ADVANCED FINANCIAL ACCOUNTING IA
12th Edition
ISBN: 9781260545081
Author: Christensen
Publisher: MCG
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Chapter 17, Problem 17.14Q
To determine
Introduction: In case of inter-fund loan, the loan has to be repaid usually within a year or before the end of the fiscal period. Loans and advances are not shown on a fund’s statement of revenue, expenditure and changes in fund balance; however, all outstanding loans and advances have to be shown on the
Interest usually is not charged on inter-fund financing arrangements. If interest is charged, it’s accounted for in the funds in the same manner as for other interest income or expense.
The general fund agrees to lend the enterprise fund $2,000 for three months. How this inter-fund loan is reported on the general fund financial statements?
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The general fund pays rent for two months. Which of the following is not correct?
Rent expense should be reported in the government-wide financial statements.
Rent expense should be reported in the general fund.
An expenditure should be reported in the fund financial statements.
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.
The 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.
4.
The Village of Seaside Pines prepared the following enterprise fund Trial Balance as of December 31, 2020, 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
$32,000
47,000
712,000
89,000
479,000
45,000
17,000
40,000
18,000
$1,479,000
Credits
$ 96,000
28,000
45,000
12,000
550,000
4,000
119,000
625,000
$1,479,000
Required:
a. Prepare the closing entries for December 31.
b. Prepare the Statement of Revenues, Expenses, and Changes in Fund Net Position for the year ended December 31.
c. Prepare the Net Position section of the…
Chapter 17 Solutions
ADVANCED FINANCIAL ACCOUNTING IA
Ch. 17 - Prob. 17.1QCh. 17 - What are the nine funds that local and state...Ch. 17 - Compare the modified accrual basis with the...Ch. 17 - Prob. 17.4QCh. 17 - When are property taxes recognized as revenue in...Ch. 17 - Prob. 17.6QCh. 17 - Prob. 17.7QCh. 17 - Are all expenditures encumbered?Ch. 17 - Prob. 17.9QCh. 17 - Prob. 17.10Q
Ch. 17 - When is the expenditure for inventories recognized...Ch. 17 - Prob. 17.12QCh. 17 - Prob. 17.13QCh. 17 - Prob. 17.14QCh. 17 - Prob. 17.15QCh. 17 - Prob. 17.1CCh. 17 - Prob. 17.2CCh. 17 - Prob. 17.3CCh. 17 - Prob. 17.1.1ECh. 17 - Prob. 17.1.2ECh. 17 - Prob. 17.1.3ECh. 17 - Prob. 17.1.4ECh. 17 - Prob. 17.1.5ECh. 17 - Prob. 17.2ECh. 17 - Prob. 17.3.1ECh. 17 - Prob. 17.3.2ECh. 17 - Prob. 17.3.3ECh. 17 - Prob. 17.3.4ECh. 17 - Prob. 17.3.5ECh. 17 - Prob. 17.3.6ECh. 17 - Prob. 17.3.7ECh. 17 - Prob. 17.3.8ECh. 17 - Prob. 17.3.9ECh. 17 - Prob. 17.3.10ECh. 17 - Prob. 17.4.1ECh. 17 - Prob. 17.4.2ECh. 17 - Prob. 17.4.3ECh. 17 - Prob. 17.4.4ECh. 17 - Prob. 17.4.5ECh. 17 - Prob. 17.4.6ECh. 17 - Prob. 17.4.7ECh. 17 - Prob. 17.4.8ECh. 17 - Prob. 17.4.9ECh. 17 - Prob. 17.4.10ECh. 17 - Prob. 17.5ECh. 17 - Prob. 17.6ECh. 17 - Prob. 17.7ECh. 17 - Computation of Revenues Reported on the Statement...Ch. 17 - Prob. 17.9ECh. 17 - Prob. 17.10ECh. 17 - Prob. 17.11ECh. 17 - Prob. 17.12ECh. 17 - General Fund Entries [AICPA Adapted] The following...Ch. 17 - Prob. 17.14PCh. 17 - Prob. 17.15PCh. 17 - Prob. 17.16PCh. 17 - Prob. 17.17PCh. 17 - Prob. 17.18.1PCh. 17 - Prob. 17.18.2PCh. 17 - Prob. 17.18.3PCh. 17 - Prob. 17.18.4PCh. 17 - Prob. 17.18.5PCh. 17 - Prob. 17.18.6PCh. 17 - Prob. 17.18.7PCh. 17 - Prob. 17.18.8PCh. 17 - Prob. 17.18.9PCh. 17 - Prob. 17.18.10PCh. 17 - Prob. 17.18.11PCh. 17 - Prob. 17.18.12PCh. 17 - Prob. 17.18.13PCh. 17 - Prob. 17.18.14PCh. 17 - Prob. 17.18.15PCh. 17 - Prob. 17.18.16PCh. 17 - Prob. 17.18.17PCh. 17 - Prob. 17.18.18PCh. 17 - Prob. 17.18.19PCh. 17 - Prob. 17.18.20PCh. 17 - Prob. 17.18.21PCh. 17 - Prob. 17.18.22PCh. 17 - Prob. 17.18.23PCh. 17 - Prob. 17.18.24PCh. 17 - Prob. 17.18.25PCh. 17 - Prob. 17.18.26PCh. 17 - Prob. 17.18.27PCh. 17 - General Fund Entries [AICPA Adapted] DeKalb City...Ch. 17 - Prob. 17.18.29PCh. 17 - Prob. 17.18.30PCh. 17 - Prob. 17.18.31PCh. 17 - General Fund Entries [AICPA Adapted] DeKalb City...Ch. 17 - Prob. 17.18.33PCh. 17 - Prob. 17.18.34PCh. 17 - Prob. 17.18.35PCh. 17 - General Fund Entries [AICPA Adapted] DeKalb City...Ch. 17 - Prob. 17.18.37PCh. 17 - Prob. 17.18.38PCh. 17 - Prob. 17.18.39PCh. 17 - Prob. 17.19PCh. 17 - Prob. 17.20P
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- The following information relates to transactions of the Consolidated Fund for the year ended 31st December, 2019. GHc’000 Tax revenues 200,000 Non tax revenues 98,500 Grants 67,000 Purchase of goods 41,000 Purchase of Furniture and Fittings 34,000 Construction of Roads 85,000 Domestic borrowing 40,000 External bilateral borrowing 70,000 Eurobonds issued 92,000 Repayment of domestic borrowing 22,000 Purchase of motor vehicle 21,000 Repayment of Eurobond 33,400 Interest paid 25,000 Sale proceeds from disposal of Equity Investment 43,500 Consultancy services paid 15,500 Consumption of fixed capital 50,000 Bank and cash balance ( 1/1/19) (80,000) Bank balance and cash (31/12/19) 254,100 Required: Prepare Cash Flow Statement for the Consolidated Fund for the year ended 31st December 2019 in accordance with the IPSAS 2: Cash Flow Statement.arrow_forward8) OMR 2,000,000 of special assessments was levied on property owners in a special benefit district, payable in 10 equal annual installments. What are the journal entry of debt service fund?arrow_forwardThe Village of Seaside Pines prepared the following enterprise fund Trial Balance as of December 31, 2020, the last day of its fiscal year. The enterprise fund was established this year through a transfer from the General Fund. Debits Credits Accounts payable $ 103,000 Accounts receivable $ 25,800 Accrued interest payable 28,900 Accumulated depreciation 46,500 Administrative and selling expenses 48,500 Allowance for uncollectible accounts 12,400 Capital assets 707,000 Cash 90,200 Charges for sales and services 553,000 Cost of sales and services 495,000 Depreciation expense 46,500 Due from General Fund 17,100 Interest expense 40,200 Interest revenue 4,300 Transfer in from General Fund 115,200 Bank note payable 625,300 Supplies inventory 18,300 Totals $ 1,488,600 $ 1,488,600…arrow_forward
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