Campbell County uses the consumption method to record all inventories and prepayments. The County has a 3/31 fiscal year-end. On April 1, 2015, the county purchased a two-year insurance policy at a total cost of $400,000, paying for the policy out of the general fund. In the fund financial statements, the amount of insurance expenditures for the fiscal year ended 3/31/2016 would be A.) $400,000. B.) $300,000. C.) $200,000. D.) $100,000.
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Campbell County uses the consumption method to record all inventories and prepayments. The County has a 3/31 fiscal year-end. On April 1, 2015, the county purchased a two-year insurance policy at a total cost of $400,000, paying for the policy out of the general fund. In the fund financial statements, the amount of insurance expenditures for the fiscal year ended 3/31/2016 would be
A.) $400,000.
B.) $300,000.
C.) $200,000.
D.) $100,000.
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- The following transactions relate to the General Fund of the city of Lost Angels for the year ending December 31, 2017. Prepare a statement of revenues, expenditures, and other changes in fund balance for the general fund for the period to be included in the fund financial statements. Assume that the fund balance at the beginning of the year was $180,000. Assume also that the purchases method is applied to the supplies and that receipt within 60 days is used as the definition of avail-able resources.a. Collected property tax revenue of $700,000. A remaining assessment of $100,000 will be collected in the subsequent period. Half of that amount should be collected within 30 days, and the remainder will be received in about five months after the end of the year.b. Spent $200,000 on four new police cars with 10-year lives. A price of $207,000 had been anticipated when the cars were ordered. The city calculates all depreciation using the straight-line method with no salvage value. The…The City of Mayville had total fund balance in its General Fund of $200,000 on December 31, 2019. The City of Maysville’s General Fund balance sheet for its December 31, 2019 year end shows inventory of $8,000 and prepaid rent of $10,000. The City also had $60,000 of outstanding encumbrances in its General Fund at year-end. In December 2019, a grantor provided the City with $42,000 that must be used to buy musical instruments for the City’s youth orchestra. No instruments had been purchased at year-end. How much should the City report as unassigned fund balance in its General Fund on December 31, 2019? $38,000 $60,000 $80,000 $102,000 $120,000Jefferson County operates a centeralized motor pool to service county vehicles. At the endof 2019, the motor pool Internal Service Fund had the following account balances: Debits: Due from General Fund $7,000; Cash $17,500; Capital assests $35,000; Supplies $4,000 Total $63,500. Credits: Accounts Payable $5,500; Accured Waged Payable $300; Accumulated Depreciation $6,500; Advance from Enterprise Fund $25,000; Net Position $26,200; Total $63,500. The following Journal Entries took place in 2020: Jefferson County Internal Service Fund Journal Entries December 31, 2020 Account Title Debits Credits 1 Inventory of Supplies 37,500 Accounts Payable 37,500 2 Due from Other Funds 96,000 Operating Revenue - Charges for Services 96,000 3 Operating Expenses - Cost of Services 36,700 Inventory of Supplies 36,700 4 Accounts Payable 38,800 Cash…
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- The government makes appropriations of RO 200,000 to Sohar School for the month of January 2019. During the month the following transactions occurred: Salary paid RO 50,000 Purchase orders were placed for office supplies RO 72,000 Office supplies were received with a voucher for RO 60,000 An amount of RO 25,000 was transferred to Debt service fund. The unreserved fund balance at the end of the period is: a. 90,000 b. 150,000 c. 78,000 d. 65,000The Town of Weston has a Water Utility Fund with the following trial balance as of July 1, 2019, the first day of the fiscal year: During the year ended June 30, 2020, the following transactions and events occurred in the Town of Weston Water Utility Fund: Accrued expenses at July 1 were paid in cash. Billings to nongovernmental customers for water usage for the year amounted to $1,423,000; billings to the General Fund amounted to $118,000. Liabilities for the following were recorded during the year: Materials and supplies $ 202,000 Costs of sales and services 376,000 Administrative expenses 211,000 Construction work in progress 230,000 Materials and supplies were used in the amount of $294,000, all for costs of sales and services. After collection efforts were unsuccessful, $14,900 of old accounts receivable were written off. Accounts receivable collections totaled $1,518,000 from nongovernmental customers and $51,100 from the General Fund. $1,092,600 of accounts payable were paid…Prepare entries in general journal form to record the following transactions in the Roadway Fund general ledger accounts for City of Kettering for the fiscal year 2018. Use modified accrual accounting. At the beginning of the fiscal year, the fund $1,360,000 was offset by the assigned fund balance in the same amount. The city was awarded $4,200,000 for road inspections and repairs during the year. The award requires reimbursement for expenditures, not an allotment upfront. Work contracted for the year amounted to $4,175,000. Invoices received for the work performed totaled $4,150,000. $3,980,000 of that amount was paid in cash as of year-end. The state reimbursed the city $4,000,000 for the completed work before year-end. Prepare a statement of Revenues, Expenditures, and Changes in Fund Balance for the Roadway Fund.