The City of Wolfe has issued its financial statements for Year 4 (assume that the city uses a calend made up of two functions: (1) education and (2) parks. The city also utilizes capital projects funds fo enterprise fund to account for an art museum. It also has one discretely presented component uni The government-wide financial statements indicated the following Year 4 totals: Education had net expenses of $792,000. Parks had net expenses of $125,000. Art museum had net revenues of $52.750. General revenues were $1108.250; the overall increase in net position was $244,00O.

The City of Wolfe has issued its financial statements for Year 4 (assume that the city uses a calend made up of two functions: (1) education and (2) parks. The city also utilizes capital projects funds fo enterprise fund to account for an art museum. It also has one discretely presented component uni The government-wide financial statements indicated the following Year 4 totals: Education had net expenses of $792,000. Parks had net expenses of $125,000. Art museum had net revenues of $52.750. General revenues were $1108.250; the overall increase in net position was $244,00O.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

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 issues its financial statements for Year 4 (assume that the city uses a calendar year). The city’s general fund is composed 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. The city also has one discretely presented component unit. The government-wide financial statements indicate the following Year 4 totals. Education had net expenses of $622,000. Parks had net expenses of $105,000. Art museum had net revenues of $54,750. General revenues were $881,250. The overall increase in net position for the city was $209,000. The fund financial statements for Year 4 indicate the following: The general fund had an increase of $51,750 in its fund balance. The capital projects fund had an increase of $60,250 in its fund balance. The enterprise fund had an increase of $62,500 in its net position balance. Officials for the City of…
The City of Wolfe issues its financial statements for Year 4 (assume that the city uses a calendar year). The city’s general fund is composed 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. The city also has one discretely presented component unit. The government-wide financial statements indicate the following Year 4 totals. Education had net expenses of $698,000. Parks had net expenses of $113,000. Art museum had net revenues of $59,250. General revenues were $977,750. The overall increase in net position for the city was $226,000. The fund financial statements for Year 4 indicate the following: The general fund had an increase of $47,750 in its fund balance. The capital projects fund had an increase of $45,500 in its fund balance. The enterprise fund had an increase of $90,000 in its net position balance. Officials for the City of…
Assume that the City of Coyote has produced its financial statements for December 31, 2020, and the year then ended. The city’s general fund was only used to monitor education and parks. Its capital projects funds worked in connection with each of these functions at times during the current year. The city also maintained an enterprise fund to account for its art museum. The government-wide financial statements provide the following figures: Education reports net expenses of $615,000. Parks reports net expenses of $102,000. Art museum reports net revenues of $51,000. General government revenues for the year were $894,000 with an overall increase in the city's net position of $228,000. The fund financial statements provide the following for the entire year: The general fund reports a $44,000 increase in its fund balance. The capital projects fund reports a $64,500 increase in its fund balance. The enterprise fund reports a $62,250 increase in its net position. The city asks the…
Assume that the City of Coyote has produced its financial statements for December 31, 2020, and the year then ended. The city’s general fund was only used to monitor education and parks. Its capital projects funds worked in connection with each of these functions at times during the current year. The city also maintained an enterprise fund to account for its art museum. The government-wide financial statements provide the following figures: Education reports net expenses of $766,000. Parks reports net expenses of $163,000. Art museum reports net revenues of $58,250. General government revenues for the year were $1,069,750 with an overall increase in the city's net position of $199,000. The fund financial statements provide the following for the entire year: The general fund reports a $35,750 increase in its fund balance. The capital projects fund reports a $45,750 increase in its fund balance. The enterprise fund reports a $72,750 increase in its net position. The city asks…
Assume that the City of Coyote has produced its financial statements for December 31, 2020, and the year then ended. The city’s general fund was only used to monitor education and parks. Its capital projects funds worked in connection with each of these functions at times during the current year. The city also maintained an enterprise fund to account for its art museum. The government-wide financial statements provide the following figures: Education reports net expenses of $766,000. Parks reports net expenses of $163,000. Art museum reports net revenues of $58,250. General government revenues for the year were $1,069,750 with an overall increase in the city's net position of $199,000. The fund financial statements provide the following for the entire year: The general fund reports a $35,750 increase in its fund balance. The capital projects fund reports a $45,750 increase in its fund balance. The enterprise fund reports a $72,750 increase in its net position. The city asks…
Assume that the City of Coyote has produced its financial statements for December 31, 2020, and the year then ended. The city’s general fund was only used to monitor education and parks. Its capital projects funds worked in connection with each of these functions at times during the current year. The city also maintained an enterprise fund to account for its art museum. The government-wide financial statements provide the following figures: Education reports net expenses of $702,000. Parks reports net expenses of $144,000. Art museum reports net revenues of $50,250. General government revenues for the year were $966,750 with an overall increase in the city's net position of $171,000. The fund financial statements provide the following for the entire year: The general fund reports a $45,250 increase in its fund balance. The capital projects fund reports a $53,750 increase in its fund balance. The enterprise fund reports a $69,000 increase in its net position. The city asks the…
For problems 40 through 43, use the following introductory information: 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.…
For problems 40 through 43, use the following introductory information: 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.…
The following transactions affected various funds and activities of the City of Seham. 1. The Fire Department, a governmental activity, purchased OMR120,000 of water from the Water Utility Fund, a business-type activity. 2. The Municipal Golf Course, an enterprise fund, reimbursed the General Fund OMR1,300 for office supplies that the General Fund had purchased on its behalf and that were used in the course of the fiscal year. 3. The General Fund made a long-term loan in the amount of OMR80,000 to the Central Stores Fund, an internal service fund that services city departments. 4. The General Fund paid its annual contribution of OMR100,000 to the debt service fund for interest and principal on general obligation bonds due during the year. Required: Make the required journal entries in the general journal of the General Fund and any other fund(s) affected by the inter-fund transactions described. Also make entries in the governmental activities journal for any transaction(s) affecting a…