For Year 1, Crescent excess of revenues and other financing sources over expenditures and other financing uses governmental funds of $450,000. The government also maintained an internal service fund we purpose was to provide maintenance services to general government buildings. The internal s fund had an increase in net position of $15,000. During the year, the governmental funds ha following: Capital outlays... „$500,000

For Year 1, Crescent excess of revenues and other financing sources over expenditures and other financing uses governmental funds of $450,000. The government also maintained an internal service fund we purpose was to provide maintenance services to general government buildings. The internal s fund had an increase in net position of $15,000. During the year, the governmental funds ha following: Capital outlays... „$500,000

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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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…
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 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 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…
Chesterfield County had the following transactions. Prepare the entries first for fund financial statements and then for government-wide financial statements.a. A budget is passed for all ongoing activities. Revenue is anticipated to be $834,000 with approved spending of $540,000 and operating transfers out of $242,000.b. A contract is signed with a construction company to build a new central office building for the government at a cost of $8 million. A budget for this project has previously been recorded.c. Bonds are sold for $8 million (face value) to finance construction of the new office building.d. The new building is completed. An invoice for $8 million is received and paid.e. Previously unrestricted cash of $1 million is set aside to begin paying the bonds issued in (c).f. A portion of the bonds comes due and $1 million is paid. Of this total, $100,000 represents interest. The interest had not been previously accrued.g. Citizens’ property tax levies are assessed. Total billing…
Choose the correct.At the end of the current year, a government reports a fund balance—assigned balance of $9,000 in connection with an encumbrance. What information is being conveyed?a. A donor has given the government $9,000 that must be used in a specified fashion.b. The government has made $9,000 in commitments in one year that will be honored in the subsequent year. c. Encumbrances exceeded expenditures by $9,000 during the current year.d. The government spent $9,000 less than was appropriated.
The City of Wolfe has issued its financial statements for Year 4 (assume that the city uses a calendar year). The city’s general fund is made up of two functions: (1) education and (2) parks. The city also utilizes capital projects funds for ongoing construction and an enterprise fund to account for an art museum. It also has one discretely presented component unit.The government-wide financial statements indicated the following Year 4 totals:Education had net expenses of $710,000.Parks had net expenses of $130,000.Art museum had net revenues of $80,000.General revenues were $900,000; the overall increase in net position was $140,000.The fund financial statements issued for Year 4 indicated the following:The general fund had an increase of $30,000 in its fund balance.The capital projects fund had an increase of $40,000 in its fund balance.The enterprise fund had an increase of $60,000 in its net position.Officials for Wolfe define “available” as current financial resources to be paid…
The City of Wolfe has issued its financial statements for Year 4 (assume that the city uses a calendar year). The city’s general fund is made up of two functions: (1) education and (2) parks. The city also utilizes capital projects funds for ongoing construction and an enterprise fund to account for an art museum. It also has one discretely presented component unit.The government-wide financial statements indicated the following Year 4 totals:Education had net expenses of $710,000.Parks had net expenses of $130,000.Art museum had net revenues of $80,000.General revenues were $900,000; the overall increase in net position was $140,000.The fund financial statements issued for Year 4 indicated the following:The general fund had an increase of $30,000 in its fund balance.The capital projects fund had an increase of $40,000 in its fund balance.The enterprise fund had an increase of $60,000 in its net position.Officials for Wolfe define “available” as current financial resources to be paid…
The City of Wolfe has issued its financial statements for Year 4 (assume that the city uses a calendar year). The city’s general fund is made up of two functions: (1) education and (2) parks. The city also utilizes capital projects funds for ongoing construction and an enterprise fund to account for an art museum. It also has one discretely presented component unit.The government-wide financial statements indicated the following Year 4 totals:Education had net expenses of $710,000.Parks had net expenses of $130,000.Art museum had net revenues of $80,000.General revenues were $900,000; the overall increase in net position was $140,000.The fund financial statements issued for Year 4 indicated the following:The general fund had an increase of $30,000 in its fund balance.The capital projects fund had an increase of $40,000 in its fund balance.The enterprise fund had an increase of $60,000 in its net position.Officials for Wolfe define “available” as current financial resources to be paid…
The City of Wolfe has issued its financial statements for Year 4 (assume that the city uses a calendar year). The city’s general fund is made up of two functions: (1) education and (2) parks. The city also utilizes capital projects funds for ongoing construction and an enterprise fund to account for an art museum. It also has one discretely presented component unit.The government-wide financial statements indicated the following Year 4 totals:Education had net expenses of $710,000.Parks had net expenses of $130,000.Art museum had net revenues of $80,000.General revenues were $900,000; the overall increase in net position was $140,000.The fund financial statements issued for Year 4 indicated the following:The general fund had an increase of $30,000 in its fund balance.The capital projects fund had an increase of $40,000 in its fund balance.The enterprise fund had an increase of $60,000 in its net position.Officials for Wolfe define “available” as current financial resources to be paid…
The following information was available for the General Fund of the City of Clinton for the Year Ended December 31, 2012: (a) Revenues for the year included property taxes in the amount of $1,500,000, fines and forfeits in the amount of $600,000, and miscellaneous in the amount of$100,000. (b) Expenditures from current appropriations included: general government, $500,000; public safety, $1,300,000; culture and recreation, $300,000. (c) In addition to (b) above, expenditures related to prior year appropriations (encumbered last year) amounted to $40,000 (public safety). Encumbrances issued this year but not filled amounted to $60,000 (general government). (d) A transfer was made from the General Fund to a debt service fund in the amount of $400,000. A transfer was made from an enterprise fund to the General Fund in the amount of$100,000. (e) A sale of park land was made during the year, which was considered infrequent but not unusual and under the control of management. The proceeds…
The following items were included in Simple City's General Fund expenditures for the year ended June 30: Computer for the city treasurer's office $ 6,000 Furniture for the mayor’s office $ 20,000 How much should be classified as capital assets in Simple City's government-wide statement of net position at June 30? Multiple Choice $26,000 $0 $20,000 $6,000