From the following information you are required to prepare Statement of revenues, expenditure and changes in fund balances, other financing sources and statement of net assets 1. During the fiscal year operations, revenue from tax was estimated RO 375000 out of which 75000 has not been received 2. A state grants RO 250000 is received for the restricted purpose 3. Issued RO 150000 long term bonds by the government department 4. Expenditure on service for general fund RO 15000 Received supplies for RO 10000 out of which 6000 has been paid immediately in general fund 5.
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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 schedule of capital assets has a significant impact on the reconciliations between fund and government‐wide statements. The schedule that follows pertaining to governmental capital assets was excerpted from the annual report of Urbana, Illinois (with changed dates): A related schedule indicates the following: Capital outlays $ 3,358,611 Depreciation (2,268,579) $ 1,090,032 As required by GASB Statement No. 34, the annual report includes reconciliations between: (1) total fund balance, governmental funds (per the funds statements), and net position of governmental activities (per the government‐wide statements); and (2) net change in fund balance, governmental funds (per the funds statements), and change in net position of governmental activities (per the government‐wide statements). In what way would the data provided in the accompanying schedules be incorporated into the two reconciliations? Be specific. The amount deleted from the equipment account ($452,194) exactly…Indicate the part [(a) through (e)] of the general fund statement of revenues, expenditures, and changes in fund balance affected by transactions (1) through (7).a. Revenuesb. Expendituresc. Other financing sources and usesd. Residual equity transferse. Statement of revenues, expenditures, and changes in fund balance is not affected.1. An unrestricted state grant is received.2. The general fund paid pension fund contributions that were recoverable (reimbursed) from an internal service fund.3. The general fund paid $60,000 for electricity supplied by the electric utility enterprise fund.4. General fund resources were used to subsidize the swimming pool enterprise fund.5. General fund resources of $90,000 were loaned to an internal service fund.6. A motor pool internal service fund was established by a transfer of $80,000 from the general fund. This amount will not be repaid unless the motor pool is disbanded.7. General fund resources were used to pay amounts due on an operating lease.
- Fund A transfers $20,000 to Fund B. For each of the following, indicate whether the statement is true or false and, if false, explain why.a. If Fund A is the general fund and Fund B is an enterprise fund, nothing will be shown for this transfer on the statement of activities within the government-wide financial statements.b. If Fund A is the general fund and Fund B is a debt service fund, nothing will be shown for this transfer on the statement of activities within the government-wide financial statements.c. If Fund A is the general fund and Fund B is an enterprise fund, a $20,000 reduction will be reported on the statement of revenues, expenditures, and other changes in fund balance for the governmental funds within the fund financial statements.d. If Fund A is the general fund and Fund B is a special revenue fund (which is not considered a major fund), no changes will be shown on the statement of revenues, expenditures, and other changes in fund balance within the fund financial…Prepare the journal entries for the following transactions to consolidate financial statements from fund-level statements to government-wide statements. 1....Beginning accumulated depreciation was $500. 2....Depreciation during the year was $169 3....Beginning compensated absences was 500.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…
- Fund A transfers $20,000 to Fund B. For each of the following, indicate whether the statement is true or false and, if false, explain why. If Fund A is the general fund and Fund B is an enterprise fund, nothing will be shown for this transfer on the statement of activities within the government-wide financial statements. If Fund A is the general fund and Fund B is a debt service fund, nothing will be shown for this transfer on the statement of activities within the government-wide financial statements. If Fund A is the general fund and Fund B is an enterprise fund, a $20,000 reduction will be reported on the statement of revenues, expenditures, and other changes in fund balance for the governmental funds within the fund financial statements. If Fund A is the general fund and Fund B is a special revenue fund (which is not considered a major fund), no changes will be shown on the statement of revenues, expenditures, and other changes in fund balance within the fund financial statements.…On December 31, Year 1, the following balances were due from the state government to Clare City's various funds: Capital projects $300,000 Special revenue fund $18,000 Investment trust fund100,000 Enterprise 80,000 Custodial fund 100,000 Debt servide fund 100,000 In Clare's December 31, Year 1, financial statements, what amount should be reported in fiduciary funds? $600,000 $400,000. $300,000. $1,050,000For each of the following, indicate whether the statement is true or false and include a brief explanation for your answer.a. A pension trust fund appears in the government-wide financial statements but not in the fund financial statements.b. Permanent funds are included as one of the governmental funds.c. A fire department placed orders of $20,000 for equipment. The equipment is received but at a cost of $20,800. In compliance with requirements for fund financial statements, an encumbrance of $20,000 was recorded when the order was placed, and an expenditure of $20,800 was recorded when the order was received.d. The government reported a landfill as an enterprise fund. At the end of Year 1, the government estimated that the landfill will cost $800,000 to clean up when it is eventually full. Currently, it is 12 percent filled. At the end of Year 2, the estimation was changed to $860,000 when it was 20 percent filled. No payments are due for several years. Fund financial statements for…
- E7-7 (Statement of Revenues, Expenditures, and Changes in Fund Balance) Prepare a statement of revenues, expenditures, and changes in fund balance for the Ahmed Village Park Improvement Capital Projects Fund for 20X7, given the following information: Fund balance, January 1, 20X7 .......................... $2,000,000 Intergovernmental grant revenue ........................ 850,000 Interest revenue ...................................... 30,000 Increase in fair value of investments ..................... 3,000 Construction costs incurred under contract with Builtwell Co. ................................... 2,400,000 Architect fees ........................................ 32,000 Engineering fees ...................................... 17,000 Bond proceeds (face amount was $1,000,000) ............. 1,008,000 Bond issuance costs ................................... 5,000 Purchase of land ...................................... 92,000 Repayment of bond anticipation notes treated as long-term…The City of South Pittsburgh maintains its books so as to prepare fund accounting statements and records worksheet adjustments in order to prepare government-wide statements. You are to prepare, in journal form, worksheet adjustments for each of the following situations: 1. Deferred inflows of resources-property taxes of $69,400 at the end of the previous fiscal year were recognized as property tax revenue in the current yearAc€?cs Statement of Revenues, Expenditures, and Changes in Fund Balance. 2. The City levied property taxes for the current fiscal year in the amount of $10,000,000. When making the entries, it was estimated that 2 percent of the taxes would not be collected. At year-end, $600,000 of the taxes had not been collected. It was estimated that $320,000 of that amount would be collected during the 60-day period after the end of the fiscal year and that $80,000 would be collected after that time. The City had recognized the maximum of property taxes allowable under…The City of South Pittsburgh maintains its books so as to prepare fund accounting statements and records worksheet adjustments in order to prepare government-wide statements. You are to prepare, in journal form, worksheet adjustments for each of the following situations: 1. Deferred inflows of resources-property taxes of $69,400 at the end of the previous fiscal year were recognized as property tax revenue in the current yearAc€?cs Statement of Revenues, Expenditures, and Changes in Fund Balance. 2. The City levied property taxes for the current fiscal year in the amount of $10,000,000. When making the entries, it was estimated that 2 percent of the taxes would not be collected. At year-end, $600,000 of the taxes had not been collected. It was estimated that $320,000 of that amount would be collected during the 60-day period after the end of the fiscal year and that $80,000 would be collected after that time. The City had recognized the maximum of property taxes allowable under…