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. $1,050,000
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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. |
||
$1,050,000 |
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- The following financial transactions are related to a local government during the year. General property taxes 100,000, Proceeds of general bonds RO 50,000, Paid salary to government employees RO 200,000, Purchased the police vehicles RO 100,000. Which one of the following amounts that a local government should report as expenditure in general funds? a. RO 150,000 b. RO 200,000 c. RO 300,000 d. None of the optionscounty general fund had the following disbursements during the year Payment of amount to debt service fund $300,000 Payments to vendors $400,000 Purchase of computers $200,000 What amount should Lake County report as expenditures in its governmental funds statement of revenues, expenditures, and change in fund balances: Select one :- a. $900,000 b. $200,000 c. $700,000 d. $400,000The City of Wilmington, Delaware, has an Other Postemployment Benefit Trust Fund and a Tax Collection Agency Fund. The Preclosing Trial Balance for each of these funds as of June 30, 20X6, is as follows: City of Wilmington, Delaware Other Postemployment Benefit Trust Fund Preclosing Trial Balance June 30, 20X6 Dr. Cr. Cash and cash equivalents............................................. $ 405,476 Interest receivable.......................................................... 50,807 Investments.................................................................... 2,767,043 Employer contributions.................................................. $ 505,189 Employer contributions.................................................. 167,721 Interest income............................................................... 37,787 Increase…
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- [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 $105,000The following unadjusted trial balances are for the governmental funds of the City of Copeland prepared from the current accounting records: General Fund Debit Credit Cash $ 19,000 Taxes Receivable 202,000 Allowance for Uncollectible Taxes $ 2,000 Vouchers Payable 24,000 Due to Debt Service Fund 10,000 Unavailable Revenues 16,000 Encumbrances Outstanding 9,000 Fund Balance—Unassigned 103,000 Revenues 176,000 Expenditures 110,000 Encumbrances 9,000 Estimated Revenues 190,000 Appropriations 171,000 Budgetary Fund Balance 19,000 Totals $ 530,000 $ 530,000 Debt Service Fund Debit Credit Cash $ 8,000 Investments 51,000 Taxes Receivable 11,000 Due from General Fund 10,000 Fund Balance—Committed $ 45,000…The following financial information extracted from the books of local government during the year. General property taxes 200,000, Proceeds of general bonds RO 15,000, Paid salary to government employees RO 5,000, Transfer to internal service fund RO 2.000. Net increase in fund balance in the general fund is a. None of the options b. RO 200,000 c. RO 7,000 d. RO 208,000