51•points•eBook•••The City of Oxbow General Fund has the following net resources at year-end:$271,000 unexpended proceeds of a state grant required by law to be used for health education.$31,000 of prepaid insurance.$620,000 rainy day fund approved by city council for use under specified circumstances.$221,000 budget stabilization fund to be used in the event of revenue shortfall.$296,000 provided for contractual obligations for capital projects.$63,000 unexpended proceeds of a tax required by law to be used for emergency 911 services.$1,658,000 total fund balance.Print0ReferencesRequired:Prepare the fund balance section of the Balance Sheet.CITY OF OXBOWPartial Balance Sheet - General FundAs of December 31, 2020Fund BalancesNonspendableRestrictedCommittedAssignedUnassignedTotal Fund Balance0

The city of Oxbow General fund balance allows for transparency regarding the allocation of funds…

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FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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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…
E 20-13 Governmental fund journal entries For each of the following transactions, note the fund(s) affected, and prepare appropriate journal entries. General obligation bonds with a par value of $750,000 are issued at $769,000 to finance construction of a government office building. A Community Block Development Grant in the amount of $450,000 is awarded for residential services within a city. Upon approval of a new town band shell, the general fund transfers $500,000 to create a new fund. A wealthy citizen donates $10,000,000 for city park maintenance. The principal cannot be spent. Automobiles and vans for general governmental use are purchased for $375,000. General fixed assets with an original cost of $300,000 sold for $30,000 at the end of their useful life. Sold equipment at the end of its expected useful life. The equipment had no expected residual value when acquired (at a cost of $13,000), but it sold for $1,200. Equipment is used in general fund. The general…
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…
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.
Hello my question is how the Township of Thomasville’s General Fund has the following net resources at year end: $69,000 of prepaid insurance $410,000 rainy day fund approved by the township governing board with specific conditions for its use $2,500 of supplies inventory $49,000 state grant for snow removal $190,000 contractual obligations for the purchase of equipment Outstanding encumbrance of $105,000 for the purchase of furniture & fixtures (assume no contractual obligation) Total Fund Balance is $1,010,500 What would be the total Unassigned fund balance?
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…
[The following information applies to the questions displayed below.]The Township of Thomasville’s General Fund has the following net resources at year end: $69,000 of prepaid insurance $410,000 rainy day fund approved by the township governing board with specific conditions for its use $1,800 of supplies inventory $60,000 state grant for snow removal $150,000 contractual obligations for the purchase of equipment Outstanding encumbrance of $105,000 for the purchase of furniture & fixtures (assume no contractual obligation) Total Fund Balance is $1,010,500 What would be the total Nonspendable fund balance? Multiple Choice $70,800 $150,000 $69,000 $410,500 What would be the total Restricted fund balance? Multiple Choice $60,000 $150,000 $479,000 $410,000
[The following information applies to the questions displayed below.]The Township of Thomasville’s General Fund has the following net resources at year end: $69,000 of prepaid insurance $410,000 rainy day fund approved by the township governing board with specific conditions for its use $1,800 of supplies inventory $60,000 state grant for snow removal $150,000 contractual obligations for the purchase of equipment Outstanding encumbrance of $105,000 for the purchase of furniture & fixtures (assume no contractual obligation) Total Fund Balance is $1,010,500 What would be the total Committed fund balance? Multiple Choice $410,000 $210,000 $560,000 $562,500 What would be the total Assigned fund balance? Multiple Choice $129,000 $165,000 $315,000 $105,000
6 The City of Townsend's city council authorized the establishment of an internal service fund to provide human resource services to city departments. The following transactions took place in the inaugural month of Townsend's Human Resource internal service fund: 1. The General Fund transferred $100,000 to cover initial expenses. The transfer is not expected to be repaid. 2. The Human Resources Fund entered into a 2-year computer lease with an initial $5,000 payment. The present value of the remaining payments is $82,218. 3. Salaries and wages paid to employees totaled $15,000. 4. Office supplies were purchased on account for $2,500. 5. Billings totaling $3,000 were received from the enterprise fund for utility charges. 6. Billings to other departments for services provided to them were as follows: General Fund Special Revenue Fund. $16,000 4,700 7. Closing entries were prepared. Required a-1. Assume all expenses at the government-wide level are charged to the General Government…
The City of Galena General Fund has the following net resources at year-end: $1,634,000 total fund balance. $259,000 unexpended proceeds of a state grant required by law to be used for health education. $19,000 of prepaid insurance. $608,000 rainy day fund approved by the city council for use under specified circumstances. $209,000 budget stabilization fund to be used in the event of a revenue shortfall. $284,000 provided for contractual obligations for capital projects. $39,000 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 as of December 31, 2024.
Ch5 5 Four new computers, for which the cost exceeded the city’s capitalization threshold, were purchased for use in the city clerk’s office using General Fund resources. Which of the following entries would be required to completely record this transaction? Multiple Choice General Journal Debit CreditGeneral Fund: Expenditures 8,000 Vouchers Payable 8,000 General Journal Debit CreditGovernmental Activities: Expenses 8,000 Vouchers Payable 8,000 General Journal Debit CreditGeneral Fund: Expenditures 8,000 Vouchers Payable 8,000 Governmental Activities: Expenses 8,000 Vouchers Payable 8,000 General Journal Debit CreditGeneral Fund: Expenditures 8,000 Vouchers Payable 8,000 Governmental Activities: Equipment 8,000 Vouchers Payable 8,000
The Township of Thomasville's General Fund has the following net resources at year end: • $66,000 of inventory • $375,000 federal grants for disaster relieve related to the flood • $60,000 sinking fund for payments of general obligation bond • $150,000 contractual obligations for the purchase of equipment • $200,000 to be used to fund government operations in the future • Outstanding encumbrance of $80,000 for the purchase of office supplies 1. What would be the total Nonspendable fund balance? 2. What would be the total Restricted fund balance? 3. What would be the total Committed fund balance? 4. What would be the total Assigned fund balance? 5. What would be the total Unassigned fund balance?

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