4–10. Assume at the beginning of 2020 the Village of Ashlawn Street and Highway Fund (a special revenue fund) has cash of $336,000·offset by assigned fund balance in the same amount. 1.. During the year, the Village signed contracts for bridge repairs that- amounted to $440,000.¶| 2. The bridge repairs were completed and an invoice was received for $435,000, of which $362,000 was paid in cash.| 3.>The special revenue fund reimbursed the General Fund for a payment the General Fund made on behalf of the Street and Highway Fund in the amount of $2,500. This amount is not related to the bridge repairs under the state grant. 4. The state government paid the Village $412,000 on work completed- under the grant before year-end. Required: a.>Prepare thejournal entries for the above transactions. Prepare Closing entries for year-end.| b.>Prepare a Statement of Revenues, Expenditures, and Changes in- Fund Balance for the special revenue fund.| c.>Prepare a Balance Sheet.

4–10. Assume at the beginning of 2020 the Village of Ashlawn Street and Highway Fund (a special revenue fund) has cash of $336,000·offset by assigned fund balance in the same amount. 1.. During the year, the Village signed contracts for bridge repairs that- amounted to $440,000.¶| 2. The bridge repairs were completed and an invoice was received for $435,000, of which $362,000 was paid in cash.| 3.>The special revenue fund reimbursed the General Fund for a payment the General Fund made on behalf of the Street and Highway Fund in the amount of $2,500. This amount is not related to the bridge repairs under the state grant. 4. The state government paid the Village $412,000 on work completed- under the grant before year-end. Required: a.>Prepare thejournal entries for the above transactions. Prepare Closing entries for year-end.| b.>Prepare a Statement of Revenues, Expenditures, and Changes in- Fund Balance for the special revenue fund.| c.>Prepare a Balance Sheet.

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

The citizens of Spencer County approved the issuance of $2,008,000 in 6 percent general obligation bonds to finance the construction of a courthouse annex. A capital projects fund was established for that purpose. The preclosing trial balance of the courthouse annex capital project fund follows: Trial Balance—December 31, 2020 Debits Credits Cash $ 908,000 Contract payable $ 551,000 Due from state government 192,000 Encumbrances 108,000 Expenditures—capital 1,854,000 Intergovernmental grant 395,000 OFS: premium on bonds 57,000 OFS: proceeds sale of bonds 2,008,000 Budgetary fund balance—Reserve for encumbrances 108,000 OFU: Transfer out 57,000 $ 3,119,000 $ 3,119,000 Required:a. Prepare any closing entries necessary at year-end.b. Prepare a Statement of Revenues, Expenditures, and Changes in Fund Balance…
The following information was abstracted from the accounts of the General Fund of the City of Rome after the books had been closed for the fiscal year ended June 30, 2020. Cash Taxes Receivable Allowance for Uncollectible Taxes Accounts Payable Fund Balance View transaction llest Postclosing Trial Balance June 30, 2019 $571,600 36,000 $687,608 5,608 182,808 500,000 $607,608 Clear entry 1 Record the transfer of taxes receivable to revenues control account. 2 Record the receipt of taxes and the uncollectibles. 3 Record the expenditures payable. 4 Record the payment of expenditure. 5 Record the transfer out of general fund. Hint: This is the plug needed to make cash balance after considering the other entries. 6 Record the transfer of revenue and expenditure control accounts to fund balance. Note: = journal entry has been entered Record entry Transactions July 1, 2019, to June 30, 2020 Debits $1,370,000 1,482,488 5,600 1,387,600 X There were no transfers into the General Fund, but there…
None
The City of Matlock issues $20,000,000 face value of general obligation bonds for $19,920,000. The bonds will be used for the construction of new streets and sidewalks to make downtown more walkable. The City incurred $100,000 in bond issue costs. What is the amount of expenditures that the City report in its Capital Projects Fund? $108,000 $100,000 $8,000 $0
Residents of the town of Sunny View, Arizona authorized a $5,000,000 renovation to theirhistoric town hall on November 15, 2022. Financing for the project consists of $2,500,000 froma 5 percent serial bond issue, $1,500,000 from a state grant, and $1,000,000 from the GeneralFund. Debt service for the serial bonds will be provided by a one-quarter-cent city sales taximposed on every dollar of sales in the city. Required: Complete the necessary journal entries to record the related transactions in the town's capitalprojects fund, debt service fund, and governmental activities at the government-wide level. Youmay ignore entries in the General Fund. The town has a calendar year-end. n. The sales tax collections for debt service amounted to $250,000. o. Central Paving and Construction gave a final billing to the town for $2,000,000. Upon last inspection by the Public Works Department, a leak was discovered in the roof.p. Public works employees installed a new sidewalk and landscaping at a…
ces Exercise 12-1 (Algo) Indirect: Classifying Cash flows LO C1 Indicate where each item would appear on a statement of cash flows using the indirect method by placing an X in the appropriate column(s). Note: More than one column may be used. a. Purchased treasury stock with cash b. Inventory increased in the year c Issued bonds in return for cash d. Accounts payable decreased in the year e. Income taxes payable increased in the year f. Purchased land by issuing common stock g. Sold merchandise to customer for cash h. Purchased a building with cash i. Received a cash dividend from investment Statement of Cash Flows Operating Investing Financing Activities Activities Activities Dini # Noncash Investing & Financing. Activities Navt Not Reported on Statement or in Notes
25
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…
2
s