4-3 Project one

City of Smithville General Fund Operating statement account balances For year 2023                 Estimated Revenues Dr(Cr) Revenues Dr(Cr) Balance Dr(Cr)   Acct 3020/4020 Estimated Revenues-Property Taxes $1,877,413 $1,877,578 ($165)   Acct 3030/4030 Estimated Revenues-Sales Taxes 1,578,000 1,579,203 (1,203)   Acct 3040/4040 Estimated Revenues-Interest and Penalties on Taxes 15,000 12,571 2,429   Acct 3050/4050 Estimated Revenues-Licenses and Permits 500,000 497,960 2,040   Acct 3060/4060 Estimated Revenues-Fines and Forfeits 175,000 173,590 1,410   Acct 3070/4070 Estimated Revenues-Intergovernmental Revenue 789,000 789,000 0   Acct 3080/4080 Estimated Revenues-Charges for Services 659,720 661,253 (1,533)   Acct 3090/4090 Estimated Revenues-Miscellaneous Revenues 91,300 91,250 50                               Encumberances Dr(Cr) Expenditures Dr(Cr) Appropriations Cr(Dr) Available Balance Cr(Dr) Acct 5020 / 6020 / 7020 Appropriations-General…

7 Accounting for Property Taxes Tyler County's general fund starts the fiscal year 2020 wi $250,000 balance for net property taxes receivable. The balance is net of a $200,000 allowance for un lectible taxes. The county also starts the year with $125,000 in deferred inflows from taxes collecte advance, which are available for spending in fiscal 2020. The county records the following transact in fiscal 2020, related to property tax billings and collections. Property tax bills totaling $40,000,000 are sent out. The county expects that $500,000 of these are uncollectible. 1. 2. Property taxes of $39,135,000 are collected in cash. Of this amount, $275,000 is payment for f 2019 taxes, $165,000 is fiscal 2021 taxes paid in advance, and the remainder is payment of f 2020 property taxes. 3. The uncollected taxes for fiscal 2019 are written off. Of the uncollected fiscal 2020 property taxes, it is estimated that $950,000 will be collected w 60 days of year-end, and the remainder are…

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r 0 Chesterfield County had the following transactions. a. A budget is passed for all ongoing activities. Revenue is anticipated to be $1,023,250, with approved spending of $611,000 and operating transfers out of $336,000. Check my work mode: This shows what is correct or incorrect for the work you have completed so far. It does b. A contract is signed with a construction company to build a new central office building for the government at a cost of $9,000,000. The county previously recorded the budget for this project. c. Bonds are issued for $9,000,000 (face value) to finance construction of the new office building. d. The new building is completed. An invoice for $9,000,000 is received by the county and paid. e. Previously unrestricted cash of $1,600,000 is set aside by county officials to begin paying the bonds issued in (c). f. A portion of the bonds comes due, and $1,600,000 is paid. Of this total, $115,000 represents interest. The interest had not been previously accrued. g.…

Required information Exercise 6-4 and Exercise 6-5 (Algo) [The following information applies to the questions displayed below.] The 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. Accounts payable Accounts receivable Accrued interest payable Accumulated depreciation Administrative and selling expenses Allowance for uncollectible accounts Capital assets Cash Charges for sales and services Cost of sales and services Depreciation expense Due from General Fund Interest expense Interest revenue Transfer in from General Fund Bank note payable Supplies inventory Totals Exercise 6-4 (Algo) $ Debits 31,900 55,500 732,000 99,500 509,000 53,500 18, 200 41,400 Credits $ 117,000 35,100 53,500 13,900 579,000 6,200 128,500 628,500 20,700 $1,561,700 $1,561,700 Required: a. Prepare the closing entries for December 31. b. Prepare…

The following Trial Balance is the financial details of West Municipal Assembly for the year ended 31 December, 2021. $ ’000 $ ’000 District Development Facility (DDF) 58,600 Special Sanitation Grant from Government 30,260 Share of Common fund 587,450 Property Rate (iii) 73,230 Funeral Rate 25,270 Salary Div 1 266,280 Commission to Revenue Collectors 15,790 Printing and Publication 66,110 Utility Bills 20,040 Conferences 14,580 Donations 80,770 Contract Retention 13,970 Market Tolls 25,550 Court Fines 109,400 Marriage and Divorce Registration 43,840 Telecommunication Cost 18,830 Repairs and Maintenance 9,720 Town Hall Meetings 64,890 Special Audit Fees 27,130 Travel and Transport 54,670 Revenue Receivable 208,570 Salary Div 2 315,090 Assembly Members Allowance 79,000 Consultancy Cost 4,750 Hawkers License 37,150 Chop bar License 85,600 Market stalls rent 31,590 Bungalow rent 20,750 Advertisement and Promotions 11,500 Office Consumables (1/1/2021) 18,290 Purchase of Office Consumable…

The following Trial Balance is the financial details of West Municipal Assembly for the year ended 31 December, 2021. $ ’000 $ ’000 District Development Facility (DDF) 58,600 Special Sanitation Grant from Government 30,260 Share of Common fund 587,450 Property Rate (iii) 73,230 Funeral Rate 25,270 Salary Div 1 266,280 Commission to Revenue Collectors 15,790 Printing and Publication 66,110 Utility Bills 20,040 Conferences 14,580 Donations 80,770 Contract Retention 13,970 Market Tolls 25,550 Court Fines 109,400 Marriage and Divorce Registration 43,840 Telecommunication Cost 18,830 Repairs and Maintenance 9,720 Town Hall Meetings 64,890 Special Audit Fees 27,130 Travel and Transport 54,670 Revenue Receivable 208,570 Salary Div 2 315,090 Assembly Members Allowance 79,000 Consultancy Cost 4,750 Hawkers License 37,150 Chop bar License 85,600 Market stalls rent 31,590 Bungalow rent 20,750 Advertisement and Promotions 11,500 Office Consumables (1/1/2021) 18,290 Purchase of Office Consumable…

The following Trial Balance is the financial details of West Municipal Assembly for the yearended 31 December, 2021 District Development Facility (DDF) $58,600 CreditSpecial Sanitation Grant from Government $30,260 CreditShare of Common Fund $587,450 CreditProperty Rate (ii) $73,230 CreditFuneral Rate $25,270 CreditSalary Div 1 $266,280 DebitCommission to Revenue Collectors $15,790 DebitPrinting and Publication $66,110 DebitUtility Bills $20,040 DebitConferences $14,580 DebitDonations $80,770 CreditContract Retention $13,970 CreditMarket Tolls $25,550 CreditCourt Fines $109,400 CreditMarriage and Divorce Registration $43,840 CreditTelecommunication Cost $18,830 DebitRepairs and Maintenance $9,720 DebitTown Hall Meetings $64,890 DebitSpecial Audit Fees $27,130 DebitTravel and Transport $54,670 DebitRevenue Receivable $208,570 DebitSalary Div 2 $315,090 DebitAssembly Members Allowance $79,000 DebitConsultancy Cost $4,750 DebitHawkers License $37,150 CreditChop bar License $85,600…

Analyze the statement of operations for the year 2020 and compare it with the year 2019. Identify and explain 5 of the most important issues. Shawanaga First Nation     Consolidated Statements of Operations and Accumulated Surplus     Year Ended March 31 2020 2019   Actual Actual Revenue     Government funding (Note 16) $8,669,075 $6,530,279 Sales 5,093,432 4,510,928 Rental and other 350,082 555,231 Interest 44,027 24,225 Loss on disposal of equipment -673,192 -17,344 Loss from investment in government business enterprise (note5) -117,480 -56,619         13,365,944 11,546,700 Expenses     Capital 152,153 143,708 Community operations 1,116,702 1,166,556 Economic development 5,152,423 4,527,794 Education 1,223,566 1,107,489 First Nation administration 1,939,337 1,741,586 Health services 2,006,262 1,615,067 Other 358,111 420,012 Social services 300,467 342,587 Total 12,249,021 11,064,799 Annual surplus before prior year     subsidy…

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Using the Balance Sheet in the St. Johns County, Florida 2015 CAFR calculate the following ratios for each of the five (5) funds shown and for the “Total Governmental Funds:”a. Current Ratiob. Net Working Capitalc. Debt Ratio 1d. Debt Ratio 2e. Unrestricted Net Assets Ratiof. Response Ratio

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Question ThreeThe following Trial Balance is the financial details of West Municipal Assembly for the yearended 31 December, 2021 District Development Facility (DDF) $58,600 CreditSpecial Sanitation Grant from Government $30,260 CreditShare of Common Fund $587,450 CreditProperty Rate (ii) $73,230 CreditFuneral Rate $25,270 CreditSalary Div 1 $266,280 DebitCommission to Revenue Collectors $15,790 DebitPrinting and Publication $66,110 DebitUtility Bills $20,040 DebitConferences $14,580 DebitDonations $80,770 CreditContract Retention $13,970 CreditMarket Tolls $25,550 CreditCourt Fines $109,400 CreditMarriage and Divorce Registration $43,840 CreditTelecommunication Cost $18,830 DebitRepairs and Maintenance $9,720 DebitTown Hall Meetings $64,890 DebitSpecial Audit Fees $27,130 DebitTravel and Transport $54,670 DebitRevenue Receivable $208,570 DebitSalary Div 2 $315,090 DebitAssembly Members Allowance $79,000 DebitConsultancy Cost $4,750 DebitHawkers License $37,150 CreditChop bar License…

Question 1 Not complete Marked out of 7.14 Flag question Scenario and General Fund budgetary journal entries The scenario: Croton City maintains four governmental-type funds: a General Fund, a Library Special Revenue Fund, a Capital Projects Fund, and a Debt Service Fund. Croton City started its calendar year 2019 with the following General Fund balances (all numbers are in thousands of dollars). Cash Property taxes receivable Debits Credits $1,800 800 Salaries payable Deferred property tax revenues Unassigned fund balance Totals $700 300 1,600 $2,600 $2,600 Croton has adopted the following budgetary and accounting policies: • Encumbrance accounting is used only for the acquisition of supplies and for the award of contracts for construction and construction-related activities. Open encumbrances lapse at the end of the year, but are considered in developing the next year's budget. Because final income tax returns are not required to be filed until April 15 of the year following the end…

3 The Village of Seaside Pines prepared the following enterprise fund Trial Balance as of December 31, 2024, 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   $ 108,000 Accounts receivable $ 27,400   Accrued interest payable   30,600 Accumulated depreciation   49,000 Administrative and selling expenses 51,000   Allowance for uncollectible accounts   13,000 Capital assets 714,000   Cash 96,800   Charges for sales and services   561,000 Cost of sales and services 500,000   Depreciation expense 49,000   Due from General Fund 17,300   Interest expense 40,500   Interest revenue   5,300 Transfer in from General Fund   117,600 Bank note payable   630,400 Supplies inventory 18,900   Totals $ 1,514,900 $ 1,514,900   Required: Prepare the reconciliation of operating income to net cash provided by operating activities that would appear at…

3 The Village of Seaside Pines prepared the following enterprise fund Trial Balance as of December 31, 2024, 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   $ 108,000 Accounts receivable $ 27,400   Accrued interest payable   30,600 Accumulated depreciation   49,000 Administrative and selling expenses 51,000   Allowance for uncollectible accounts   13,000 Capital assets 714,000   Cash 96,800   Charges for sales and services   561,000 Cost of sales and services 500,000   Depreciation expense 49,000   Due from General Fund 17,300   Interest expense 40,500   Interest revenue   5,300 Transfer in from General Fund   117,600 Bank note payable   630,400 Supplies inventory 18,900   Totals $ 1,514,900 $ 1,514,900   Required: Prepare the reconciliation of operating income to net cash provided by operating activities that would appear at the…

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Question 5 Not complete Marked out of 3.33 Flag question Budgetary transactions and events Prepare journal entries to record the following transactions and events that occurred in Marilyn County during calendar year 2022: 1. The legislature adopted the following budget: Estimated revenues and other sources Property taxes Sales taxes Use of fund balance Total Appropriations: General government-salaries General government-supplies Parks department-salaries Parks department-plants and supplies Total $1,740,000 1.000.000 10,000 $2,750,000 $420,000 30,000 2.000.000 300,000 $2,750,000 2. The Parks department placed PO 2022-1 for shrubbery in the amount of $52,000 and PO 2022-2 for gardening supplies in the amount of $11,000. The orders were charged to the appropriation for Parks department-plants and supplies. 3. The supplier delivered the shrubbery ordered on PO 2022-1; however, the supplier said he could not deliver some of the shrubs because he no longer carried them. The invoice for…

2 The Village of Seaside Pines prepared the following enterprise fund Trial Balance as of December 31, 2024, 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   $ 108,000 Accounts receivable $ 27,400   Accrued interest payable   30,600 Accumulated depreciation   49,000 Administrative and selling expenses 51,000   Allowance for uncollectible accounts   13,000 Capital assets 714,000   Cash 96,800   Charges for sales and services   561,000 Cost of sales and services 500,000   Depreciation expense 49,000   Due from General Fund 17,300   Interest expense 40,500   Interest revenue   5,300 Transfer in from General Fund   117,600 Bank note payable   630,400 Supplies inventory 18,900   Totals $ 1,514,900 $ 1,514,900     Required: Prepare the closing entries for December 31. Prepare the Statement of Revenues, Expenses, and Changes in Fund…

The following chart is published in a local government’s annual financial report.   Identify four significant critiques of this chart. Draw on class instruction/discussion on professional chart design.

0 1 E 20-7 General fund journal entries (property taxes) The following events and transactions relate to the levy and collection of property taxes for Jedville Township: 13 14 15 16 March 21, 2011-Property tax bills for $2,500,000 are sent to property owners. An estimated 2% of the property tax levies are uncollectible. The taxes are due on May 1. May 4, 2011-$1,900,000 in taxes have been collected. The remaining receivables are reclassified as delinquent. May 5 to December 31, 2011-An additional $150,000 of taxes are collected. November 1, 2011-A $5,000 tax receivable account is determined to be uncollectible and is written off. January 1, 2012, to February 28, 2012-An additional $87,750 of 2011 taxes are collected. REQUIRED 1. Prepare summary journal entries for the events and transactions described for the Jedville general fund. 2. How will property taxes be presented in the December 31, 2011, balance sheet? 3. What amount of property tax revenues should be reported for 2011?

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Determine the Debt Limit Exhausted ratio and indicate the positive/negative trend for the ratio in general for the following local government.   Debit Limit $90,000,000 Tax Levy: $250,000,000 Tax Limit $260,000,000 Total Debt subject to limit: $85,000,000

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Prince Albert Roman Catholic Separate School Division No. 6Statement of Operations and Accumulated Surplus from Operationsfor the year ended August 31, 2019 2019 2019 2018Budget Actual Actual$ $ $REVENUES(Note 13)Property Taxes and Other Related 2,831,005 2,882,539 1,216,168Grants 26,723,613 26,687,615 28,529,827Tuition and Related Fees 166,707 180,917 210,457School Generated Funds 350,000 1,120,806 987,387Complementary Services (Note 11) 785,980 775,933 776,320Other 71,800 700,358 114,979Total Revenues (Schedule A) 30,929,105 32,348,168 31,835,138EXPENSESGovernance 144,802 163,558 131,686Administration 1,628,935 1,503,201 1,642,800Instruction 22,910,432 23,066,736 23,059,888Plant 4,956,098 5,154,355 4,486,792Transportation 1,789,440 1,994,623 1,981,976School Generated Funds 350,000 1,055,276 883,152Complementary Services (Note 11) 725,479 822,509 762,074Other 84,125 83,765 296,461Total Expenses (Schedule B) 32,589,311 33,844,023 33,244,829Operating Deficit for the Year (1,660,206)…

BBB Leasing purchased a machine for $400,000 and leased it to Jack Tupp Auto Repair on January 1, 2021. Lease description: Quarterly rental payments Lease term No residual value; no BPO Economic life of machine Implicit interest rate Fair value of asset $24,506 at beginning of each period 5 years (20 quarters) 5 years 98 $400,000 What is the balance in the lease payable account after the April 1, 2021, lease payment?

Required information Exercise 7-24 (Algo) Central Station Enterprise Fund [LO 7-5] [The following information applies to the questions displayed below.] The Town of Elizabeth operates an old train station as an enterprise fund. The train station is on the national register of historic buildings. Because the town has held the building for such a long time, the Central Station Fund has no long-term debt. The only capital assets recorded by the Central Station Fund are machinery and equipment. Businesses and individuals rent space in the building for private events, and the town provides all services related to the operation and maintenance of the building. Following is information related to the fund's operating activities. 1. Rental income of $94,434 was accrued based upon reservations. 2. Cash in the amount of $90,203 was received on accounts. 3. Cash expenses for the period included administrative services, $25,203; maintenance and repairs, $72,876; and utilities, $30,118. 4. The…

K The governmental funds of the City of Westchester report $576,500 in assets and $219,000 in liabilities. The following are some of the assets that the government reports. • Prepaid items-$8,200 Cash from a bond issuance that must be spent within the school system according to the bond indenture-$111,000 .Supplies-$5,200 • Investments given by a citizen that will be sold soon with the proceeds used to beautify a public park-$36,000 Cash that the assistant director of finance designated for use in upgrading the local roads-$49,750 Cash from a state grant that must be spent to supplement the pay of local kindergarten teachers-$62,750 Cash that the city council (the highest level of decision-making authority in the government) voted to use in renovating a school gymnasium-$67,250 Required: On a balance sheet for the governmental funds, what fund balance amounts should the City of Westchester report? Fund balance-nonspendable ht Fund balance-restricted ences Fund balance-committed Fund…