Accounting For Governmental & Nonprofit Entities
18th Edition
ISBN: 9781259917059
Author: RECK, Jacqueline L., Lowensohn, Suzanne L., NEELY, Daniel G.
Publisher: Mcgraw-hill Education,
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Chapter 7, Problem 17.10EP
To determine
Identify the correct answer by solving the amount of long-term liabilities.
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The following transactions relate to Al-Zafra MunicipalityGeneral Fund for the year ended December 31, 2020: (All figures are in 000 AED)
The balance sheet as at 31/12/2019Â was as follows:
Assets: Liabilities & Fund Balances:
Cash      200000 Accounts payable 70000
License receivable 150000 Wages payable 10000
Supplies    5000 Â
Fund Balance: Reserved   275000
Total Assets    355000 Total Liabilities & FB.    355000
Â
1. The budget was passed. Estimated revenues amounted to 1,450,000 and appropriations totaled 1,680,000, and estimated other uses $300,000.
2. Contracts were issued for contracted services in the amount of 20,000.
3. Collected 1,250,000 cash including last year license receivables and issued a bill of 100,000 for new license revenues.
4. Collected 200,000 for fines revenues.
5. Issued a contract of 300,000 to complete security and residency services in the West zone.
6. Contracted services of 200,000 were performed and supplies of 280,000 have been purchased on…
Below is the list of transactions relating to the Consolidated Fund for the year ended 31st December, 2019.
Â
GHC’000
Direct taxes
1,200,000
Indirect taxes
1,300,000
Compensation for employees
2,200,000
Goods and services
750,000
Grants to local authorities
200,000
Grant from other governments
400,000
Loans granted
90,000
Advances granted
150,000
Recovery of advance
30,000
Recovery of loans
20,000
Equity investment
600,000
Investment in other securities
300,000
Sale of equity investment
200,000
Sale of other securities
100,000
Purchase of motor vehicle
250,000
Proceeds from sale of motor vehicles
100,000
Construction of bridges
800,000
Domestic debt borrowing
1,800,000
External debt borrowing
2,000,000
Repayment of domestic debt
450,000
Repayment of external debt
500,000
Domestic debt interest
220,000
External debt interest
240,000…
A municipality's general fund shows the total fund assets RO 15,000 and total fund liabilities RO 12,000. Which one of the following is the difference between the total of fund assets and liabilities?Â
a.
Owners fund equity RO 3,000
b.
None of the options
c.
Accounting equity RO 3,000
d.
General expenditure equity RO 3,000
Chapter 7 Solutions
Accounting For Governmental & Nonprofit Entities
Ch. 7 - Prob. 1QCh. 7 - Explain the reporting requirements for internal...Ch. 7 - A member of the city commission insists that the...Ch. 7 - Prob. 4QCh. 7 - What is the purpose of the Restricted Assets...Ch. 7 - Prob. 6QCh. 7 - Prob. 7QCh. 7 - When do GASB standards require interfund...Ch. 7 - Prob. 9QCh. 7 - What is meant by segment information for...
Ch. 7 - Prob. 11QCh. 7 - Internal Service Fund Reporting. (LO7-2) Financial...Ch. 7 - Proprietary Fund Operating Statement. (LO7-1)...Ch. 7 - Enterprise Fund Golf Course Management. (LO7-1)...Ch. 7 - Prob. 17.1EPCh. 7 - Which of the following would most likely be...Ch. 7 - Under GASB standards, the City of Parkview is...Ch. 7 - Prob. 17.4EPCh. 7 - Which of the following events would generally be...Ch. 7 - Proprietary funds a. Are permitted to integrate...Ch. 7 - Prob. 17.7EPCh. 7 - Prob. 17.8EPCh. 7 - Prob. 17.9EPCh. 7 - Prob. 17.10EPCh. 7 - The City of Tutland issued 10 million, 6 percent,...Ch. 7 - The City of Tutland issued 10 million, 6 percent,...Ch. 7 - Prob. 18EPCh. 7 - Prob. 19EPCh. 7 - Central Garage Internal Service Fund. (LO7-2) The...Ch. 7 - Internal Service Fund Statement of Cash Flows....Ch. 7 - Tribute Aquatic Center Enterprise Fund. (LO7-5)...Ch. 7 - Net Position Classifications. (LO7-5) During the...Ch. 7 - Central Station Enterprise Fund. (LO7-5) The Town...Ch. 7 - Enterprise Fund Journal Entries and Financial...Ch. 7 - Net Position Classifications. (LO7-5) The Village...Ch. 7 - Enterprise Fund Statement of Cash Flows. (LO7-5)...Ch. 7 - AppendixSolid Waste Enterprise Fund. (LO7-6) Brown...
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- prepare the journal entries for the following transactions to consolidate financial statements from fund-level statements to government-wide statements. 1..At the beginning of the year, capital assets were $3,500. 2..During the year, capital assets were purchased for $2,000 3....During the year, capital assets with a book value of $250 were sold for $500arrow_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_forwardQuestion You are provided with the following information relating to the Consolidated Fund for the year ended 31st December, 2019.  Debit Credit  GHC'000 GHc'000 Corporate taxes  200,000 Personal income taxes  120,000 Capital gain taxes and sundries  50,000 Taxes on general goods and services  180,000 Fees, fines and penalties  80,000 Investment income  20,000 Custom duties  250,000 Grants  150,000 Communication service taxes  100,000 Royalties  40,000 Established post 240,000  Casual labour 60,000  Travel and transport 70,000  Repairs and maintenance 50,000  13% Social security contribution 26,000  Gratuity and end of service benefit 168,000  State protocol 180,000  Independence Day celebration 205,000  Seminar and conferences 30,000  Probation 25,000  Property plant and equipment (at cost) 300,000  Infrastructure (at…arrow_forward
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