What amount should Lake County report as expenditures in its governmental funds statement of revenues,
Q: The Balance Sheet of the Street and Highway Fund of the City of Monroe as of December 31, 2019,…
A: A "Ledger" is a document wherein the record of Accounting is preserved or in simple words…
Q: 4-2. The Village of Seaside Pines prepared the following General Fund Trial Balance as of December…
A: SOLUTION- CLOSING ENTRIES ALSO CALLED CLOSING JOURNAL ENTRIES , ARE ENTRIES MADE AT THE END OF THE…
Q: The following financial transactions are related to a local government during the year. General…
A: General funds: These are defined as the primary funds that are used by the business for general…
Q: Prepare the fund balance portion of the Balance Sheet for the General Fund using appropriate fund…
A: Computation:
Q: The following transactions relate to the General Fund of the city of Lost Angels for the year ending…
A:
Q: The following information was available for the General Fund of the City of Clinton for the Year…
A: Encumbrances: This refers to the amount of expenditure that the government has promised to pay for…
Q: In Fulbright County, the Culture and Recreation Department constructed a library in one of the…
A: There are two types of organisations that exists. One is profit making entity and other is not for…
Q: The general fund of a city reports assets of $300,000 and liabilities of $200,000 in the fund…
A: Fund balance—non-spendable of $40,000: The non-spendable balance represent the amount which cannot…
Q: The following transactions relate to Al-Zafra MunicipalityGeneral Fund for the year ended December…
A:
Q: Edwards City has the following information for its general fund for the upcoming fiscal year. Which…
A: Budgetary fund balance can be calculated after deducting Appropriations from estimated revenue. If…
Q: The City of South Pittsburgh maintains its books so as to prepare fund accounting statements and…
A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: The following financial information extracted from the books of local government during the year.…
A: General property taxes are income for the local government. Proceeds of general bonds are fund…
Q: Here is the preclosing December 31, 2020 trial balance for the general fund of Lancaster County: All…
A: It is the accounting system in which, the recording of use of resources will be restricted or…
Q: he following transactions affected various funds and activities of the City of Seham. 1. The Fire…
A: Journal entries refers to the process of recording or journalling the financial transactions of a…
Q: The following transactions relate to the general fund of the city of buffalo falls for the year…
A: Journal entry: Journal is a book of prime entry or a book of original entry in which transactions…
Q: Jefferson County operates a centeralized motor pool to service county vehicles. At the endof 2019,…
A: Solution: Introduction: A cash flow statement is one of the financial statements of a business…
Q: The Eaton School District engaged in the following transactions during its fiscal year ending August…
A: The amount alphabet is written against the statement number in the answer part.
Q: A county engages in basic transactions. Kilbourne County engaged in the following transactions in…
A: Journal entries refer to recording and classifying business transactions initially into books of…
Q: Prepare journal entries for a local government to record the following transactions, first for fund…
A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…
Q: The following unadjusted trial balances are for the governmental funds of the City of Copeland…
A:
Q: In the general information, the capital projects fund reports a $45,750 increase in its fund balance…
A: Solution :- Given, During 2020, the City of Coyote contracts to build a bus stop for schoolchildren…
Q: The governmental funds of the City of Westchester report $445,000 in assets and $140,000 in…
A: Prepare a complete balance sheet for fund balances: Therefore, the total fund balance is $305,000.…
Q: The County of Maxnell decides to create a waste management department and offer ItS services to the…
A: The question is based on the concept of Financial Accounting.
Q: The City of Wolfe has issued its financial statements for Year 4 (assume that the city uses a…
A: Government-wide financial statement are the statements which present the operations and financial…
Q: a. Prepare Journal entries. b. Prepare Closing Entries. c. Prepare a Statement of Revenues,…
A: An internal service fund is a fund used in governmental accounting to track goods or services…
Q: The citizens of Spencer County approve the issuance of $2,000,000 in 6 percent genneral obligtions…
A: The Statement of Revenue, Expenditures, and Changes in Fund Balance is the income statement of the…
Q: The following transactions relate to the General Fund of the City of Buffalo Falls for the year…
A: calculation of above requirement are as follows
Q: The following transactions relate to the General Fund of the City of Buffalo Falls for the year…
A:
Q: From the following information you are required to prepare Statement of Activity and Statement of…
A: Introduction: A statement of operations quantifies a nonprofit organization's earnings and…
Q: For Year 1, Crescent excess of revenues and other financing sources over expenditures and other…
A: A mutual fund statement resembles a bank statement in appearance. It gives you a complete picture of…
Q: Please prepare journal entries for government-wide financial statements** (Select the appropriate…
A: Journal entry - It refers to the process where the business transactions are recorded in the books…
Q: Assume that the City of Coyote has produced its financial statements for December 31, 2020, and the…
A: Change in amount=Reported increase-Cash grant Net position=Reported increase-Cash grant
Q: Journal entries for an Internal Service Fund The following transactions occurred regarding the…
A: Internal Service Fund: A fund that primarily provides either benefits or goods or services to other…
Q: The following financial transactions are related to a local government during the year. General…
A: A governmental organisation or local government can have two types of funds like general funds and…
Q: For each of the following events or transactions, identity the fund that will be affected. A city…
A: The monetary sources of the government of a nation which are used to finance the activities or…
Q: The fund-basis financial statements of Cherokee Library District (a special-purpose government…
A: Note: We’ll answer the first question since the exact one wasn’t specified. Please submit a new…
Q: Assume that the City of Coyote has produced its financial statements for December 31, 2020, and the…
A: Financial accounting: Financial accounting is the process of recording, summarizing, and reporting…
Q: Hi, I am in Advanced Acc. and I need to create a closing worksheet for a government fund. The…
A: Closing entries are passed at the end of the financial year inorder to close the temporary accounts…
Q: A city's Parks Department has these two General Fund appropriations: Parks department salaries and…
A: The journal entries are prepared to record the transactions on regular basis. The assets and…
Q: Scenario and General Fund budgetary journal entries The scenario: Croton City maintains four…
A: The following computation is done for Croton City.
Q: A city's Parks Department has these two General Fund appropriations: Parks department salaries and…
A: Journal: A journal entry is a record of a company's financial activities that are kept in its…
Q: The preclosing trial balance of the General Fund for the City of KAYI shows the following balances…
A: Fund: The fund is defined as a source that is raised by the organization to support its project. It…
Q: The Township of Thomasville's General Fund has the following net resources at year end: • $66,000 of…
A: Particulars Amount in $ Inventory 66000 Federal Grants for disaster relieve 375000 Sinking…
Q: Assume that the City of Juneau maintains its books and records to facilitate the preparation of its…
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
Q: General obligation long-term debt
A: According to the question, the total fund balances of a county government are $23,000,000, and the…
Q: The City of South Pittsburgh maintains its books so as to prepare fund accounting statements and…
A: Given: The data is given as below, Accounts receivable $354,000 Accounts payable 265,000…
Step by step
Solved in 2 steps
- 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[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 $105,000
- The following selected information was taken from SunValley City’s general fund statement of revenues, expenditures, and changes in fund balance for the year ended December 31, 2019:Revenues:Property taxes—2019 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 825,000Expenditures:Current services:Public safety . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 350,000Capital outlay (police vehicles) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100,000Debt service . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 74,000Excess of revenues over expenditures . . . . . . . . . . . . . . . . . . . . $ 153,000Other financing uses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (125,000)Excess of revenues over expenditures and other financing uses. $ 28,000Decrease in fund balance assigned (encumbrances) during 2019 . 15,000Residual equity transfers-out…The City of Jonesboro engaged in the following transactions during the fiscal year ended September 30, 2018. Record the following transactions related to interfund transfers. Be sure to indicate in which fund the entry is being made. a. The city transferred $400,000 from the general fund to a debt service fund to make the interest payments due during the fiscal year. The payments due during the fiscal year were paid. The city also transferred $200,000 from the general fund to a debt service fund to advance-fund the $200,000 interest payment due October 15, 2019. b. The city transferred $75,000 from the Air Operations Special Revenue Fund to the general fund to close out the operations of that fund. c. The city transferred $150,000 from the general fund to the city’s Electric Utility Enterprise Fund to pay for the utilities used by the general and administrative offices during the year. d. The city transferred the required pension contribution of $2 million from the general fund to the…The 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 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 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 BalanceFund statements, reconciliation A county government’s total fund balances, governmental funds is $23,000,000. Other information is as follows: Internal service fund net position $1,500,000 General obligation long-term debt 25,000,000 Accrued pension and OPEB liabilities of proprietary funds 3,000,000 Accrued pension and OPEB liabilities of governmental funds 4,200,000 Capital assets used in governmental activities, net. 16,000,000 Proprietary funds capital assets, net. 7,000,000 The government-wide balance sheet reports net position of governmental activities of: $ 29,300,000 $ 11,300,000 $ 9,800,000
- The following transactions relate to the general fund of the city of buffalo falls for the year ended december 31, 2020: 1. Begining Balances were: Cash, $80,000; Taxes receivable, $185,000; Accounts Payable, $50,000; and Fund Balance, $215,000. 2. The budget was passed. Estimated revenues amount to $1,200,000 and appropriations totaled $1,196,000. All expemditures are classifed as General Government. 3. property taxes were levied in the amount of $902,000. Alll of the taxes are expected to be collected before Febuary 2021. 4. Cash reciepts totaled $870,000 for property taxes and $275,000 from other revenue. 5. contracts were issued for contracted servies in the amount of $90,000. 6. Contracted services were preformed relating to $82,000 of the contracts with invoices ammounting to $80,000. 7. Other expenditures amounted to $950,000. 8. accounts payable were paid in the amount of $1,070,000. 9. The books were closed. Required: a. Prepare Jounal entries for the above tranactions. b.…The following transactions relate to the general fund of the city of Lost Angels for the year ending December 31, 2020. 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 city applies the purchases method to supplies. Receipt within 60 days serves as the definition of available resources. Collects 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 received within 30 days, and the remainder approximately five months after the end of the year. Spends $200,000 on three new police cars with 10-year lives. The anticipated price was $207,000 when the cars were ordered. The city calculates all depreciation using the straight-line method with no expected residual value. The city applies the…The following transactions relate to the general fund of the city of Lost Angels for the year ending December 31, 2020. 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 city applies the purchases method to supplies. Receipt within 60 days serves as the definition of available resources. Collects 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 received within 30 days, and the remainder approximately five months after the end of the year. Spends $200,000 on three new police cars with 10-year lives. The anticipated price was $207,000 when the cars were ordered. The city calculates all depreciation using the straight-line method with no expected residual value. The city applies the…
