ADVANCED ACCOUNTING-LL
13th Edition
ISBN: 9781260232486
Author: Hoyle
Publisher: MCGRAW-HILL CUSTOM PUBLISHING
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Question
Chapter 16, Problem 57P
a.
To determine
Find the correct overall change in the city’s net position as reported on the government-wide financial statements.
b.
To determine
Find the correct change during 2017 in the general fund’s balance.
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The following transactions relate to Newport City’s special revenue fund.
In 2020, Newport City created a special revenue fund to help fund the 911 emergency call center. The center is to be funded through a legally restricted tax on cellular phones. No budget is recorded.
During the first year of operations, revenues from the newly imposed tax totaled $530,000. Of this amount, $477,000 has been received in cash and the remainder will be received within 60 days of the end of the fiscal year.
Expenditures (salaries) incurred through the operation of the 911 emergency call center totaled $469,000. Of this amount, $438,515 was paid before year-end.
During the year the state government awarded Newport City a grant to reimburse the City’s costs (not to exceed $180,000) for the purpose of training new 911 operators. During the year, the City paid $171,000 (not reflected in the expenditures above) to train new operators for the 911 emergency call center and billed the state government.…
The following transactions relate to Newport City's special revenue Fund.
1. In 2020, Newport City created a special revenue fund to help the 911 emergency call center. the center is to be funded through a legally restricrted tax on cellular phones. No budget is recorded.
2. During the first year of operations, revenues from the newly imposed tax totaled $489,000. Of this amount $444,000 has been received in cash and the remainder will be received within 60 days of the end of the fiscal year..
3. expenditures (salaries) incurred through the operation of the 911 emergency call center totaled $449,000. Of this amount $422,000 was paid before year-end.
4. During the year the state government awarded Newport City a grantto reimburse the city's cost ( not to exceed $150,000) for the pupose of training new 911 operators. During the year, the city paid $146,500 ( not relfected inthe expenditures above) to trian new operators for the 911 emergancy call center and billed the state government.…
For the Fiscal Year 2017, Twin City levied $60 million in property Taxes. Its past experience dictates that 10% of taxes will not be collected.
A. Required: Prepare the general Journal entries to record the property levy using the following account titles: Property Taxes Receivable, Estimated Property Taxes Uncollectible and Revenue from Property Taxes (Control).
B. On June 30, 2017 the City had collected $30 million of property taxes levied. Required: Prepare General Journal entries to record the receipt of this amount.
c. On November 30, the City collected $25 million of property taxes levied. Required: Prepare the general journal entries to record the receipt of the taxes.
D. What adjustment should the City make about the estimate of uncollectible account at the year end?
E. How much is the delinquent of property taxes receivable at the end of the year? Show computation.
Chapter 16 Solutions
ADVANCED ACCOUNTING-LL
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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