[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 Nonspendable fund balance? Multiple Choice $70,800 $150,000 $69,000 $410,500 What would be the total Restricted fund balance? Multiple Choice $60,000 $150,000 $479,000 $410,000

[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 Nonspendable fund balance? Multiple Choice $70,800 $150,000 $69,000 $410,500 What would be the total Restricted fund balance? Multiple Choice $60,000 $150,000 $479,000 $410,000

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

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter6: Business Expenses

Section: Chapter Questions

Problem 78IIP

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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 $105,000
The City of Sunnyville’s General Fund has the following net resources at year end: $55,000 for LT Advance to an internal service fund $375,000 approved by the City Council with specific conditions for its use $2,500 of supplies inventory $60,000 state grant for snow removal $150,000 City Council resolution approved for funds to renovate city hall $400,000 to be used to fund government operations in the future Outstanding encumbrances of $80,000 for the purchase of furniture & fixtures What would be the total “Unassigned” fund balance? Select one: a. $280,000 b. $400,000 c. $80,000 d. $377,500
The City of Sunnyville’s General Fund has the following net resources at year end: $55,000 for LT Advance to an internal service fund $375,000 approved by the City Council with specific conditions for its use $2,500 of supplies inventory $60,000 state grant for snow removal $150,000 City Council resolution approved for funds to renovate city hall $400,000 to be used to fund government operations in the future Outstanding encumbrances of $80,000 for the purchase of furniture & fixtures What would be the total “Non-spendable” fund balance? Select one: a. $2,500 b. $57,500 c. $75,000 d. $105,000
The City of Sunnyville’s General Fund has the following net resources at year end: $55,000 for LT Advance to an internal service fund $375,000 approved by the City Council with specific conditions for its use $2,500 of supplies inventory $60,000 state grant for snow removal $150,000 City Council resolution approved for funds to renovate city hall $400,000 to be used to fund government operations in the future Outstanding encumbrances of $80,000 for the purchase of furniture & fixtures What would be the total “Restricted” Fund balance? Select one: a. $275,000 b. $210,000 c. $150,000 d. $60,000
The City of Sunnyville’s General Fund has the following net resources at year end: $55,000 for LT Advance to an internal service fund $375,000 approved by the City Council with specific conditions for its use $2,500 of supplies inventory $60,000 state grant for snow removal $150,000 City Council resolution approved for funds to renovate city hall $400,000 to be used to fund government operations in the future Outstanding encumbrances of $80,000 for the purchase of furniture & fixtures What would be the total “Committed” fund balance? Select one: a. $375,000 b. $290,000 c. $525,000 d. $455,000
Hello my question is how 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 $2,500 of supplies inventory $49,000 state grant for snow removal $190,000 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 Unassigned fund balance?
The City of Oxbow General Fund has the following net resources at year-end: $260,000 unexpended proceeds of a state grant required by law to be used for health education. $20,000 of prepaid insurance. $609,000 rainy day fund approved by city council for use under specified circumstances. $210,000 budget stabilization fund to be used in the event of revenue shortfall. $285,000 provided for contractual obligations for capital projects. $41,000 unexpended proceeds of a tax required by law to be used for emergency 911 services. $1,636,000 total fund balance. Required:Prepare the fund balance section of the Balance Sheet. City of Oxbow Partial Balance sheet-General Fund Fund Balances Nonspendable $ Restricted $ $ Committed $ $ Assigned Unassigned Total Fund Balance
The City of Galena General Fund has the following net resources at year-end: $1,634,000 total fund balance. $259,000 unexpended proceeds of a state grant required by law to be used for health education. $19,000 of prepaid insurance. $608,000 rainy day fund approved by the city council for use under specified circumstances. $209,000 budget stabilization fund to be used in the event of a revenue shortfall. $284,000 provided for contractual obligations for capital projects. $39,000 unexpended proceeds of a tax required by law to be used for emergency 911 services. Required: Prepare the fund balance section of the Balance Sheet as of December 31, 2024.
The following information is provided about some of the Town of Truesdale’s General Fund operating statement and budgetary accounts for the fiscal year ended June 30. Estimated revenues $ 3,150,000 Revenues 3,190,000 Appropriations 3,185,000 Expenditures 3,175,000 Estimated other financing sources 400,000 Encumbrances 20,000 Encumbrances outstanding 20,000 Budgetary fund balance (calculate) The Town of Truesdale will honor all of its outstanding encumbrances in the next fiscal period. Prepare the journal entry(ies) to close budgetary accounts required to be closed at the fiscal year end using the information provided.
Central City was awarded two state grants during its fiscal year ending September 30, 20X1: a $2 million block grant that can be used to cover any operating expenses incurred during fiscal 20X2, and a $1 million grant that can be used any time to acquire equipment for its police department. For the year ending September 30, 20X1, Central City should recognize in grant revenue in its fund financial statements (in millions): $0 $1 $2 $3 Assume the same facts as in the previous example. How much should the city recognize in grant revenue in its government‐wide statements? $0 $1 $2 $3 For its fiscal year ending September 30, 20X2, Twin City levied $500 million in property taxes. It collected taxes applicable to fiscal 20X2 as follows (in millions): June 1, 20X1, through September 30, 20X1 $ 20 October 1, 20X1, through September 30, 20X2 $440 October 1, 20X2, through November 30, 20X2 $ 15 December 20X2 $ 4 The city estimates that $10 million of the outstanding balance…
The County of Maxnell decides to create a waste management department and offer its services to the public for a fee. As a result, county officials plan to account for this activity as an enterprise fund. Assume the information is gathered so that the county can prepare fund financial statements. Only entries for the waste management department are required here: January 1 Receive unrestricted funds of $248,000 from the general fund as permanent financing. Febrauary 1 Borrow an additional $224,000 from a local bank at a 12 percent annual interest rate. March 1 Order a truck at an expected cost of $140,000. April 1 Receive the truck and make full payment. The actual cost including transportation was $143,000. The truck has a 10-year life and no residual value. The county uses straight-line depreciation. May 1 Receive a $23,600 cash grant from the state to help supplement the pay of the department workers. According to the grant, the money must be used for that…
1. Employees of the General Fund of Scott City earn ten days of vacation for each 12 months of employment. The City permits employees to carry the vacation days forward as long as they wish. During the current year employees earned $800,000 of vacation benefits, of which the City estimates that $500,000 will be taken in the next year and the balance will be carried forward. Assuming that the City maintains its books and records in a manner that facilitates the preparation of its fund financial statements, which of the following entries is the correct entry in the General Fund to record the vacation pay earned during the current period? a. Debit Expenditures $800,000; Credit Vacation Pay Payable $800,000. b. Debit Expenditures $500,000; Credit Vacation Pay Payable $500,000. c. Debit Vacation Expense $800,000; Credit Vacation Pay Payable $800,000. d. No entry required. 2.Employees of the General Fund of Scott City earn ten days of vacation for each 12 months of employment. The City…