Loose-leaf For Accounting For Governmental & Nonprofit Entities
18th Edition
ISBN: 9781260190083
Author: Jacqueline L. Reck James E. Rooks Distinguished Professor, Suzanne Lowensohn, Daniel Neely
Publisher: McGraw-Hill Education
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Chapter 9, Problem 24EP
To determine
Prepare the reconciliation of the net change in governmental fund balances to the change in net position of the governmental activities.
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Following is the information concerning operating activity for Annette County. For the year ended June 30, the
net change in total governmental fund balances was $(289,200), and the change in net position of
governmental activities was $118,400. During the year, Annette issued $3,000,000 in general obligation bonds
at a premium of 101. The bonds are to be used for a construction project. The county acquired $3,750,000 in
capital assets and sold capital assets with a book value of $550,000 for $570,600. At the beginning of the
period, accrued liabilities related to long-term debt were $470,000 and at the end of the period, they totaled
$494,000. During the period $500,000 of serial bonds were retired. Depreciation on capital assets totaled
$603,000. Revenue accrued for the period but not available for use totaled $364,600.
Required
Prepare a reconciliation of the change in governmental fund balance to the change in net position of
governmental activities. (Decreases should be…
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…
In Fulbright County, the Culture and Recreation Department constructed a library in one of the county’s high-growth areas. The construction was funded by a number of sources. Below is selected information related to the Library Capital Project Fund. All activity related to the library construction occurred within the current fiscal year. The county operates on a calendar-year basis.
The county issued $6,000,000 of 4 percent bonds, with interest payable semiannually on January 1 and July 1. The bonds sold for 101 on February 1. Proceeds from the bonds were to be used for construction of the library, with all interest and premiums received to be used to service the debt issue.
A $650,000 federal grant was received to help finance construction of the library.
The Library Special Revenue Fund transferred $250,000 for use in construction of the library.
A construction contract was awarded in the amount of $6,800,000.
The library was completed four months ahead of schedule. Total…
Chapter 9 Solutions
Loose-leaf For Accounting For Governmental & Nonprofit Entities
Ch. 9 - Prob. 1QCh. 9 - Prob. 2QCh. 9 - Prob. 3QCh. 9 - What is a component unit?Ch. 9 - Explain the difference between a blended and a...Ch. 9 - Prob. 6QCh. 9 - Prob. 7QCh. 9 - Prob. 8QCh. 9 - Give examples of items (transactions) that would...Ch. 9 - Prob. 10Q
Ch. 9 - Prob. 11QCh. 9 - Prob. 12CCh. 9 - The MDA for the 2016 City and County of Denver...Ch. 9 - Prob. 14CCh. 9 - Prob. 17.1EPCh. 9 - Prob. 17.2EPCh. 9 - Prob. 17.3EPCh. 9 - Interim government financial reports a. Are not...Ch. 9 - The comprehensive annual financial report (CAFR)...Ch. 9 - Prob. 17.6EPCh. 9 - The city council of Lake Jefferson wants to...Ch. 9 - Prob. 17.8EPCh. 9 - Prob. 17.9EPCh. 9 - Prob. 17.10EPCh. 9 - A positive unassigned fund balance can be found in...Ch. 9 - A city established a special revenue fund for gas...Ch. 9 - The county commission passed into law through an...Ch. 9 - Prob. 17.14EPCh. 9 - Prob. 17.15EPCh. 9 - Prob. 18EPCh. 9 - Prob. 19EPCh. 9 - The City of Lynnwood was recently incorporated and...Ch. 9 - Prob. 21EPCh. 9 - Prob. 22EPCh. 9 - Prob. 23EPCh. 9 - Prob. 24EPCh. 9 - You have recently started working as the...Ch. 9 - Prob. 26EPCh. 9 - Prob. 27EP
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