Advanced Financial Accounting
12th Edition
ISBN: 9781259916977
Author: Christensen, Theodore E., COTTRELL, David M., Budd, Cassy
Publisher: Mcgraw-hill Education,
expand_more
expand_more
format_list_bulleted
Question
Chapter 17, Problem 17.9E
To determine
Concept introduction:
Expenditures: Each governmental fund maintains its own revenue and expenditure account and asset and liability account. The decrease in net financial resources available under the current financial resources measurement focus is referred to as expenditures . The governmental unit makes expenditures in accordance with the budget established.
To explain: The schedule showing the amount of expenditures that B’s general funds should report.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solutionStudents have asked these similar questions
The City of South Pittsburgh maintains its books so as to prepare fund accounting statements and records worksheet adjustments in order to prepare government-wide statements.
Deferred inflows of resources—property taxes of $51,200 at the end of the previous fiscal year were recognized as property tax revenue in the current year’s Statement of Revenues, Expenditures, and Changes in Fund Balance.
The City levied property taxes for the current fiscal year in the amount of $10,000,000. When making the entries, it was estimated that 2 percent of the taxes would not be collected. At year-end, $200,000 is thought to be uncollectible, $349,000 would likely be collected during the 60-day period after the end of the fiscal year, and $53,800 would be collected after that time. The City had recognized the maximum of property taxes allowable under modified accrual accounting.
In addition to the expenditures recognized under modified accrual accounting, the City computed that $29,000 should be…
Choose the correct.At the end of the current year, a government reports a fund balance—assigned balance of $9,000 in connection with an encumbrance. What information is being conveyed?a. A donor has given the government $9,000 that must be used in a specified fashion.b. The government has made $9,000 in commitments in one year that will be honored in the subsequent year. c. Encumbrances exceeded expenditures by $9,000 during the current year.d. The government spent $9,000 less than was appropriated.
Prepare journal entries to record the following events. Identify every fund(s) or group of accounts in which an entry is made.a. The city authorized the construction of a city hall to be financed by a $6,000,000 contribution of the general fund and the proceeds of a $30,000,000 general obligation serial bond issue. Both amounts are budgeted to be received in the current year. Expenditures during the current year are estimated to be $14,000,000. Budgetary accounts are used.b. The general fund remits the $6,000,000.c. The bonds are sold for 99; issue costs totaled $50,000.d. A contract is signed with Mader Construction Company for construction of the city hall for an estimated contract cost of $32,000,000. The contract was authorized by a city official delegated authority by the city council.e. By year-end, $7,000,000 is paid against the contract withMader Construction Company.
Chapter 17 Solutions
Advanced Financial Accounting
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
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
- 1. On July 1, Gilbert County bought computer equipment for use in the administrative offices of the County. The equipment has an estimated useful life of three years and salvage of $10,000. Gilbert County has a 6/30 fiscal year-end. Assuming that the County maintains its books and records in a manner that facilitates the preparation of fund financial statements, the $70,000 cost of this equipment would require which of the following entries? a. Debit Expenditures $70,000; Credit Cash $70,000. b. Debit Equipment $70,000; Credit Cash $70,000. c. Debit Expenses $70,000; Credit Cash $70,000. d. No entry in the City s governmental funds. 2. On July 1, Gilbert County bought computer equipment for use in the administrative offices of the County. The equipment has an estimated useful life of three years and salvage of $10,000. Gilbert County has a 6/30 fiscal year-end. Assuming that the County maintains its books and records in a manner that facilitates the preparation of government-wide…arrow_forwardThe City of Sunnyville’s General Fund has the following net resources at year end: $55,000 for LT Advance to an internal service fund $375,000 approved by the City Council with specific conditions for its use $2,500 of supplies inventory $60,000 state grant for snow removal $150,000 City Council resolution approved for funds to renovate city hall $400,000 to be used to fund government operations in the future Outstanding encumbrances of $80,000 for the purchase of furniture & fixtures What would be the total “Unassigned” fund balance? Select one: a. $280,000 b. $400,000 c. $80,000 d. $377,500arrow_forwardThe City of Sunnyville’s General Fund has the following net resources at year end: $55,000 for LT Advance to an internal service fund $375,000 approved by the City Council with specific conditions for its use $2,500 of supplies inventory $60,000 state grant for snow removal $150,000 City Council resolution approved for funds to renovate city hall $400,000 to be used to fund government operations in the future Outstanding encumbrances of $80,000 for the purchase of furniture & fixtures What would be the total “Restricted” Fund balance? Select one: a. $275,000 b. $210,000 c. $150,000 d. $60,000arrow_forward
- The City of Sunnyville’s General Fund has the following net resources at year end: $55,000 for LT Advance to an internal service fund $375,000 approved by the City Council with specific conditions for its use $2,500 of supplies inventory $60,000 state grant for snow removal $150,000 City Council resolution approved for funds to renovate city hall $400,000 to be used to fund government operations in the future Outstanding encumbrances of $80,000 for the purchase of furniture & fixtures What would be the total “Committed” fund balance? Select one: a. $375,000 b. $290,000 c. $525,000 d. $455,000arrow_forwardThe City of Sunnyville’s General Fund has the following net resources at year end: $55,000 for LT Advance to an internal service fund $375,000 approved by the City Council with specific conditions for its use $2,500 of supplies inventory $60,000 state grant for snow removal $150,000 City Council resolution approved for funds to renovate city hall $400,000 to be used to fund government operations in the future Outstanding encumbrances of $80,000 for the purchase of furniture & fixtures What would be the total “Assigned” fund balance? Select one: a. $105,000 b. $455,000 c. $67,500 d. $80,000arrow_forwardPrepare journal entries to record the following events in the city of Rosewood’sWater Commission enterprise fund: a. From its general fund revenues, the city transferred $300,000, which is restricted for the drilling of additional wells. b. Billings for water consumption for the month totaled $287,000, including $67,000 billed to other funds within the city. c. TheWater Commission collected $42,000 from other funds and $190,000 from other users on billings in item (b). d. To raise additional funds, the utility issued $700,000 of 5%, 10-year revenue bonds at face value. Proceeds are restricted to the development of wells. e. The contract with the well driller showed an estimated cost of $930,000. f. The well driller bills $360,000 at year-end. g. The utility pays a $300,000 bill from the well driller.arrow_forward
- Carlson City’s fiscal year ends December 31. On August 1, the city issued a purchase order for 18 new vehicles. Twelve vehicles were delivered as scheduled and payments of $264,000 were made upon delivery. Encumbered costs equaled actual costs for these 12 vehicles. The purchase order for the other 6 vehicles, encumbered at $132,000, remains outstanding as of December 31st. Encumbrances outstanding at year-end are considered part of "assigned" fund balance. Additionally, actual revenue for the year was $600,000. If these were the only transactions made by the city and the beginning fund balance was $0, what is the balance in Unassigned Fund Balance on the general fund’s balance sheet as of December 31?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
- 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_forwardcounty general fund had the following disbursements during the year Payment of amount to debt service fund $300,000 Payments to vendors $400,000 Purchase of computers $200,000 What amount should Lake County report as expenditures in its governmental funds statement of revenues, expenditures, and change in fund balances: Select one :- a. $900,000 b. $200,000 c. $700,000 d. $400,000arrow_forwardPrepare journal entries for the City of Pudding’s governmental funds to record the following transactions, first for fund financial statements and then for government-wide financial statements.a. A new truck for the sanitation department was ordered at a cost of $94,000.b. The city print shop did $1,200 worth of work for the school system (but has not yet been paid).c. An $11 million bond was issued to build a new road.d. Cash of $140,000 is transferred from the general fund to provide permanent financing for a municipal swimming pool that will be viewed as an enterprise fund.e. The truck ordered in (a) is received at an actual cost of $96,000. Payment is not made at this time.f. Cash of $32,000 is transferred from the general fund to the capital projects fund.g. A state grant of $30,000 is received that must be spent to promote recycling.h. The first $5,000 of the state grant received in (g) is appropriately expended.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:PEARSONIntermediate AccountingAccountingISBN:9781259722660Author:J. David Spiceland, Mark W. Nelson, Wayne M ThomasPublisher:McGraw-Hill EducationFinancial 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