Advanced Accounting
12th Edition
ISBN: 9781305084858
Author: Paul M. Fischer, William J. Tayler, Rita H. Cheng
Publisher: Cengage Learning
expand_more
expand_more
format_list_bulleted
Videos
Question
Chapter 16, Problem 12E
a.
To determine
Introduction: Funds refers to an amount of money which is set aside or saved by individuals, government, businesses for paying unforeseen expenses or for any other purpose. Funds can be mutual funds, agency funds, trust funds, special revenue funds, permanent funds, enterprise funds, government funds.
To indicate: The fund in which recording of transactions will be made.
b.
To determine
Introduction: Funds refers to an amount of money which is set aside or saved by individuals, government, businesses for paying unforeseen expenses or for any other purpose. Funds can be mutual funds, agency funds, trust funds, special revenue funds, permanent funds, enterprise funds, government funds.
To indicate: The fund in which recording of transactions will be made.
c.
To determine
Introduction: Funds refers to an amount of money which is set aside or saved by individuals, government, businesses for paying unforeseen expenses or for any other purpose. Funds can be mutual funds, agency funds, trust funds, special revenue funds, permanent funds, enterprise funds, government funds.
To indicate: The fund in which recording of transactions will be made.
d.
To determine
Introduction: Funds refers to an amount of money which is set aside or saved by individuals, government, businesses for paying unforeseen expenses or for any other purpose. Funds can be mutual funds, agency funds, trust funds, special revenue funds, permanent funds, enterprise funds, government funds.
To indicate: The fund in which recording of transactions will be made.
e.
To determine
Introduction: Funds refers to an amount of money which is set aside or saved by individuals, government, businesses for paying unforeseen expenses or for any other purpose. Funds can be mutual funds, agency funds, trust funds, special revenue funds, permanent funds, enterprise funds, government funds.
To indicate: The fund in which recording of transactions will be made.
f.
To determine
Introduction: Funds refers to an amount of money which is set aside or saved by individuals, government, businesses for paying unforeseen expenses or for any other purpose. Funds can be mutual funds, agency funds, trust funds, special revenue funds, permanent funds, enterprise funds, government funds.
To indicate: The fund in which recording of transactions will be made.
g.
To determine
Introduction: Funds refers to an amount of money which is set aside or saved by individuals, government, businesses for paying unforeseen expenses or for any other purpose. Funds can be mutual funds, agency funds, trust funds, special revenue funds, permanent funds, enterprise funds, government funds.
To indicate: The fund in which recording of transactions will be made.
h.
To determine
Introduction: Funds refers to an amount of money which is set aside or saved by individuals, government, businesses for paying unforeseen expenses or for any other purpose. Funds can be mutual funds, agency funds, trust funds, special revenue funds, permanent funds, enterprise funds, government funds.
To indicate: The fund in which recording of transactions will be made.
i.
To determine
Introduction: Funds refers to an amount of money which is set aside or saved by individuals, government, businesses for paying unforeseen expenses or for any other purpose. Funds can be mutual funds, agency funds, trust funds, special revenue funds, permanent funds, enterprise funds, government funds.
To indicate: The fund in which recording of transactions will be made.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
General Fund, Debt Service Fund, General Fund, Capital Projects Fund, Special Revenue Fund, Capital Projects Fund, Enterprise Fund, Pension Trust Fund (Fiduciary), General Fund, Internal Service Fund, Permanent Fund.
List the Appropriate Fund
List the appropriate fund(s) that will be affected for each of the following transactions for Sienna City. Journal entries are not required.
Bonds were issued to finance the construction of a new bridge.
Sienna received a grant from the state to assist in financing the construction of a new bridge.
Funds were set aside to pay of the principal and interest due on this year’s bonds.
Land was received from a donor to be used as a park. It was stipulated by the donor that the land cannot be sold.
Proceeds were collected from the sale of lottery tickets. By ordinance, these funds must be used for education and the school system.
Construction on the new bridge was completed. The total cost was under budget and the excess funds were set aside to pay…
Indicate (i) how each of the following transactions impacts the fund balance of the general fund, and its classifications, for fund financial statements and (ii) what impact each transaction has on the net position balance of the Government Activities on the government-wide financial statements.a. Issue a five-year bond for $6 million to finance general operations.b. Pay cash of $149,000 for a truck to be used by the police department.c. The fire department pays $17,000 to a government motor pool that services the vehicles of only the police and fire departments. Work was done on several department vehicles. d. Levy property taxes of $75,000 for the current year that will not be collected until four months into the subsequent year.e. Receive a grant for $7,000 that must be returned unless the money is spent according to the stipulations of the conveyance. That is expected to happen in the future.f. Businesses make sales of $20 million during the current year. The…
For each of the following accounts indicate in which fund type it could be found. Select your answer from the following responses:
A. Governmental funds only.
B. Proprietary funds only.
Bond Proceeds
Long Term liability for Compensated Absences
Deferred Inflows/Outflows of Resources
Taxes Receivable
Estimated Revenues
Operating Revenues
Chapter 16 Solutions
Advanced Accounting
Ch. 16 - Prob. 1UTICh. 16 - If a capital projects fund has authority to...Ch. 16 - Prob. 3UTICh. 16 - The debt service fund does not use budgetary...Ch. 16 - When a debt service fund receives resources, it...Ch. 16 - Prob. 6UTICh. 16 - Prob. 7UTICh. 16 - Prob. 8UTICh. 16 - Prob. 9UTICh. 16 - Prob. 10UTI
Ch. 16 - Describe the difference between accounting for...Ch. 16 - Prob. 12UTICh. 16 - Prob. 1.1ECh. 16 - Prob. 1.2ECh. 16 - Prob. 1.3ECh. 16 - Prob. 1.4ECh. 16 - Prob. 1.5ECh. 16 - Prob. 1.6ECh. 16 - Prob. 1.7ECh. 16 - Prob. 1.8ECh. 16 - Prob. 1.10ECh. 16 - Prob. 2.1ECh. 16 - Prob. 2.2ECh. 16 - Prob. 2.3ECh. 16 - Prob. 2.4ECh. 16 - Prob. 2.5ECh. 16 - Prob. 2.6ECh. 16 - Prob. 2.7ECh. 16 - Prob. 2.8ECh. 16 - Prob. 2.9ECh. 16 - Prob. 2.10ECh. 16 - Prob. 3.1ECh. 16 - Prob. 3.2ECh. 16 - Prob. 3.3ECh. 16 - Prob. 3.4ECh. 16 - Prob. 4ECh. 16 - Special assessments levy, capital projects fund....Ch. 16 - Prob. 6ECh. 16 - Prob. 7ECh. 16 - Prob. 8ECh. 16 - Prob. 9ECh. 16 - Prob. 10ECh. 16 - Prob. 11ECh. 16 - Prob. 12ECh. 16 - Prob. 16.1.1PCh. 16 - Prob. 16.1.2PCh. 16 - Prob. 16.1.3PCh. 16 - Prob. 16.1.4PCh. 16 - Prob. 16.1.5PCh. 16 - Prob. 16.1.6PCh. 16 - Prob. 16.1.7PCh. 16 - Prob. 16.1.8PCh. 16 - Prob. 16.2.1PCh. 16 - Prob. 16.2.2PCh. 16 - Prob. 16.2.3PCh. 16 - Prob. 16.2.4PCh. 16 - Prob. 16.2.5PCh. 16 - Prob. 16.2.6PCh. 16 - Prob. 16.2.7PCh. 16 - Prob. 16.12.1PCh. 16 - Prob. 16.12.2PCh. 16 - Prob. 16.13.1PCh. 16 - Enterprise fund, general fund. In 2018, a city...Ch. 16 - Prob. 16.13.3PCh. 16 - Prob. 16.14PCh. 16 - Prob. 16.15PCh. 16 - Prob. 16.16PCh. 16 - Prob. 16.18.1PCh. 16 - Prob. 16.18.3PCh. 16 - Prob. 16.18.4PCh. 16 - Prob. 16.18.5PCh. 16 - Prob. 16.18.6PCh. 16 - Prob. 16.18.7PCh. 16 - Prob. 16.18.8PCh. 16 - Prob. 16.18.9PCh. 16 - Prob. 16.18.10PCh. 16 - Prob. 16.19.2PCh. 16 - Prob. 16.19.3PCh. 16 - Prob. 16.19.4PCh. 16 - Prob. 16.19.5PCh. 16 - Prob. 16.19.6PCh. 16 - Prob. 16.19.9PCh. 16 - Prob. 16.19.11PCh. 16 - Prob. 16.19.12PCh. 16 - Prob. 16.19.13PCh. 16 - Prob. 16.19.14PCh. 16 - Prob. 16.19.15PCh. 16 - Prob. 16.19.16PCh. 16 - Prob. 16.19.17PCh. 16 - Prob. 16.19.18PCh. 16 - Prob. 16.19.19PCh. 16 - Prob. 16.19.20PCh. 16 - Prob. 16.19.21PCh. 16 - Prob. 16.19.22P
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- Identification of activities with particular governmental-type funds Using only the governmental-type funds, indicate which would be used to record each of the following transactions and events. GF General Fund SRF Special Revenue Fund DSF Debt Service Fund CPF Capital Projects Fund PF Permanent Fund 1. Property taxes were received directly by the fund used to accumulate resources to pay bond principal and interest. 2. The city received its share of a state sales tax that is legally required to be used solely to finance library operations. 3. The city sent property tax bills to homeowners to help pay for day-to-day operating costs. 4. The city paid for five fire engines, using resources accumulated in a fund to pay for capital assets. 5. The city received a grant from the state to build an addition to the city hall. 6. The city received the proceeds of general obligation bonds to finance the construction of a new police station. 7. The mayor was paid his monthly…arrow_forwardCash of $90,000 is transferred from a city’s general fund to start construction on a police station. The city issues a bond at its $1.8 million face value. The police station is built for $1.89 million. Prepare all necessary journal entries for these transactions for both fund and government-wide financial statements. Assume that the city does not record the commitment. What information do the government-wide financial statements present? What information do the fund financial statements present?arrow_forwardThe City of Southern Pines maintains its books so as to prepare fund accounting statements and records worksheet adjustments in order to prepare government-wide statements. As such, the City’s internal service fund, a motor pool fund, is included in the proprietary funds statements. Balance sheet asset accounts include: Cash, $87,000; Investments, $127,900; Due from the General Fund, $15,300; Inventories, $331,500; and Capital Assets (net), $979,200. Liability accounts include: Accounts Payable, $51,000; Long-Term Advance from Enterprise Fund, $612,000. The only transaction in the internal service fund that is external to the government is interest revenue in the amount of $2,900. Exclusive of the interest revenue, the internal service fund reported net income in the amount of $39,000. An examination of the records indicates that services were provided as follows: one-third to general government, one-third to public safety, and one-third to public works. Prepare necessary adjustments…arrow_forward
- A city transfers cash of $90,000 from its general fund to start construction on a police station. The city issues a bond at its $1.8 million face value. The police station is built for a total cost of $1.89 million. a. Prepare all necessary journal entries for these transactions for both fund and government-wide financial statements. Assume that the city does not record the commitment for this construction. (Select the appropriate fund for each situation when required. If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in dollar, not in millons.)arrow_forwardPrepare journal entries for all the funds AND IDENTIFY THEM and the General Capital Assets and General Long-Term Liabilities accounts affected by the following transactions The government paid $605,000 from the General Fund to the fund used to service its general government bonds. The government issued bonds of $13,000,000 at par. The bonds are to be used to finance construction of a major public park. The government paid $400,000 of principal and $300,000 of interest on general government bonds. The government entered a capital lease for equipment with a capitalizable cost of $700,000. A $150,000 initial рауment was made The govern ment pui chased new computer equipment for the police department at a cost of $43,000. please avoid handwritten solution thanksarrow_forwardIn a governmental fund, which one of the following constitutes revenue?a. Cash received from another fund of the same unitb. Bond proceedsc. Property taxesd. Refund on an invoice for fuelarrow_forward
- Prepare journal entries to record each of these transactions in the general fund. Based on your entries, prepare a balance sheet and statement of revenues, expenditures, and changes in fund balance for the general fund. The Authority issued $2.5 million in long-term bonds. · The Authority purchased 4 acres of land for $500,000 in cash. · It sold one of the 4 acres of land for $125,000 in cash. · It made a $325,000 payment on the debt, consisting of $75,000 of interest and $250,000 of principal. · It lost a lawsuit filed by one of its renters and was ordered to pay $1 million in damages over 5 years. It made its first cash payment of $200,000.arrow_forwardThe general fund pays rent for two months. Which of the following is not correct? Choose the correct.a. Rent expense should be reported in the government-wide financial statements.b. Rent expense should be reported in the general fund.c. An expenditure should be reported in the fund financial statements.d. 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.arrow_forwardThe City of Wilmington, Delaware, has an Other Postemployment Benefit Trust Fund and a Tax Collection Agency Fund. The Preclosing Trial Balance for each of these funds as of June 30, 20X6, is as follows: City of Wilmington, Delaware Other Postemployment Benefit Trust Fund Preclosing Trial Balance June 30, 20X6 Dr. Cr. Cash and cash equivalents............................................. $ 405,476 Interest receivable.......................................................... 50,807 Investments.................................................................... 2,767,043 Employer contributions.................................................. $ 505,189 Employer contributions.................................................. 167,721 Interest income............................................................... 37,787 Increase…arrow_forward
- A city issues five-year bonds payable to finance construction of a new school. What recording should be made?a. Report the liability in the government-wide financial statements; show an other financing source in the fund financial statements.b. Report a liability in the government-wide financial statements and in the fund financial statements.c. Show an other financing source in the government-wide financial statements and in the fund financial statements.d. Show an other financing source in the government-wide financial statements; report a liability in the fund financial statements.arrow_forwardFor each of the following transactions, determine the correct debit account from among the choices below: A. Expenditures B. Encumbrances C. Property, Plant, and Equipment (Capital Assets) D. Expenses E. Appropriations F. Other Financing Uses-Transfers Out G. Extraordinary Item H. Special Items I. Liabilities J. Answer not included in the above selections A proprietary fund signs a contract to build an office building with Do Good Construction for $10,000,000 Answer 1 Question 3 A proprietary fund makes a currently due principal payment on Bonds Payable Answer 2 Question 3 A proprietary fund recognizes and pays an interest payment that is currently due Answer 3 Question 3 A proprietary fund spends $5,000,000 of a capital grant for construction of a parking garage. Assume eligibility has been met Answer 4 Question 3 A city’s water supply in a proprietary fund is contaminated by terrorists. Cost of clean up, disposal and…arrow_forwardThe 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…arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
AccountingAccountingISBN:9781337272094Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.Publisher:Cengage Learning,
Accounting Information SystemsAccountingISBN:9781337619202Author:Hall, James A.Publisher:Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis...AccountingISBN:9780134475585Author:Srikant M. Datar, Madhav V. RajanPublisher:PEARSON
Intermediate AccountingAccountingISBN:9781259722660Author:J. David Spiceland, Mark W. Nelson, Wayne M ThomasPublisher:McGraw-Hill Education
Financial and Managerial AccountingAccountingISBN:9781259726705Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting PrinciplesPublisher:McGraw-Hill Education
Accounting
Accounting
ISBN:9781337272094
Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:Cengage Learning,
Accounting Information Systems
Accounting
ISBN:9781337619202
Author:Hall, James A.
Publisher:Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis...
Accounting
ISBN:9780134475585
Author:Srikant M. Datar, Madhav V. Rajan
Publisher:PEARSON
Intermediate Accounting
Accounting
ISBN:9781259722660
Author:J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:9781259726705
Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:McGraw-Hill Education
What is Fund Accounting?; Author: Aplos;https://www.youtube.com/watch?v=W5D5Dr0j9j4;License: Standard Youtube License