ACCOUNTING F/GOV.+NON...(LL)
18th Edition
ISBN: 9781266785580
Author: RECK
Publisher: MCG
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Chapter 7, Problem 17.4EP
To determine
Identify the correct answer by solving the amount of net transfers.
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The City of Jonesboro engaged in the following transactions during the fiscal year ended September 30, 2018. Record the following transactions related to interfund transfers. Be sure to indicate in which fund the entry is being made.
a. The city transferred $400,000 from the general fund to a debt service fund to make the interest payments due during the fiscal year. The payments due during the fiscal year were paid. The city also transferred $200,000 from the general fund to a debt service fund to advance-fund the $200,000 interest payment due October 15, 2019.
b. The city transferred $75,000 from the Air Operations Special Revenue Fund to the general fund to close out the operations of that fund.
c. The city transferred $150,000 from the general fund to the city’s Electric Utility Enterprise Fund to pay for the utilities used by the general and administrative offices during the year.
d. The city transferred the required pension contribution of $2 million from the general fund to the…
The City of Wolfe issues its financial statements for Year 4 (assume that the city uses a calendar year). The city's
general fund is composed of two functions: (1) education and (2) parks. The city also utilizes capital projects funds
for ongoing construction and an enterprise fund to account for an art museum. The city also has one discretely
presented component unit.
The government-wide financial statements indicate the following Year 4 totals.
Education had net expenses of $792,000.
Parks had net expenses of $125,000.
Art museum had net revenues of $52,750.
General revenues were $1,108,250. The overall increase in net position for the city was $244,000.
The fund financial statements for Year 4 indicate the following:
The general fund had an increase of $32,750 in its fund balance.
The capital projects fund had an increase of $61,750 in its fund balance.
The enterprise fund had an increase of $61,250 in its net position balance.
Officials for the City of Wolfe define "available" as…
The City of Wolfe issues its financial statements for Year 4 (assume that the city uses a calendar year). The city's general fund is
composed of two functions: (1) education and (2) parks. The city also utilizes capital projects funds for ongoing construction and an
enterprise fund to account for an art museum. The city also has one discretely presented component unit.
The government-wide financial statements indicate the following Year 4 totals.
Education had net expenses of $792,000.
Parks had net expenses of $125,000.
Art museum had net revenues of $52,750.
General revenues were $1,108,250. The overall increase in net position for the city was $244,000.
The fund financial statements for Year 4 indicate the following:
The general fund had an increase of $32,750 in its fund balance.
The capital projects fund had an increase of $61,750 in its fund balance.
The enterprise fund had an increase of $61,250 in its net position balance.
Officials for the City of Wolfe define "available" as…
Chapter 7 Solutions
ACCOUNTING F/GOV.+NON...(LL)
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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