Prepare the journal entries for the following transactions to consolidate financial statements from fund-level statements to government-wide statements. Deferred property taxes at the end of the year was $92.
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- Prepare the journal entries for the following transactions to consolidate financial statements from fund-level statements to government-wide statements. 1...Compensated absences earned during the year was $225. 2....At the beginning of the year, long term liabilities was $2,200. 3....During the year, new long-term liabilities were incurred for $275.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.prepare the journal entries for the following transactions to consolidate financial statements from fund-level statements to government-wide statements. 1..At the beginning of the year, capital assets were $3,500. 2..During the year, capital assets were purchased for $2,000 3....During the year, capital assets with a book value of $250 were sold for $500
- The following transactions relate to the General Fund of the city of Lost Angels for the year ending December 31, 2017. Prepare a statement of revenues, expenditures, and other changes in fund balance for the general fund for the period to be included in the fund financial statements. Assume that the fund balance at the beginning of the year was $180,000. Assume also that the purchases method is applied to the supplies and that receipt within 60 days is used as the definition of available resources. Collected property tax revenue of $700,000. A remaining assessment of $100,000 will be collected in the subsequent period. Half of that amount should be collected within 30 days, and the remainder will be received in about five months after the end of the year. Spent $200,000 on four new police cars with 10-year lives. A price of $207,000 had been anticipated when the cars were ordered. The city calculates all depreciation using the straight-line method with no salvage value. The half-year…The following transactions relate to the General Fund of the city of Lost Angels for the year ending December 31, 2017. Prepare a statement of revenues, expenditures, and other changes in fund balance for the general fund for the period to be included in the fund financial statements. Assume that the fund balance at the beginning of the year was $180,000. Assume also that the purchases method is applied to the supplies and that receipt within 60 days is used as the definition of avail-able resources.a. Collected property tax revenue of $700,000. A remaining assessment of $100,000 will be collected in the subsequent period. Half of that amount should be collected within 30 days, and the remainder will be received in about five months after the end of the year.b. Spent $200,000 on four new police cars with 10-year lives. A price of $207,000 had been anticipated when the cars were ordered. The city calculates all depreciation using the straight-line method with no salvage value. The…When preparing government-wide financial statements, the modified accrual based governments funds are adjusted. Please show the adjustments (in journal entry form with debits and credits) that would be made for the following General Fund transactions when converting to the government-wide statements: 3. $10,000 in interest was due and paid on that revenue bond during the fiscal year ($5,000 due every six months).
- The City of Greystone maintains its books so as to prepare fund accounting statements and prepares worksheet adjustments in order to prepare government-wide statements. You are to prepare, in journal form, worksheet adjustments for each of the following situations: The City levied property taxes for the current fiscal year in the amount of $8,000,000. At year-end, $720,000 of the taxes had not been collected. It was estimated that $330,000 of that amount would be collected during the 60 days after the end of the fiscal year and that $360,000 would be collected after that time and the balance would be uncollectible. The City had recognized the maximum of property taxes allowable under modified accrual accounting. $255,000 of property taxes had been deferred at the end of the previous year and was recognized under modified accrual as revenue in the current year. In addition to the expenditures reported under modified accrual accounting, the city computed that an additional $104,000…The following adjusted trial balance is taken from the General Fund of Avon City for the year ended June 30. Prepare a (post-closing) Balance sheet. Allowance for uncollectible taxes Cash Due from capital projects fund Due to debt service fund Encumbrances Encumbrances outstanding Expenditures Fund Balance, nonspendable Fund Balance, unassigned Inventory of supplies Other financing sources -- bond proceeds Other financing uses -- transfers out Revenues Taxes receivable Unearned (unavailable) grant revenues Vouchers payable 5,000 121,000 32,000 19,000 23,000 23,000 57,000 9,000 14,000 9,000 18,000 12,000 130,000 25,000 38,000 23,000 DO NOT GIVE SOLUTION IN IMAGEPrepare the journal entries for the following transactions to consolidate financial statements from fund-level statements to government-wide statements. 1....An internal service fund had a loss of $50 2.....An internal service fund had interest expense of $30
- The general fund pays rent for two months. Which of the following is not correct? Rent expense should be reported in the government-wide financial statements. Rent expense should be reported in the general fund. An expenditure should be reported in the fund financial statements. If one month of rent is in the first year with the other month in the next year, either the purchases method or the consumption method can be used in fund statements.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. Deferred inflows of resources—property taxes of $51,200 at the end of the previous fiscal year were recognized as property tax revenue in the current year’s Statement of Revenues, Expenditures, and Changes in Fund Balance. 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, $200,000 is thought to be uncollectible, $349,000 would likely be collected during the 60-day period after the end of the fiscal year, and $53,800 would be collected after that time. The City had recognized the maximum of property taxes allowable under modified accrual accounting. In addition to the expenditures recognized under modified accrual accounting, the City computed that $29,000 should be…The following transactions relate to the General Fund of the City of Buffalo Falls for the year ended December 31, 2020: Beginning balances were: Cash, $94,000; Taxes Receivable, $191,000; Accounts Payable, $53,000; and Fund Balance, $232,000. The budget was passed. Estimated revenues amounted to $1,240,000 and appropriations totaled $1,237,200. All expenditures are classified as General Government. Property taxes were levied in the amount of $920,000. All of the taxes are expected to be collected before February 2021. Cash receipts totaled $890,000 for property taxes and $300,000 from other revenue. Contracts were issued for contracted services in the amount of $97,000. Contracted services were performed relating to $87,000 of the contracts with invoices amounting to $85,200. Other expenditures amounted to $968,000. Accounts payable were paid in the amount of $1,100,000. The books were closed. Required:a. Prepare journal entries for the above transactions.b. Prepare a Statement of…