if answered within 30mins,it would be appreciable!! The parking garage and parking lots owned by the City of Barnard reported the following balances for 2021: Receipts from public users of the parking facilities $210,000 Salaries paid to employees 78,000 Printing − paid to an internal service fund 6,500 Interest on bonded debt 12,000 Sculpture for entrance to parking lot (donated during 2021) 14,000 Depreciation on Parking Garage 32,000 Truck (purchased during 2021) 38,000 Maintenance − paid to an internal service fund 18,000 Required: Prepare the appropriate financial statement for the fund that was used to account for parking operations

if answered within 30mins,it would be appreciable!! The parking garage and parking lots owned by the City of Barnard reported the following balances for 2021: Receipts from public users of the parking facilities $210,000 Salaries paid to employees 78,000 Printing − paid to an internal service fund 6,500 Interest on bonded debt 12,000 Sculpture for entrance to parking lot (donated during 2021) 14,000 Depreciation on Parking Garage 32,000 Truck (purchased during 2021) 38,000 Maintenance − paid to an internal service fund 18,000 Required: Prepare the appropriate financial statement for the fund that was used to account for parking operations

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter5: Introduction To Business Expenses

Section: Chapter Questions

Problem 39P

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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…
December 31, 2020, the following transactions occurred.(INVOLVED COMPANY)1) A business donated rent-free office space to the organization that would normally rent for 35,000 a year.2) A fund drive raised 185,000 in cash and 100,000 in pledges that will be paid within one year. A state government grant of 150,000 was received for program operating cost related to public health education.3) Salaries and fringe benefits paid during the year amounted to 208,560. At year-end, an additional 16,000 of salaries and fringe benefits were accrued.4) A donor pledged 100,000 for construction of a new building payable over five fiscal years, commencing in 2022. The discounted value of the pledge is expected to be 94,260.5) Office equipment purchased for 12,000. The useful life of the equipment is estimated to be five years. Office furniture with a fair value of 9,600 was donated by a local office supply company. The furniture has an estimated useful life of 10 years. Furniture and equipment are…
December 31, 2020, the following transactions occurred.(INVOLVED COMPANY)1) A business donated rent-free office space to the organization that would normally rent for 35,000 a year2) A fund drive raised 185,000 in cash and 100,000 in pledges that will be paid within one year. A state government grant of 150,000 was received for program operating cost related to public health education.3) Salaries and fringe benefits paid during the year amounted to 208,560. At year-end an additional 16,000 of salaries and fringe benefits were accrued.4) A donor pledged 100,000 for construction of a new building payable over five fiscal years, commencing in 2022. The discounted value of the pledge is expected to be 94,260.5) Office equipment purchased for 12,000. The useful life of the equipment is estimated to be five years. Office furniture with a fair value of 9,600 was donated by a local office supply company. The furniture has an estimated useful life of 10 years. Furniture and equipment are…
December 31, 2020, the following transactions occurred.(INVOLVED COMPANY)1) A business donated rent-free office space to the organization that would normally rent for 35,000 a year2) A fund drive raised 185,000 in cash and 100,000 in pledges that will be paid within one year. A state government grant of 150,000 was received for program operating cost related to public health education.3) Salaries and fringe benefits paid during the year amounted to 208,560. At year-end an additional 16,000 of salaries and fringe benefits were accrued.4) A donor pledged 100,000 for construction of a new building payable over five fiscal years, commencing in 2022. The discounted value of the pledge is expected to be 94,260.5) Office equipment purchased for 12,000. The useful life of the equipment is estimated to be five years. Office furniture with a fair value of 9,600 was donated by a local office supply company. The furniture has an estimated useful life of 10 years. Furniture and equipment are…
December 31, 2020, the following transactions occurred.(INVOLVED COMPANY)1) A business donated rent-free office space to the organization that would normally rent for 35,000 a year2) A fund drive raised 185,000 in cash and 100,000 in pledges that will be paid within one year. A state government grant of 150,000 was received for program operating cost related to public health education.3) Salaries and fringe benefits paid during the year amounted to 208,560. At year-end an additional 16,000 of salaries and fringe benefits were accrued.4) A donor pledged 100,000 for construction of a new building payable over five fiscal years, commencing in 2022. The discounted value of the pledge is expected to be 94,260.5) Office equipment purchased for 12,000. The useful life of the equipment is estimated to be five years. Office furniture with a fair value of 9,600 was donated by a local office supply company. The furniture has an estimated useful life of 10 years. Furniture and equipment are…
December 31, 2020, the following transactions occurred.(INVOLVED COMPANY)1) A business donated rent-free office space to the organization that would normally rent for 35,000 a year2) A fund drive raised 185,000 in cash and 100,000 in pledges that will be paid within one year. A state government grant of 150,000 was received for program operating cost related to public health education.3) Salaries and fringe benefits paid during the year amounted to 208,560. At year-end an additional 16,000 of salaries and fringe benefits were accrued.4) A donor pledged 100,000 for construction of a new building payable over five fiscal years, commencing in 2022. The discounted value of the pledge is expected to be 94,260.5) Office equipment purchased for 12,000. The useful life of the equipment is estimated to be five years. Office furniture with a fair value of 9,600 was donated by a local office supply company. The furniture has an estimated useful life of 10 years. Furniture and equipment are…
What would be the journal entry for the following statement when converting from modified accrual to accrual accounting? The City finished a new Admin building with a final cost of $8,500,000 on June 30, 2022. Construction in progress at the beginning of the fiscal year was $6,000,000.
The government makes appropriations of RO 150,000 to Muscat School for the month of January 2019. During the month the following transactions occurred:Salary paid RO 35,000Purchase orders were placed for office supplies RO 49,000Office supplies were received with a voucher for RO 45,000An amount of RO 15,000 was transferred to Debt service fund.The unreserved fund balance at the end of the period is:
Financing for the renovation of Mink City’s municipal park, begun and completed during 2019, came from the following sources: Grant from state government . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $400,000 Proceeds from general obligation bond . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 500,000 Transfer from Mink’s general fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100,000 What amounts should be recorded as revenue and other financing sources? Revenues Other Financing Sources a. $1,000,000 $0 b. $900,000 $100,000 c. $400,000 $600,000 d. $0 $1,000,000
Armstrong County established a COuty Office Building Construction Fund to account for a project that was exoected to take less then one year to complete. The County's fiscal year ends in June 30. !. On July 1, 2019, Bonds were sold at par in the amount $8,000,000 for the project. 2. On July 5, a contract was signed woith Sellers Construction Company in the amount of $7,890,000 3. On December 30, a progress bill was received from Sellers in the amount $5,000,000. The bill was paid, except for 5 percent retained upon final inspection. 4. On June1 a final bill was received in the amount of $2,890,000 from Sellers, which was paid, except for the 5 percent retained. An appointment was made between the county engineer and Bill Sellers to inspect the building and to develop a list of items that needed to be corrected. 5. On the day of the meeting , the county engineer discovered that Sellers has filed for bankruptcy and moved out of the state. The city incurred a liability in the amount of…
The government makes appropriations of RO 200,000 to Sohar School for the month of January 2019. During the month the following transactions occurred: Salary paid RO 50,000 Purchase orders were placed for office supplies RO 72,000 Office supplies were received with a voucher for RO 60,000 An amount of RO 25,000 was transferred to Debt service fund. The unreserved fund balance at the end of the period is: a. 90,000 b. 150,000 c. 78,000 d. 65,000

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Receipts from public users of the parking facilities	$210,000
Salaries paid to employees	78,000
Printing − paid to an internal service fund	6,500
Interest on bonded debt	12,000
Sculpture for entrance to parking lot (donated during 2021)	14,000
Depreciation on Parking Garage	32,000
Truck (purchased during 2021)	38,000
Maintenance − paid to an internal service fund	18,000