Advanced Accounting
12th Edition
ISBN: 9781305084858
Author: Paul M. Fischer, William J. Tayler, Rita H. Cheng
Publisher: Cengage Learning
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Chapter 16, Problem 16.1.4P
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 choose: The correct option from given options.
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For each of the following events or transactions, prepare the necessacry journal entries and identify the fund or funds that will be affected.
1. A governmental unit collects fees totaling $4,500 at the municipal pool. The fees are charged to recover costs of pool operation and maintenance
2. A county government that serves as a tax collection agency for all towns and cities located within the county collects county sales taxes totaling $125,000 for the month.
3. A $1,000,000 bond offering was issued, with a premium of $50,000, to subsidize the construction of a city visitor center.
4. A town receives a donation of $50,000 in bonds. The bonds should be held indefinitely, but bond income is to be donated to the local zoo. The zoo is associated with the town.
5. A central printing shop is established with a $150,000 nonreciprocal transfer from the general fund.
6. A $1,000,000 revenue bond offering was issued at par by a fund that provides water and sewer services to…
For each of the following events or transactions, prepare the necessacry journal entries and identify the fund or funds that will be affected.
1. A governmental unit collects fees totaling $4,500 at the municipal pool. The fees are charged to recover costs of pool operation and maintenance
2. A county government that serves as a tax collection agency for all towns and cities located within the county collects county sales taxes totaling $125,000 for the month.
3. A $1,000,000 bond offering was issued, with a premium of $50,000, to subsidize the construction of a city visitor center.
4. A town receives a donation of $50,000 in bonds. The bonds should be held indefinitely, but bond income is to be donated to the local zoo. The zoo is associated with the town.
5. A central printing shop is established with a $150,000 nonreciprocal transfer from the general fund.
6. A $1,000,000 revenue bond offering was issued at par by a fund that provides water and sewer services to…
Rose City formally integrates budgetary accounts into its general fund. During the year ended December 31, 2019, Rose received a state grant to buy a bus and an additional grant for bus operation in 2019. In 2019, only 90% of the capital grant was used for the bus purchase, but 100% of the operating grant was disbursed. Rose has incurred the following long-term obligations:a. General obligation bonds issued for the water and sewer fund which will service the debt.b. Revenue bonds to be repaid from admission fees collected from users of the municipal recreation center.These bonds are expected to be paid from enterprise funds and are secured by Rose’s full faith, credit, and taxing power as further assurance that the obligations will be paid. Rose’s 2019 expenditures from the general fund include payments for structural alterations to a firehouse and furniture for the mayor’s office.In Rose’s general fund balance sheet presentation at December 31, 2019, which of the following…
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
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- Tuston Township issued the following bonds during the year ended June 30, Year 1: Bonds issued for the garbage collection enterprise fund that will service the debt $700,000 Revenue bonds to be repaid from admission fees collected by the Township zoo enterprise fund 500,000 What amount of these bonds should be accounted for in Tuston's government-wide financial statement as a liability resulting from governmental activities? A.) $1,200,000 B.) $700,000 C.) $500,000 D.) $0arrow_forwardIbri township issued the following bonds during the year. The bond issued to purchase equipment for vehicle repair service that is accounted for in an internal service fund RO 30,000, The bonds issued to construct a new city hall RO 10,000 The bonds issued to improve its water utility, which is accounted for in an enterprise fund RO 50,000. The amount of bond issued to be reported in the general fund is a. RO 10,000 b. RO 50,000 c. None of the options d. RO 30,000arrow_forwardDuring 2019, Kansas City issued bonds for financing the construction of a civic center and bonds for financing improvements in the environmental controls for its water and sewer enterprise. The latter bonds require a sinking fund for their retirement. Items (1) through (4) represent items Kansas City should report in its 2019 financial statements. Determine in which of the following funds and account groups [(a) through (f )] each item [(1) through (4)] would be included: a. General fund. b. Enterprise funds. c. Capital projects funds. d. Debt service funds. e. General fixed assets account group. f. General long-term debt account group. 1. Bonds payable. 2. Accumulated depreciation. 3. Amounts identified for the repayment of the two bond issues. 4. Fund balance—assigned for encumbrances.arrow_forward
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What is Fund Accounting?; Author: Aplos;https://www.youtube.com/watch?v=W5D5Dr0j9j4;License: Standard Youtube License