ADVANCED ACCOUNTING
13th Edition
ISBN: 9781260773033
Author: Hoyle
Publisher: MCG
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Chapter 16, Problem 49P
Government officials of the City of Jones expect to receive general fund revenues of $400,000 in 2017 but approve spending only $380,000. Later in the year, as they receive more information, they increase the revenue projection to $420,000. Officials also approve the spending of an additional $15,000. For each of die following, indicate whether the statement is true or false and, if false, explain why.
- a. In recording this budget, appropriations should be credited initially for $380,000.
- b. The city must disclose this budgetary data within the required supplemental information section reported after die notes to the financial statements.
- c. When reporting budgetary information for the year, three figures should be reported: amended budget, initial budget, and actual figures.
- d. In making the budgetary entry, a debit must be made to some type of Fund Balance account to indicate the projected surplus and its effect on the size of the fund.
- e. The reporting of the budget is reflected in the government-wide financial statements.
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Government officials of the City of Jones expect to receive general fund revenues of $400,000 in 2017 but approve spending only $380,000. Later in the year, as they receive more information, they increase the revenue projection to $420,000. Officials also approve the spending of an additional $15,000. For each of the following, indicate whether the statement is true or false and, if false, explain why.a. In recording this budget, appropriations should be credited initially for $380,000.b. The city must disclose this budgetary data within the required supplemental information section reported after the notes to the financial statements.c. When reporting budgetary information for the year, three figures should be reported: amended budget, initial budget, and actual figures.d. In making the budgetary entry, a debit must be made to some type of Fund Balance account to indicate the projected surplus and its effect on the size of the fund.e. The reporting of the budget is reflected in the…
The board of commissioners of the City of Hartmoore adopted a general fund budget for the year ending June 30, 2017, that included revenues of $1,000,000, bond proceeds of $400,000, appropriations of $900,000, and operating transfers out of $300,000. If this budget is formally integrated into the accounting records, what journal entry is required at the beginning of the year? What later entry is required?
Government officials of the City of Jones expect to receive general fund revenues of $400,000 in 2017 but approve spending only $380,000. Later in the year, as they receive more information, they increase the revenue projection to $420,000. Officials also approve the spending of an additional $15,000. For each of the following, indicate whether the statement is true or false and, if false, explain why.
In recording this budget, appropriations should be credited initially for $380,000.
The city must disclose this budgetary data within the required supplemental information section reported after the notes to the financial statements.
When reporting budgetary information for the year, three figures should be reported: amended budget, initial budget, and actual figures.
In making the budgetary entry, a debit must be made to some type of Fund Balance account to indicate the projected surplus and its effect on the size of the fund.
The reporting of the budget is reflected in the…
Chapter 16 Solutions
ADVANCED ACCOUNTING
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...
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