ACCT GOV.+NFP ENTITIES LOOSELEAF W/CONN.
18th Edition
ISBN: 9781260949766
Author: RECK
Publisher: MCG
expand_more
expand_more
format_list_bulleted
Question
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.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
A County had the following transactions. The county's fiscal year end is December 31. Analyze the effects of each transaction on the accounting equations of each fund or nonfund accounts affected by the transaction.
1. County issued $10 million of general obligation, 10%, 10-year bonds at 105 on October 1, 20X8. Bond interest is payable semiannually on March 31 and September 30. The bonds were issued to finance construction of a new county office building.
2. The county board of supervisors voted to use the premium on the bonds to pay principal and interest charges on the debt when it matures. Resources were transferred to the appropriate fund.
3. The county paid $2 million to Roger Construction Company during 20X8 for work completed during the year.
4. Reflect any interest accrual required or permitted at year end. 5. The county purchased a police vehicle for $22,000 and paid cash.
6. The county owned and operated electric utility billed residents and businesses $2,000,000 for…
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
ACCT GOV.+NFP ENTITIES LOOSELEAF W/CONN.
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
Knowledge Booster
Similar questions
- 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 $(376,600). During the year, Annette issued $2,000,000 in general obligation bonds at a premium of 101. The bonds are to be used for a construction project. The county acquired $2,750,000 in capital assets and sold capital assets with a book value of $563,000 for $570,900. At the beginning of the period, accrued liabilities were $470,000 and at the end of the period, they totaled $494,000. Depreciation on capital assets totaled $595,000. 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 indicated with a minus sign.) ANNETTE COUNTY Reconciliation of the Statement of Revenues,…arrow_forwardThe county legislature approved the budget for the current year. Revenues from property taxes are budgeted at $800,000. According to the county assessor, the assessed valuation of all of the property in the county is $50,000,000. Of this amount, property worth $10,000,000 belongs to the federal government or to religious organizations and, therefore, is not subject to property taxes. In addition, certificates for the following exemptions have been filed: Homestead $2,500,000 Veterans 1,000,000 Old age, blindness, etc. 500,000 In the past, uncollectible property taxes averaged about 3 percent of the levy. This rate is not expected to change in the foreseeable future. Requirement: Calculate the levy on a piece of property that was assessed for $100,000 (after exemptions).arrow_forward4.) Armstrong County established a County Office Building Construction Fund to account for a project expected to take less than one year to complete. The County's fiscal year ends on June 30. On July 1, 2023, bonds were sold at par in the amount of $7,500,000 for the project. On July 5, a contract was signed with the Sellers Construction Company in the amount of $7,390,000. On December 30, a progress bill was received from Sellers in the amount of $5,000,000. The bill was paid, except for the 5 percent retained upon final inspection. On June 1, a final bill was received in the amount of $2,390,000 from Sellers, which was paid, except for the 5 percent retained. An appointment was made between the county engineer and Bill Sellers to inspect the building and to develop a list of items that needed to be corrected. On the day of the meeting, the county engineer discovered that Sellers had filed for bankruptcy and moved out of the state. The City incurred a liability in the amount of…arrow_forward
- 4.) Armstrong County established a County Office Building Construction Fund to account for a project expected to take less than one year to complete. The County's fiscal year ends on June 30. On July 1, 2023, bonds were sold at par in the amount of $7,500,000 for the project. On July 5, a contract was signed with the Sellers Construction Company in the amount of $7,390,000. On December 30, a progress bill was received from Sellers in the amount of $5,000,000. The bill was paid, except for the 5 percent retained upon final inspection. On June 1, a final bill was received in the amount of $2,390,000 from Sellers, which was paid, except for the 5 percent retained. An appointment was made between the county engineer and Bill Sellers to inspect the building and to develop a list of items that needed to be corrected. On the day of the meeting, the county engineer discovered that Sellers had filed for bankruptcy and moved out of the state. The City incurred a liability in the amount of…arrow_forwardTuston Township issued the following bonds during the year ended June 30, Year 1: Bonds issued for the garbage collection enterprise fund that will service the debt $700,000 Revenue bonds to be repaid from admission fees collected by the Township zoo enterprise fund 500,000 What amount of these bonds should be accounted for in Tuston's government-wide financial statement as a liability resulting from governmental activities? A.) $1,200,000 B.) $700,000 C.) $500,000 D.) $0arrow_forwardThe following information is available for the preparation of the government-wide financial statements for the City of Northren Pines fot the year ended June 30,2020: Expenses: General government $11,960,000; Public Safety $23,900.000; Public Works $11,290,000 Health and sanitation $6,010,000, Culture and recreation $4,198,000; Interest on long term debt, governmental type $721,000; Water and Sewer system $10,710,000 Parking system $409,000 Revenues: Charges for service, general governemnt $1,510,000; Charges for services, public safety $210,000; Operating grant, public safety $798,000; Charges for services health and sanitation $2,335,000; Operating grant, health and sanitation $1,210,000; Charges for service, culture and recreation $1,998,000; Charges for services, water and sewer $11,588,000; Changes for services, parking system $388,000; Property Taxes $27,112,000; Sales Taxes $20,698,000 investment earnings, business-type $325,000; Special Item - gain on sale of unused land,…arrow_forward
- Yarrow County engaged in the following debt-related transactions during the year. REQUIRED: Assume that the county maintains its books and records in a manner that facilitates the preparation of its government-wide financial statements. Prepare the necessary journal entries to record these transactions. Clearly indicate if debt is long-term or short-term (current). If no entry is required, write “No entry required.” a)The county issued $10 million in 6 percent, 20-year bonds for $10,234,932 to yield 5.8 percent (2.9 percent per semi-annual period) to the investor. b)The county made the first semi-annual interest payment on the bonds in (a). c)The county issued $3 million in 6 percent demand bonds for which it did not enter into a take-out agreement. d)In anticipation of finally issuing $20 million in bonds that were approved by the voters several months ago, the county borrowed $20 million from a consortium of national banks due in six months. The county also entered into a…arrow_forwardBilberry County voted to establish an internal service fund to account for printing and copying for all its departments and agencies. The county engaged in the following activities related to the new fund on 1/1/2019. a) The county commission voted to transfer $300,000 from the general fund to the internal service fund to establish the new fund. b) Entered into a capital lease for equipment to be used in printing activities. The total present value of the lease obligation is $600,000. c) Issued $2 million in general obligation bonds at 101. The bonds were issued to acquire additional equipment and are to be serviced from the internal service fund. d) Purchased equipment for $1,950,000. The equipment has an estimated useful life of 10 years and an estimated salvage value of $150,000. e) Billed the general fund for copying and printing charges, $70,000. f) Paid salaries to printing employees, $50,000. Total liability reported on the Financial statement as of 1/1/2019 is? answer please.arrow_forwardBilberry County voted to establish an internal service fund to account for printing and copying for all its departments and agencies. The county engaged in the following activities related to the new fund on 1/1/2019. a) The county commission voted to transfer $300,000 from the general fund to the internal service fund to establish the new fund. b) Entered into a capital lease for equipment to be used in printing activities. The total present value of the lease obligation is $600,000. c) Issued $2 million in general obligation bonds at 101. The bonds were issued to acquire additional equipment and are to be serviced from the internal service fund. d) Purchased equipment for $1,950,000. The equipment has an estimated useful life of 10 years and an estimated salvage value of $150,000. e) Billed the general fund for copying and printing charges, $70,000. f) Paid salaries to printing employees, $50,000. a. Total Fixed Asset reported on the financial statement as of 1/1/2019 is? b. Total…arrow_forward
- The City of Greystone maintains its books so as to prepare fund accounting statements and prepares worksheet adjustments in order to prepare government-wide statements. You are to prepare, in journal form, worksheet adjustments for each of the following situations: The City levied property taxes for the current fiscal year in the amount of $8,000,000. At year-end, $720,000 of the taxes had not been collected. It was estimated that $330,000 of that amount would be collected during the 60 days after the end of the fiscal year and that $360,000 would be collected after that time and the balance would be uncollectible. The City had recognized the maximum of property taxes allowable under modified accrual accounting. $255,000 of property taxes had been deferred at the end of the previous year and was recognized under modified accrual as revenue in the current year. In addition to the expenditures reported under modified accrual accounting, the city computed that an additional $104,000…arrow_forwardThe City of Lynnwood was recently incorporated and had the following transactions for the fiscal year ended December 31. The city council adopted a General Fund budget for the fiscal year. Revenues were estimated at $2,000,000 and appropriations were $1,990,000. Property taxes in the amount of $1,940,000 were levied. It is estimated that $9,000 of the taxes levied will be uncollectible. A General Fund transfer of $25,000 in cash and $300,000 in equipment (with accumulated depreciation of $65,000) was made to establish a central duplicating internal service fund. A citizen of Lynnwood donated marketable securities with a fair value of $800,000. The donated resources are to be maintained in perpetuity with the city using the revenue generated by the donation to finance an after-school program for children, which is sponsored by the culture and recreation function. Revenue earned and received as of December 31 was $40,000. The city’s utility fund billed the city’s General Fund…arrow_forwardThe preclosing trial balance of the General Fund for the City of KAYI shows the following balances at the end of its fiscal year. Estimated revenues - property taxes 850,00 ), Estimated revenues - licenses and fees 70,000, Estimated revenues - investment income 5,000, Appropriations - alaries 800,000, Appropriations- utilities 50,000, Appropriations - equipment 85,000. Revenues- Property taxes $850,000, Revenue- Licenses and fees 70,000, Revenue- Investment income 2,000. Expenditures- Salaries 795,01 10, Expenditures-Utilities 49,000, Expenditures- Equipment 82,000. Cash 65,000, Property taxes receivable 10,000. Joucher payable $29,000. Fund balance beginning $50,000. Fund balance at the end of the period a. $50,000 O b. 560,000 O c. $40,000 O d. $46,000arrow_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:PEARSON
Intermediate AccountingAccountingISBN:9781259722660Author:J. David Spiceland, Mark W. Nelson, Wayne M ThomasPublisher:McGraw-Hill Education
Financial 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