by the general fund was $620,000. The amount the city's general fund can recognize as an expenditure is
Q: B D 01 02 03 04 No Journal Entry Required Estimated Revenues Appropriations Budgetary Fund Balance…
A: General Fund -The main money source used by a government agency is called a general fund. Every…
Q: In which of the following fund types of a city government are revenues and expe recognized on the…
A: Funds refer to an amount of money that is set aside or saved by individuals, governments, or…
Q: A. $250,000 B. $300,000 C. $450,000 D. $500,000
A: The financial statement which shows the amount of revenue and expenses of proprietary funds and it…
Q: The following information was available for the General Fund of the City of Clinton for the Year…
A: Encumbrances: This refers to the amount of expenditure that the government has promised to pay for…
Q: The general fund of a city reports assets of $300,000 and liabilities of $200,000 in the fund…
A: Fund balance—non-spendable of $40,000: The non-spendable balance represent the amount which cannot…
Q: For problems 40 through 43, use the following introductory information: The City of Wolfe has issued…
A: a. Record the correct change in the fund balance in general fund. For government fund an expense…
Q: Would a grant of $24,000 by the state to each district be equalizing in its effect on the two…
A: Introduction : No, Grant of $24,000 by The state to each district be equalizing in its effect on…
Q: Here is information on a town government's governmental funds at the end of the current year: Fund…
A: To determine the net position of governmental activities, we need to understand the formula:Net…
Q: 7. Equipment in general governmental service that had been constructed 10 years before with…
A: It is the main operating fund of state and local government used to record the departmental…
Q: The City of Wolfe issues its financial statements for Year 4 (assume that the city uses a calendar…
A: There is an omission of depreciation expense because the application of modified approach is only…
Q: A pre-closing trial balance included the following account balances for Simpli City:…
A: General fund refers to the fund used for the accrued revenues that should be paid to the state from…
Q: Prepare the journal entries for the following activity in the General Fund of the City of Rivers.…
A: The companies record all the transactions of a particular period in the form of a journal entry in…
Q: Edwards City has the following information for its general fund for the upcoming fiscal year. Which…
A: Budgetary fund balance can be calculated after deducting Appropriations from estimated revenue. If…
Q: The city council decides to close the Library Special Revenue fund and send its remaining resources…
A: The Library Special Revenue Fund is a specific type of fund used in governmental accounting. It is…
Q: he following transactions affected various funds and activities of the City of Seham. 1. The Fire…
A: Journal entries refers to the process of recording or journalling the financial transactions of a…
Q: A7
A: The objective of the question is to calculate the correct overall change in the net position in the…
Q: The City of Wolfe issues its financial statements for Year 4 (assume that the city uses a calendar…
A: It is the total amount accumulated or deficit incurred from operating surpluses from the beginning…
Q: Lincoln County's General Fund had two interfund transactions: 1. The general fund paid $225,000 to…
A: The following computations are done for Lincoln County’s General fund.
Q: The City of Wolfe issues its financial statements for Year 4 (assume that the city uses a calendar…
A: SOLUTION- GENERAL FUND REFERS TO THE REVENUES ACCRUING TO THE STATE FROM TAXES , FEES , INTEREST…
Q: A city acquires a new police car accounted for in the general fund. How should the city report the…
A: Answer: Option a.
Q: The following transactions relate to the General Fund of the City of Buffalo Falls for the year…
A: Golden Rules of Accounting: Account Debit Credit Personal Accounts The Receiver The…
Q: The following related entries were recorded in sequence in the general fund of a municipality: 1. 2.…
A: The correct answer is option - b) the process of recognised expenditures
Q: Boa City had the following fixed assets: Fixed Assets used in proprietary fund activities Fixed…
A: Government wide statement of net position is overall net fixed invested by government in different…
Q: The City of Wolfe has issued its financial statements for Year 4 (assume that the city uses a…
A: The city believes that the landfill was included correctly in all previous years as one of its…
Q: The following items were included in Simple City's General Fund expenditures for the year ended June…
A: Capital asset is the asset that are held in hands of the company for a period higher than one year.…
Q: Preparation of government-wide statement of activities
A: Here wehave to understand that the property tax and sales tax is the general government revenue…
Q: Washington County assumed the responsibility of collecting property taxes for all governments within…
A: Calculations: Levy Collections Fee (1.5%) Amount due Country general fund 120960…
Q: The following transactions relate to the General Fund of the City of Buffalo Falls for the year…
A:
Q: The General Fund used electricity provided by the city-owned electric utility (an enterprise fund of…
A: The revenues and expenses are reported in the income statement of the company. The difference…
Q: The following transactions relate to the General Fund of the City of Buffalo Falls for the year…
A: The double-entry accounting system requires that journal entries be made in chronological order and…
Q: The following transactions relate to the General Fund of the City of Buffalo Falls for the year…
A: Golden Rules of Accounting:AccountDebitCreditPersonal AccountsThe ReceiverThe GiverReal AccountsWhat…
Q: The City of Wolfe has issued its financial statements for Year 4 (assume that the city uses a calend…
A: A. Calculation of Overall Change in Net Position in Govt. Wide Financial Statement…
Q: The City of Wilmington, Delaware, has an Other Postemployment Benefit Trust Fund and a Tax…
A: The statement of fiduciary net position is a statement used to represent all the changes i.e.…
Q: From the following information you are required t prepare Statement of revenues, expenditure and…
A: Particulars Statement of Revenue Statement of Expenditure Changes in fund…
Q: The following information is provided about some of the Town of Truesdale’s General Fund operating…
A: The objective of this question is to prepare the journal entries to close the budgetary accounts for…
Q: Bay City uses the purchases method to account for supplies. At the beginning of the year the City…
A: Note: Under the Purchase Method, all the inventory/goods purchases shall be written off as expenses…
Q: The City of Wolfe issues its financial statements for Year 4 (assume that the city uses a calendar…
A: GIVEN DATA The City of Wolfe issues its financial statements for Year 4 (assume that the city…
Q: The City of San Antonio is reconciling its modified accrual accounting governmental fund statements…
A: Revenue - Expenditure + other financing sources - other financing uses = Change in Fund Balances as…
Q: The City of Wolfe issues its financial statements for Year 4 (assume that the city uses a calendar…
A: Government- Wide Financial Statements provide information about government funds. government-wide…
Q: d $300,000 of interest on general government bonds. The government entered a capital lease for…
A: Please fallow the journal entries Journal entries General Fund 1) DR . Transfer to DSF 605,000…
Q: Required: a. Prepare journal entries for the above transactions. b. Prepare a Statement of Revenues,…
A: A journal entry is a record of a business transaction.It is Double entry system of book keeping, in…
Q: a) How much (in dollars) is available to help balance future budgets? $ b) Calculate the budgetary…
A: a) balance future budgets : Total Fund Balance - Certain Transfers…
Q: The City of Wolfe issues its financial statements for Year 4 (assume that the city uses a calendar…
A: It is the total amount accumulated or deficit incurred from operating surpluses from the beginning…
Q: 5-3 General Capital Assets. Make all necessary entries in the appropriate governmental fund general…
A: Journal entry is the practice of recording commercial transactions for the first time in the books…
Q: The General Fund has a Due from Capital Projects Fund of S48,000 and a Due of $48,000, and the Water…
A: The General Fund, which serves as a government body's main operating fund, is an important part of…
Q: The Principal City prepared the Trial Balance of the corporate-type fund as of December 31, 20X1.…
A: Closing Entries- Closing entries are journal entries made at the end of an secretarial period to…
![During the year Eustoma City's self-insurance internal service fund billed
the general fund $600,000 for "premiums," of which $60,000 was for
catastrophic losses and the balance was the premium computed on an
actuarially determined basis. During the year the city incurred $500,000
in claims losses. The total amount transferred to the self-insurance fund
by the general fund was $620,000. The amount the city's general fund
can recognize as an expenditure is
$620,000.
$600,000.
$540,000.
$500,000.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F950ea85c-3cb4-4f81-a8d3-b73eba1ef7f2%2F52269f25-aa27-4eb0-9e27-32a7a9ca4aeb%2Fa9rb6s9_processed.png&w=3840&q=75)
![](/static/compass_v2/shared-icons/check-mark.png)
Step by step
Solved in 3 steps
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
- Prepare the Statement of Revenues, Expenditures, and Changes in Fund Balance. The Main City presents its income by sources and its expenses by function. The transactions and activities are: Property-tax revenues $3,000 Utilities 50 Wages and salaries 900 Transfer to debt service fund 100 Estimated revenues 3,500 State grant 800 Annual insurance premium 200 Proceeds of long-term debt 1,000 General administration 1,200 Charges for current services 600 Public safety…4. The City of Grinders Creek maintains its books in a manner that facilitates the preparation of fund accounting statements and uses worksheet adjustments to prepare government-wide statements. General fixed assets as of the beginning of the year, which had not been recorded, were as follows: Land $ 8,500,000 Buildings 27,600,000 Improvements Other Than Buildings 24,500,000 Equipment 11,690,000 Accumulated Depreciation, Capital Assets 25,800,000 During the year, expenditures for capital outlays amounted to $9,000,000. Of that amount, $4,800,000 was for buildings; the remainder was for improvements other than buildings. The capital outlay expenditures outlined in (2) were completed at the end of the year (and will begin to be depreciated next year). For purposes of financial statement presentation, all capital assets are depreciated using the straight-line method, with no estimated salvage value. Estimated lives are as follows: buildings, 40 years; improvements…Associated with its governmental funds, the City of Hogsmeade has (1) beginning long-term debt of $100, (2) current year debt issuances (borrowing) of $20, and (3) current year debt retirement (repayment) of $10. Show the three journal entries to convert the governmental funds to government-wide governmental activities.
- 4. The City of Grinders Creek maintains its books in a manner that facilitates the preparation of fund accounting statements and uses worksheet adjustments to prepare government-wide statements. General fixed assets as of the beginning of the year, which had not been recorded, were as follows: Land $ 8,500,000 Buildings 27,600,000 Improvements Other Than Buildings 24,500,000 Equipment 11,690,000 Accumulated Depreciation, Capital Assets 25,800,000 During the year, expenditures for capital outlays amounted to $9,000,000. Of that amount, $4,800,000 was for buildings; the remainder was for improvements other than buildings. The capital outlay expenditures outlined in (2) were completed at the end of the year (and will begin to be depreciated next year). For purposes of financial statement presentation, all capital assets are depreciated using the straight-line method, with no estimated salvage value. Estimated lives are as follows: buildings, 40 years; improvements…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. Debits Credits Accounts payable 96,000 Accounts receivable 32,000 Accrued interest payable 28,000 Accumulated depreciation 45,000 Administrative and selling expenses 47,000 Allowance for uncollectible accounts 12,000 Capital assets 712,000 Cash 89,000 Charges for sales and services 550,000 Cost of sales and services 479,000 Depreciation expense 45,000 Due from general fund 17,000 Interest expense 40,000 Interest revenue 4,000 Transfer in from general fund 119,000 Bank note payable Supplies inventory 625.000 18,000 Totals 1,479,000 1,479,000 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…The City of Grinders Switch maintains its books in a manner that facilitates the preparation of fund accounting statements and uses worksheet adjustments to prepare government-wide statements. 1. General fixed assets as of the beginning of the year, which had not been recorded, were as follows: Land Buildings Improvements Other Than Buildings Equipment Accumulated Depreciation, Capital Assets $ 7,700,000 33,398,400 14,839,400 11,569,000 25,333,000 2. During the year, expenditures for capital outlays amounted to $7,510,000. Of that amount, $4,806,400 was for buildings; the remainder was for improvements other than buildings. 3. The capital outlay expenditures outlined in (2) were completed at the end of the year (and will begin to be depreciated next year). For purposes of financial statement presentation, all capital assets are depreciated using the straight-line method, with no estimated salvage value. Estimated lives are as follows: buildings, 40 years; improvements other than…
- 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.…The following transactions occurred in the City of Jim-town Enterprise Fund: 1. Equipment belonging to the Enterprise Fund was sold for $300. 2. The proceeds from the sale of the asset were transferred to the General Fund. 3. Cash, $2,800, was paid for construction costs. The cash was paid out of unrestricted cash available for any Enterprise Fund purpose i.e., was not set aside strictly for capital asset construction or acquisition. 4. Paid principal, $18, and interest, $59, on a mortgage note. 5. The Enterprise Fund collected $12,500 from external customers and $2,500 from the General Fund for services. 6. The City signed a lease for equipment. The present value of the future payments and fair value of the equipment is $5,000, and the City made a down payment of $500 7. Proceeds of bonds issued to refund previously outstanding bonds that had been issued to finance plant expansion several years earlier, $18,000. 8. Interest paid on the refunding bonds, $1,080. 9. Cash proceeds from…The preclosing trial balance of the General Fund for the City of KAYI shows the following balances at the end of its fiscal year. Estimated revenues - property taxes 850,00 ), Estimated revenues - licenses and fees 70,000, Estimated revenues - investment income 5,000, Appropriations - alaries 800,000, Appropriations- utilities 50,000, Appropriations - equipment 85,000. Revenues- Property taxes $850,000, Revenue- Licenses and fees 70,000, Revenue- Investment income 2,000. Expenditures- Salaries 795,01 10, Expenditures-Utilities 49,000, Expenditures- Equipment 82,000. Cash 65,000, Property taxes receivable 10,000. Joucher payable $29,000. Fund balance beginning $50,000. Fund balance at the end of the period a. $50,000 O b. 560,000 O c. $40,000 O d. $46,000
- The City of Wolfe issues its financial statements for Year 4 (assume that the city uses a calendar year). The city’s general fund is composed 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. The city also has one discretely presented component unit. The government-wide financial statements indicate the following Year 4 totals. Education had net expenses of $698,000. Parks had net expenses of $113,000. Art museum had net revenues of $59,250. General revenues were $977,750. The overall increase in net position for the city was $226,000. The fund financial statements for Year 4 indicate the following: The general fund had an increase of $47,750 in its fund balance. The capital projects fund had an increase of $45,500 in its fund balance. The enterprise fund had an increase of $90,000 in its net position balance. Officials for the City of…A City Administration has provided the following information related to their activity to various government funds. Required: - a. Prepare Statement of Revenues, Expenditure and Changes in Fund Balance and b. Prepare Statement of Net Assets/Balance Sheet.The following is selected information for the general fund of the Village of Hampton for 2021: Total assets at December 31, 2021, reported on the general fund balance sheet (included in the total for assets is $7,000 for office supplies and $15,000 for an advance to the water utility enterprise fund that is due in its entirety in 2025); v Total liabilities at December 31, 2021, reported on the general $252,000 fund balance sheet 82,000 v Total deferred inflows of resources at December 31, 2021, reported on the general fund balance sheet v Fund balance, December 31, 2021, reported on the general fund statement of revenues, expenditures, and changes in 18,400 fund balance 151,600 Additional information as of December 31, 2021: * The Village received a cash grant of $76,000 from the Department of Homeland Security during 2021. The purpose of the grant was to train the Village's police force to combat terrorism. The grant has no time restrictions. The Village spent $68,000 of the grant…
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
![Horngren's Cost Accounting: A Managerial Emphasis…](https://www.bartleby.com/isbn_cover_images/9780134475585/9780134475585_smallCoverImage.gif)
![Intermediate Accounting](https://www.bartleby.com/isbn_cover_images/9781259722660/9781259722660_smallCoverImage.gif)
![Financial and Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781259726705/9781259726705_smallCoverImage.gif)
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
![Horngren's Cost Accounting: A Managerial Emphasis…](https://www.bartleby.com/isbn_cover_images/9780134475585/9780134475585_smallCoverImage.gif)
![Intermediate Accounting](https://www.bartleby.com/isbn_cover_images/9781259722660/9781259722660_smallCoverImage.gif)
![Financial and Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781259726705/9781259726705_smallCoverImage.gif)