3-2. The City of Galena General Fund has the following net resources at year-end: $1,775,000 total fund balance. . . Basis and GAAP clearly explained? $4,000 of prepaid insurance. . $500,000 rainy day fund approved by the city council for use under specified circumstances. $200,000 budget stabilization fund to be used in the event of a revenue shortfall. $275,000 provided for contractual obligations for capital projects. $34,000 unexpended proceeds of a tax required by law to be used for emergency 911 services. Required: Prepare the fund balance section of the Balance Sheet. . . $212,000 unexpended proceeds of a state grant required by law to be used for health education. Page 76

3-2. The City of Galena General Fund has the following net resources at year-end: $1,775,000 total fund balance. . . Basis and GAAP clearly explained? $4,000 of prepaid insurance. . $500,000 rainy day fund approved by the city council for use under specified circumstances. $200,000 budget stabilization fund to be used in the event of a revenue shortfall. $275,000 provided for contractual obligations for capital projects. $34,000 unexpended proceeds of a tax required by law to be used for emergency 911 services. Required: Prepare the fund balance section of the Balance Sheet. . . $212,000 unexpended proceeds of a state grant required by law to be used for health education. Page 76

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Required: For each of the summarized transactions for the Village of Sycamore General Fund, prepare the general ledger journal entries. The budget was formally adopted, providing for estimated revenues of $1,076,000 and appropriations of $1,006,000. Revenues were received, all in cash, in the amount of $1,019,000. Purchase orders were issued in the amount of $486,000. Of the $486,000 in (c), purchase orders were filled in the amount of $479,500; the invoice amount was $478,000 (not yet paid). Expenditures for payroll not encumbered amounted to $518,000 (not yet paid). Amounts from (d) and (e) are paid in cash. Note: If no entry is required for a transaction or event, select "No Journal Entry Required" in the first account field.
Harrison City operates a water utility fund as an enterprise fund. You are provided with the following information for year 2021: 1. The beginning net position balances are net investment in capital assets, S650,000; restricted, S8,000; and unrestricted, S480,000. 2. Bonds in the amount of $200,000 were issued and immediately used to acquire capital assets from the bond proceeds at a cost of $200,000. At the end of year, depreciation on the assets was $10,000. The enterprise fund also had paid back $40,000 of the debt principal. 3. Cash receipts for customer deposits totaled S3,000 for the year. 4. Additional depreciation totaled S12,000. 5. Net income for year 2021 was $300,000 (Note: this amount includes any item that needs to be included in net income from 2. to 4. above) Required: Compute the following items as of December 31, 2021: 1. Net position - net investment in capital assets 2. Net position restricted 3. Net position --- unrestricted
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). Debits Credits Cash $1,800 Property taxes receivable 800 Salaries payable $700 Deferred property tax revenues 300 Unassigned fund balance - 1,600 Totals $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 of a calendar…
4. City of Atwater wants to prepare closing entries at the end of a fiscal year for budgetary and operating statement control accounts in the general ledger of the General Fund. Following balance are belong to the City. Appropriations, $7,824,000%3; Financing Uses, $2,766,000; Estimated Revenues, $7,798,000; Encumbrances,$0; Expenditures, $5,900,0003; Uses, $2,770,000; Revenues, $8,980,000. Required Show in general journal form the entry needed to close all of the preceding accounts that should be closed as of the end of the fiscal year. Estimated Other Other Financing
3. City 'A' issued OMR 2,750,000, 1.5 percent serial bonds, paying interest on January 1 and July 1. The bonds were sold on June 1 for 102. The city is required to use all accrued interest and premiums to service the debt. Any additional resources needed to service the debt are to come from the General Fund. The city's year-end is December 31. Required: Prepare form the budgetary entry the debt service fund would make to account for this serial bond issue. in general journal
A $40 million contract is awarded by a county for construction of a building. Bonds are issued to finance construction, in the amount of $40 million. During the first year, $10 million is paid in cash to contractors for work done. At year-end, the capital projects fund reports the following fund balances: Question 43 options: a) Unavailable: $40 million b) Restricted $20 million, Committed: $10 million c) Restricted: $40 million d) Restricted: $30 million
The 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,…
ces Following are transactions and events of the General Fund of the City of Springfield for the fiscal year ended December 31, 2020. 1. Estimated revenues (legally budgeted) Property taxes Sales taxes Licenses and permits Miscellaneous 2. Appropriations: General government Culture and recreation Health and welfare. 3. Revenues received (cash) Property taxes Sales taxes Licenses and permits General government Culture and recreation Health and welfare. 5. Goods and services received (paid in cash) General government culture and recreation Health and welfare Miscellaneous 4. Encumbrances issued (includes salaries and other recurring items) Estimated $5,275,000 4,630,000 995,000 6. Budget revisions Estimated Revenues Appropriations Increase appropriations: General government $ 140,000 110,000 Culture and recreation. 7. Fund balance on January 1, 2020, was $753,000. There were no outstanding encumbrances at that date. a. Record the transactions using appropriate journal entries, b. Prepare…
Use the formatted answer sheet template provided to analyze the effects of each of transaction on the accounting equations of each fund or nonfund account affected by the transaction. Indicate increases by positive amounts; indicate decreases by putting the amount in parentheses. 1. Beverly County issued at par $20 million of general obligation, 10%, 10-year bonds. The resources are to be used to construct a new civic center downtown. 2. The county paid $100,000 to Fancy Dan Construction Company for work completed during the year. 3. During the year the county transferred $250,000 of general fund cash to the fund from which the bonds are to be repaid. The purpose of shifting the resources was to provide for the principal and interest payments to be made during the fiscal year. 4. $200,000 of the bonds and $20,000 of interest matured and were paid. 2 Fund GCA and GLTL Affected Governmental Funds Nonfund Accounts CA - CL FB GCA-GLTL=NP
Below is information on a county's results of operations for the current year, for the general fund. Excess of revenues and other financing sources over expenditures and other financing uses, legal budget basis $6,000,000 Revenues accrued on the modified GAAP basis but not on a budget basis 1,500,000 Outstanding encumbrances of governmental funds, beginning of year 200,000 Outstanding encumbrances of governmental funds, end of year 300,000 Repayment of temporary loan to general fund, reported as revenue only for budget purposes 400,000 Unbudgeted transfers in 30,000 What is the excess of revenues and other financing sources over expenditures and other financing uses for the general fund, on a modified accrual GAAP basis? a. $8,030,000 b. $7,200,000 c. $7,230,000 d. $7,170,000
Fund statements, reconciliation A county government’s total fund balances, governmental funds is $23,000,000. Other information is as follows: Internal service fund net position $1,500,000 General obligation long-term debt 25,000,000 Accrued pension and OPEB liabilities of proprietary funds 3,000,000 Accrued pension and OPEB liabilities of governmental funds 4,200,000 Capital assets used in governmental activities, net. 16,000,000 Proprietary funds capital assets, net. 7,000,000 The government-wide balance sheet reports net position of governmental activities of: $ 29,300,000 $ 11,300,000 $ 9,800,000
A special revenue fund used to account for flood control activities has these transactions: Payroll, $4,000,000, equipment purchases, $1,000,000; maintenance costs, $2,000,000; transfers to the general fund, $200,000. The special revenue fund's total expenditures are