ADVANCED ACCOUNTING(LL) W/CONNECT
13th Edition
ISBN: 9781260282382
Author: Hoyle
Publisher: MCG
expand_more
expand_more
format_list_bulleted
Videos
Textbook Question
Chapter 16, Problem 43P
The following
| Debit | Credit | |
| Accounts Payable | $ 90,000 | |
| Cash | $ 30,000 | |
| Contracts Payable | 90,000 | |
| Unavailable Revenues | 40,000 | |
| Due from Capital Projects Funds | 60,000 | |
| Due to Debt Service Funds | 40,000 | |
| Expenditures | 530,000 | |
| Fund Balance—Unassigned | 170,000 | |
| Investments | 410,000 | |
| Revenues | 760,000 | |
| Other Financing Sources—Bond Proceeds | 300,000 | |
| Other Financing Sources—Transfers In | 50,000 | |
| Other Financing Uses—Transfers Out | 470,000 | |
| Taxes Receivable | 220,000 | |
| Vouchers Payable | 180,000 | |
| Totals | $1,720,000 | $1,720,000 |
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
The following trial balance is taken from the General Fund of the City of Jennings for the year ending December 31, 2017. Prepare a condensed statement of revenues, expenditures, and other changes in fund balance and also prepare a condensed balance sheet.
The following transactions relate to the General Fund of the city of Lost Angels for the year ending December 31, 2017. 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 purchases method is applied to the supplies and that receipt within 60 days is used as the definition of available resources.
Collected 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 collected within 30 days, and the remainder will be received in about five months after the end of the year.
Spent $200,000 on four new police cars with 10-year lives. A price of $207,000 had been anticipated when the cars were ordered. The city calculates all depreciation using the straight-line method with no salvage value. The half-year…
Prepare entries in general journal form to record the following transactions in the Roadway Fund general ledger accounts for City of Kettering for the fiscal year 2018. Use modified accrual accounting. At the beginning of the fiscal year, the fund $1,360,000 was offset by the assigned fund balance in the same amount. The city was awarded $4,200,000 for road inspections and repairs during the year. The award requires reimbursement for expenditures, not an allotment upfront. Work contracted for the year amounted to $4,175,000. Invoices received for the work performed totaled $4,150,000. $3,980,000 of that amount was paid in cash as of year-end. The state reimbursed the city $4,000,000 for the completed work before year-end. Prepare a statement of Revenues, Expenditures, and Changes in Fund Balance for the Roadway Fund.
Chapter 16 Solutions
ADVANCED ACCOUNTING(LL) W/CONNECT
Ch. 16 - Prob. 1QCh. 16 - Prob. 2QCh. 16 - Prob. 3QCh. 16 - Prob. 4QCh. 16 - What measurement focus is used in fund financial...Ch. 16 - Prob. 6QCh. 16 - Prob. 7QCh. 16 - In applying the current financial resources...Ch. 16 - Prob. 9QCh. 16 - What are the five fund types within the...
Ch. 16 - Prob. 11QCh. 16 - What are the four fund types within the fiduciary...Ch. 16 - Prob. 13QCh. 16 - Fund financial statements have separate columns...Ch. 16 - The general fund of a city reports assets of...Ch. 16 - Why are budgetary entries recorded in the...Ch. 16 - How are budget results shown in the financial...Ch. 16 - Prob. 18QCh. 16 - Prob. 19QCh. 16 - Prob. 20QCh. 16 - How do governmental funds report capital outlay in...Ch. 16 - Prob. 22QCh. 16 - Prob. 23QCh. 16 - Prob. 24QCh. 16 - How is the issuance of a long-term bond reported...Ch. 16 - Prob. 26QCh. 16 - Prob. 27QCh. 16 - Prob. 28QCh. 16 - What is an internal exchange transaction, and how...Ch. 16 - Prob. 1PCh. 16 - Prob. 2PCh. 16 - Prob. 3PCh. 16 - Prob. 4PCh. 16 - Prob. 5PCh. 16 - Prob. 6PCh. 16 - Which of the following statements is correct about...Ch. 16 - Prob. 8PCh. 16 - Prob. 9PCh. 16 - The City of Bagranoff holds 90,000 in cash that...Ch. 16 - Prob. 11PCh. 16 - The general fund pays rent for two months. Which...Ch. 16 - A purchase order for 3,000 is recorded in the...Ch. 16 - At the end of the current year, a government...Ch. 16 - A government buys equipment for its police...Ch. 16 - A city acquires supplies for its fire department...Ch. 16 - Prob. 17PCh. 16 - The state government passes a law requiring...Ch. 16 - The state awards a grant of 50,000 to the Town of...Ch. 16 - A city issues a 60-day tax anticipation note to...Ch. 16 - A city issues five-year bonds payable to finance...Ch. 16 - The City of Dylan issues a 10-year bond payable of...Ch. 16 - Prob. 23PCh. 16 - A 110,000 payment is made on a long-term...Ch. 16 - A city constructs a special assessment project (a...Ch. 16 - A city constructs curbing in a new neighborhood...Ch. 16 - Which of the following is an example of an...Ch. 16 - Cash of 60,000 is transferred from the general...Ch. 16 - Cash of 60,000 is transferred from the general...Ch. 16 - Cash of 20,000 is transferred from the general...Ch. 16 - Cash of 20,000 is transferred from the general...Ch. 16 - The board of commissioners of the City of...Ch. 16 - A city orders a new computer for its general fund...Ch. 16 - Cash of 90,000 is transferred from a citys general...Ch. 16 - The governmental funds of the City of Westchester...Ch. 16 - Government officials of Hampstead County ordered a...Ch. 16 - A local government has the following transactions...Ch. 16 - Prepare journal entries for the City of Puddings...Ch. 16 - Prepare journal entries for a local government to...Ch. 16 - The following unadjusted trial balances are for...Ch. 16 - Following are descriptions of transactions and...Ch. 16 - Chesterfield County had the following...Ch. 16 - The following trial balance is taken from the...Ch. 16 - A city has only one activity, its school system....Ch. 16 - Prob. 45PCh. 16 - Prob. 46PCh. 16 - The following transactions relate to the General...Ch. 16 - Use the transactions in problem (47) but prepare a...Ch. 16 - Government officials of the City of Jones expect...Ch. 16 - On December 1, 2017, a state government awards a...Ch. 16 - Indicate (i) how each of the following...Ch. 16 - Fund A transfers 20,000 to Fund B. For each of the...Ch. 16 - Use the following information for Problems 5359:...Ch. 16 - On December 30, 2017, the City of Coyote borrowed...Ch. 16 - An art display set up for the City of Coyote was...Ch. 16 - The City of Coyote mailed property tax bills for...Ch. 16 - Prob. 57PCh. 16 - In 2017, the City of Coyote received a 320,000...Ch. 16 - During 2017, the City of Coyotes General Fund...
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
- 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…arrow_forwardThe 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…arrow_forwardThe 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…arrow_forward
- Hi, I am in Advanced Acc. and I need to create a closing worksheet for a government fund. The following trial balance is taken form the General Fund of the City of Jennings for the year ending December 31, 2017. debit credit accounts payable $90,000 cash $30,000 contracts payable 90,000 unavailable revenues 40,000 due from capital projects fund 60,000 due to debt service funds 40,000 expenditures 530,000 fund…arrow_forwardThe following information was abstracted from the accounts of the General Fund of the City of Rome after the books had been closed for the fiscal year ended June 30, 2020. Cash Taxes Receivable Allowance for Uncollectible Taxes Accounts Payable Fund Balance View transaction llest Postclosing Trial Balance June 30, 2019 $571,600 36,000 $687,608 5,608 182,808 500,000 $607,608 Clear entry 1 Record the transfer of taxes receivable to revenues control account. 2 Record the receipt of taxes and the uncollectibles. 3 Record the expenditures payable. 4 Record the payment of expenditure. 5 Record the transfer out of general fund. Hint: This is the plug needed to make cash balance after considering the other entries. 6 Record the transfer of revenue and expenditure control accounts to fund balance. Note: = journal entry has been entered Record entry Transactions July 1, 2019, to June 30, 2020 Debits $1,370,000 1,482,488 5,600 1,387,600 X There were no transfers into the General Fund, but there…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
- Prepare the entries to record the following general fund transactions for the village of Del Valley for the year ended September 30, 2018:a. Revenues are estimated at $520,000; expenditures are estimated at $515,000.b. A tax levy is set at $378,788, of which 1% will likely be uncollectible.c. Purchase orders amounting to $240,000 are authorized.d. Tax receipts total $280,000.e. Invoices totaling $225,000 are received and vouchered for orders originally estimated at $223,000.f. Salaries amounting to $135,000 are approved for payment.g. A state grant-in-aid of $100,000 is received.h. Fines and penalties of $10,000 are collected.i. Property for a village park is purchased, costing $120,000. No encumbrance had been made for this item.j. Additional recreational property valued at $88,000 is donated.k. Amounts of $12,000 due to other village funds are approved for payment. (Note: To establish the liability to other funds, credit Due to Other Funds.)l. The village’s share of sales tax due…arrow_forwardRequired information [The following information applies to the questions displayed below.] The Village of Seaside Pines prepared the following enterprise fund Trial Balance as of December 31, 2024, the last day of its fiscal year. The enterprise fund was established this year through a transfer from the General Fund. Accounts payable Accounts receivable Accrued interest payable Accumulated depreciation Administrative and selling expenses Allowance for uncollectible accounts Capital assets Cash Charges for sales and services Cost of sales and services Depreciation expense Due from General Fund Interest expense Interest revenue Transfer in from General Fund Bank note payable Supplies inventory Totals Debits Adjustments: $ 29,400 53,000 VILLAGE OF SEASIDE PINES ENTERPRISE FUND Reconciliation of Operating Income to Net Cash Provided by Operating Activities For the year ended December 31, 2024 722,000 98,000 504,000 51,000 17,700 40,900 19,700 $ 1,535,700 Credits $ 112,000 32,600 51,000…arrow_forwardThe following is a pre-closing trial balance for the Village of Lake Augusta's general Fund as of December 31, 2017: Credits Accounts payable Appropriations Budgetary fund balance Budgetary fund balance: reserve for encumbrances Cash Deferred revenues: property taxes Due to other funds Encumbrances Estimated other financing sources Estimated other financing uses Estimated revenues Estimated uncollectible taxes Expenditures Fund balance Other financing sources Other financing uses Revenues Tax anticipation notes payable. Taxes receivable Totals Debits 116,500 5,000 8,000 200,000 154,000 11.000 29,000 523,500 6,800 160,000 38,000 5,000 3,000 5,000 10,000 2,000 54,700 10,000 199,000 30,000 523,500arrow_forward
- Prepare the journal entries necessary for the following transactions. For each transaction you must identify the fund in which the entries are recorded. Make the entries only for the Fund-Based Financial Statements for the fiscal year ended 6/30/2021. 1. The board of commissioners of the Cosmo City adopted a General Fund budget for the year ending June 30, 2021, which indicated revenues of $5,100,000, bond proceeds of $620,000, appropriations of $1,900,000 for salaries, $800,000 for advertising, $400,000 for supplies, and $800,000 for utilities, and also operating transfers out of $980,000. 2. Cosmo City collected $22,000 from parking meters. 3. On March 12, 2021, Cosmo City ordered a new computer at an anticipated cost of $414,000. The computer was received on April 16 with an actual cost of $416,200. Payment was subsequently made on May 15, 2021. 4. Property taxes of 1,800,000 are levied for Cosmo City. The city expects that 5% will be uncollectible. Of the levied amount,…arrow_forwardDuring the fiscal year ended 6/30/18, the Harriscity engaged in the following transactions. REQUIRED: Assume that the city maintains its books and records in a manner that facilitates the preparation of its governmental fund financial statements. Prepare all necessary journal entries that the city should make for each transaction. Clearly indicate in which fund the entry is being made. If no entry is required, write “No entry required.” a)In July 2017, the city issued $30 million in 6% general obligation term bonds to finance construction of a new building to house city offices. The bonds were issued at a premium of $300,000. b)In September 2017, the city transferred $1.5 million from the general fund to cover the $0.9 million principal and $0.6 million interest payments due that month on debt issued in previous years. c)In September 2017, the city paid the principal and interest due from (b). d)In June 2018, the city transferred $3 million from the general fund to cover the $1.8…arrow_forwardFrom the information given above, prepare a General Fund Statement of Revenues, Expenditures, and Changes in Fund Balances for the City of Eastern Shores General Fund for the year ended September 30, 2020. (Negative entries should be entered with a minus sign and will appear in parenthesis.)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