fund 40,000 Unassigned Fund Balance (160,000) Estimated…
- The Eaton School District engaged in the following transactions during its fiscal year ending August 31, 2021. • It established a purchasing department, which would be accounted for in a new internal service fund, to purchase supplies and distribute them to operating units. To provide working capital for the new department it transferred $1.7 million from its general fund to the internal service fund. • During the year, operating departments that are accounted for in the general fund acquired supplies from the internal service fund for which they were billed $300,000. Of this amount the government transferred $200,000 from the general fund to the internal service fund, expecting to transfer the balance in the following fiscal year. The supplies had cost the purchasing department $190,000. During 2021, the operating departments used only $220,000 of the supplies for which they were billed. They had no supplies on hand at the start of the year. • The school district transferred…Rustaq district opted to account for its Vehicle Pools and Maintenance center in an internal service fund. Previously the center had been accounted for in the district’s general fund. During the first month in which it was accounted for as an internal service fund the center engaged in the following transactions: 1. Six Vehicles were transferred to the internal service fund from the government’s general capital assets. At the time of transfer the vehicles had a book value (net of accumulated depreciation) of OMR 75,000. 2. The general fund made an initial cash contribution of OMR 85,000 to the internal service fund. 3. It purchased machinery and spare parts for OMR 20,000 and paid contractors OMR 10,000 for improvements to its facilities. 4. It billed the county clerk’s office OMR 4,000 for vehicles maintenance, of which the office remitted OMR 2,500. 5. It incurred, and paid in cash, various operating expenses of OMR…A government buys equipment for its police department at a cost of $54,000. Which of the following is Equipment will increase by $54,000 in the government-wide financial statements. Depreciation in connection with this equipment will be reported in the fund financial statements. The equipment will not appear within the reported assets in the fund financial statements. An expenditure for $54,000 will be reported in the fund financial statements.
- The Town of Weston has a Water Utility fund with the following trial balance as of July 1, 2019 the first day of the fiscal year. Debits: Cash $250,000; Customer Accounts Receivable $200,000;Material and Supplies $120,000; Restricted Assets $250,000; Utility Plant in Service $7,000,000; Construction Work in Progress $180,000; Total $8,000,000 Credit: Allowance for Uncollectible Accounts $30,000; Accumulated depreciation - Utility Plant $2,600,000; Account Payable $120,000; Accrued Expenses Payable $75,000; Revenue Bonds Payable $3,600,000; Net Position $1,575,000; Total $8,000,000 During the year eded June 30, 2020, the following transactions and events occured in the Town of Weston Water Utility Fund. 1. Accured expenses at July 1, were paid in cash. 2. Billings to nongovernmental customers for water usage fir the year amounted to $1,380,000; billings to the General Fund amounted to $96,000. 3. Liabilities for the following were recorded during the year materials and supplies…The Town of Weston has a Water Utility fund with the following trial balance as of July 1, 2019 the first day of the fiscal year. Debits: Cash $250,000; Customer Accounts Receivable $200,000;Material and Supplies $120,000; Restricted Assets $250,000; Utility Plant in Service $7,000,000; Construction Work in Progress $180,000; Total $8,000,000 Credit: Allowance for Uncollectible Accounts $30,000; Accumulated depreciation - Utility Plant $2,600,000; Account Payable $120,000; Accrued Expenses Payable $75,000; Revenue Bonds Payable $3,600,000; Net Position $1,575,000; Total $8,000,000 During the year eded June 30, 2020, the following transactions and events occured in the Town of Weston Water Utility Fund. 1. Accured expenses at July 1, were paid in cash. 2. Billings to nongovernmental customers for water usage fir the year amounted to $1,380,000; billings to the General Fund amounted to $96,000. 3. Liabilities for the following were recorded during the year materials and supplies…During 2019, Walnut City reported the following receipts from self-sustaining activities paid for by users of the services rendered: Operation of water supply plant . . . . . . . . . . . . . . . . . . . . . . . . . . $5,000,000 Operation of bus system . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 900,000What amount should be accounted for inWalnut’s enterprise funds? a. $0 b. $900,000 c. $5,000,000 d. $5,900,000
- A government buys equipment for its police department at a cost of $54,000. Which of the following is not true?a. Equipment will increase by $54,000 in the government-wide financial statements.b. Depreciation in connection with this equipment will be reported in the fund financial statements.c. The equipment will not appear within the reported assets in the fund financial statements.d. An expenditure for $54,000 will be reported in the fund financial statements.The City of Lawrence opens a solid waste landfill in 2017 that is at 54 percent of capacity on December 31, 2017. The city had initially anticipated closure costs of $2 million but later that year decided that closure costs would actually be $2.4 million. None of these costs will be incurred until 2021 when the landfill is scheduled to be closed. What will appear on the government-wide financial statements for this landfill for the year ended December 31, 2017? Assuming that the landfill is recorded within the general fund, what will appear on the fund financial statements for this landfill for the year ended December 31, 2017?The City of Lawrence opens a solid waste landfill in 2017 that is at 54 percent of capacity on December 31, 2017. The city had initially anticipated closure costs of $2 million but later that year decided that closure costs would actually be $2.4 million. None of these costs will be incurred until 2021 when the landfill is scheduled to be closed.a. What will appear on the government-wide financial statements for this landfill for the year ended December 31, 2017?b. Assuming that the landfill is recorded within the general fund, what will appear on the fund financial statements for this landfill for the year ended December 31, 2017?
