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- In what fund type should the proceeds from special assessment bonds issued to finance construction of sidewalks in a new subdivision be reported? a. Agency fund b. Special revenue fund c. Enterprise fund d. Capital projects fund9-12. The fund-basis financial statements of Cherokee Library District (a special-purpose government engaged only in governmental activities) have been completed for the year 2020 and appear in the second and third tabs of the Excel spreadsheet provided with this exercise. The following information is also available: a. Capital Assets Capital assets purchased in previous years through governmental-type funds total $21,050,000 and had accumulated depreciation of $5,770,000. Depreciation on capital assets used in governmental-type activities amounted to $434,000 for 2020. No capital assets were sold or disposed of in 2020, and all purchases are properly reflected in the fund-basis statements as capital expenditures. b. Long-Term Debt There were $10,500,000 of outstanding long-term notes associated with governmental-type funds as of January 1, 2020. Interest is paid monthly. December 31, 2020, notes with a face value of $6,370,000 were issued at par. In addition, principal payments…The City of Southern Pines maintains its books so as to prepare fund accounting statements and records worksheet adjustments in order to prepare government-wide statements. As such, the City’s internal service fund, a motor pool fund, is included in the proprietary funds statements. Balance sheet asset accounts include: Cash, $87,000; Investments, $127,900; Due from the General Fund, $15,300; Inventories, $331,500; and Capital Assets (net), $979,200. Liability accounts include: Accounts Payable, $51,000; Long-Term Advance from Enterprise Fund, $612,000. The only transaction in the internal service fund that is external to the government is interest revenue in the amount of $2,900. Exclusive of the interest revenue, the internal service fund reported net income in the amount of $39,000. An examination of the records indicates that services were provided as follows: one-third to general government, one-third to public safety, and one-third to public works. Prepare necessary adjustments…
- The Principal City prepared the Trial Balance of the corporate-type fund as of December 31, 20X1. The enterprise fund was established this year through a transfer from the general fund. After having studied the Trial Balance of the company and the required resources of this module: 1.Prepare the fund's closing entries as of December 31, 20X1.2.Prepare the Statement of Revenues, Expenses, and Changes in Fund Net Position for the year ending December 31.Fulbright County 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. Required Prepare a journal entry for capital projects fund and governmental activities at the government-wide level. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Fund/ Governmental Activities General Journal 1. The county issued $6,700,000 of 6 percent bonds at par. Proceeds from the bonds were to be used for construction of the library. 1 Capital Projects Fund Transaction. 2. A $720,000 federal grant was received to help finance construction of the library. 2 Capital Projects Fund 3. The Library Special Revenue Fund transferred $320,000 for use in construction of the library.…Which of the following accounts of a government agency is closed out at the end of the fiscal year? Select the correct response: Appropriations Vouchers payable. Reserve for encumbrance Fund balance
- The City of Stillwater's Airport Authority is included in the reporting entity as an Enterprise Fund. The trial balance for the Airport on June 30, 2018, included the following information: Debit Credit Cash Accounts Receivable Land Plant and Equipment Accumulated Depreciation Accounts Payable Bonds Payable Net Position: 762,453 41,346 3,485,663 25.441.366 12,739,880 60,605 282,809 15,904,340 743,194 29,730,828 Invested in Capital Assets, Net of Related Debt Unrestricted Total 29,730,828 1) Charge for services of $1,245,585 and receipts from customers of $1,213,330. 2) Additions for improvements other than buildings were added for a total cost of $156,996. All fixed asset additions were paid by June 30, 2018. 3) Operating expenses were Interest expense was Payments were made to suppliers Interest was paid 4) Transfers in from the General fund totaled: 2,469,127 22,625 1,586,894 22,625 2,741,794 5) Adjusting entries were as follows: Estimated uncollectible accounts reccivable: 12,456…7.) Linden County operates a solid waste landfill that is accounted for in an enterprise fund. The county calculated this year's portion of the total closure and postclosure costs associated with the landfill to be $300,000. The entry(ies) to record this cost should be: A.) Debit landfill expense $300,000; Credit liability for landfill costs $300,000 B.) Debit landfill expense $300,000; Credit liability for landfill costs $300,000 AND include an addition of $300,000 on the schedule of changes in long-term obligations. C.) Show only an addition of $300,000 on the schedule of changes in long-term obligations. D.) No entry in the fund; No addition on the schedule of changes in long-term obligations.Lincoln County's General Fund had two interfund transactions: 1. The general fund paid $225,000 to the housinhg and urban development fund , a special revenue fund that is supported by grantsfrom the federal government on a cost reimbersment basis. The amount is to be reoaid to the general fund as grant proceeds are received from the federal government. 2. The general fund paid $162,000 to the tourism fund, a special revenue fund that is supported by hotel and restaurant taxes. The amount is intended to supplement the taxes raised, and there is no expectation that it will be repaid to the general fund. Required: Prepare the journal entriess in the general fund and affected special revenue funds for the interfund transactions above. Describe the effect of these transactions on the fund balance of the general fund and special revenue funds.
- The City of Algonquin maintains its books to prepare fund accounting statements and records worksheet adjustments in order to prepare government-wide statements. You are to prepare, in journal form, worksheet adjustments for each of the following situations: Deferred inflows of resources—property taxes of $73,500 at the end of the previous fiscal year were recognized as property tax revenue in the current year's Statement of Revenues, Expenditures, and Changes in Fund Balance. The City levied property taxes for the current fiscal year in the amount of $13,789,400. When making the entries, it was estimated that 2 percent of the taxes would not be collected. At year-end, $309,200 is thought to be uncollectible, $365,000 would likely be collected during the 60-day period after the end of the fiscal year, and $52,800 would be collected after that time. The City had recognized the maximum of property taxes allowable under modified accrual accounting. In addition to the expenditures…Bilberry 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. REQUIRED: Prepare journal entries to record these events in the internal service fund. If no entry is required, write “No entry required.” 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 nine years and an estimated salvage value of $150,000. e)Billed the general fund for copying and printing charges, $70,000.…For problems 40 through 43, use the following introductory information: The City of Wolfe has issued its financial statements for Year 4 (assume that the city uses a calendar year). The city’s general fund is made up of two functions: (1) education and (2) parks. The city also utilizes capital projects funds for ongoing construction and an enterprise fund to account for an art museum. It also has one discretely presented component unit. The government-wide financial statements indicated the following Year 4 totals: Education had net expenses of $710,000. Parks had net expenses of $130,000. Art museum had net revenues of $80,000. General revenues were $900,000; the overall increase in net position was $140,000. The fund financial statements issued for Year 4 indicated the following: The general fund had an increase of $30,000 in its fund balance. The capital projects fund had an increase of $40,000 in its fund balance. The enterprise fund had an increase of $60,000 in its net position.…