The following information pertains to Pine City's general fund for Year 1: Appropriations $6,500,000 Expenditures $5,000,000 Other financing sources $1,500,000 Other financing uses $2,000,000 Revenues $8,000,000 After Pine City's general fund accounts were closed at the end of Year 1, the fund balance increased by $3,000,000 $2,500,000 $1,500,000 O $1,000,000
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- A special revenue fund reports total assets of $400,000 and total liabilities of $375,000. It reports these fund balance categories: Nonspendable, $12,000, and restricted, $15,000. What other fund balance category is reported? Select one: A. Unassigned, $(2,000) B. Committed, $(2,000) C. Assigned, $(2,000) D. Restricted fund balance is reduced by $2,000. Which one of these capital projects fund accounts is closed at year-end? Select one: A. Accounts payable B. Due from general fund C. Deferred outlays of resources D. Capital outlaycounty 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. $400,000[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
- [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 $105,000On 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. A pre-closing trial balance included the following account balances for Simpli City: Due from other funds $ 3,500 Fund balance - unassigned 14,000 Estimated revenues 20,000 Revenues 22,000 Appropriations 18,000 Expenditures - current year 19,000 Expenditures - prior year 1,500 Other Financing Source - Nonreciprocal transfer in 1,000 Required: Prepare the necessary closing entries for the General Fund.
- The following transactions relate to Al-Zafra MunicipalityGeneral Fund for the year ended December 31, 2020: (All figures are in 000 AED) The balance sheet as at 31/12/2019 was as follows: Assets: Liabilities & Fund Balances: Cash 200000 Accounts payable 70000 License receivable 150000 Wages payable 10000 Supplies 5000 Fund Balance: Reserved 275000 Total Assets 355000 Total Liabilities & FB. 355000 1. The budget was passed. Estimated revenues amounted to 1,450,000 and appropriations totaled 1,680,000, and estimated other uses $300,000. 2. Contracts were issued for contracted services in the amount of 20,000. 3. Collected 1,250,000 cash including last year license receivables and issued a bill of 100,000 for new license revenues. 4. Collected 200,000 for fines revenues. 5. Issued a contract of 300,000 to complete security and residency services in the West zone. 6. Contracted services of 200,000 were performed and supplies of 280,000 have been purchased on…3. The pre-closing trial balance of the General Fund for the City of Taif shows the following balances at the end of its fiscal year. Budgetary fund balance SAR 20,000 Fund balance, beginning (actual) 150.000 Estimated revenues 830.000 Appropriations 810.000 Revenues (actual) 725.000 Expenditures 675.000 Based on information presented above Prepare closing entries for the budgetary and financial accounts.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.The general fund of a city reports assets of $300,000 and liabilities of $200,000 in the fund financial statements. Explain what is meant by each of the following balances: fund balance—nonspendable of $40,000, fund balance—restricted of $28,000, fund balance—committed of $17,000, fund balance—assigned of $4,000, and fund balance—unassigned of $11,000.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