From the following information you are required to prepare Statement of Activity and Statement of Net Assets 1. Issued 100000 OMR long term bonds by the government department A state grants 200000 OMR is received for the restricted purpose 2. 3. During the fiscal year operations, revenue from tax was estimated 275000 OMR out of which 75000 has been received 4. Using State Grant city spend and paid 100000 OMR 5. Transferred 10000 OMR to Debt Service Fund for payment towards interest of Bond.
Q: Closing Trial Balance June 30 Cash Investments Fund Balance-Restricted Budgetary Fund Balance…
A: Debt service fund:Debt service fund is a fund used by the government authorities or entities to…
Q: 1. The township issues $5.0 million in bonds at a premium of $.40 million and incurs $.18 million in…
A: A financial transaction's debits and credits for each connected account are documented in a journal…
Q: What amount should Lake County report as expenditures in its governmental funds statement of…
A: Given that: County general fund had the following disbursements during the year: Payment of amount…
Q: The following adjusted trial balance is taken from the General Fund of Avon City for the year ended…
A: A trial balance is a list of all the ledger accounts with their closing balances reflecting on the…
Q: Required: a. Prepare the closing entries for December 31. b. Prepare the Statement of Revenues,…
A: a. Prepare the closing entries for December 31:Close Revenue and Expense Accounts to Fund…
Q: Agawa City presents the following pre-closing trial balance for its General Fund as of the end of…
A: The objective of this question is to calculate the amount of fund balance at the end of the fiscal…
Q: The Village of Seaside Pines prepared the following enterprise fund Trial Balance as of December 31,…
A: Government-wide financial statements are an integral part of the financial reporting model used by…
Q: Using the information below, what amount should be accounted for in a special revenue fund or funds?…
A: Federal income taxes are imposed in USA. The income tax is calculated by implementing tax rate which…
Q: Just need Net Position corrected The following information is available for the preparation of…
A: Statement of Net Positionstatement of net position is a financial statement that presents the…
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 entries that would be made in the general long-term debt account group for the following…
A: Journal entry: It is a systematic record of a financial transaction of an organization recorded in…
Q: Yarrow County engaged in the following debt-related transactions during the year. REQUIRED: Assume…
A: Golden Rules of Accounting: Account Debit Credit Personal Accounts The Receiver The…
Q: Here is the preclosing December 31, 2020 trial balance for the general fund of Lancaster County: All…
A: It is the accounting system in which, the recording of use of resources will be restricted or…
Q: Using the attached forms, prepare general journal entries, in proper form, to record the above…
A: Accounting for the General Fund includes recording various financial transactions that occur within…
Q: Prepare journal entries to record the following events using the general fund and the general fixed…
A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…
Q: Prepare the entries to record the following general fund transactions for the village of Del Valley…
A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…
Q: ! Required information [The following information applies to the questions displayed below.] The…
A: Step 1:First, calculate operating income form the information given:Charge for sales550,000Less:…
Q: The following information has been provided for the City of Elizabeth for its fiscal year ended June…
A: Reconciliation of the governmental fund balances to the net position of governmental activities is…
Q: During the fiscal year ended 6/30/18, the Harriscity engaged in the following transactions.…
A: Golden Rules of Accounting: Account Debit Credit Personal Accounts The Receiver The…
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: Property tax adjustments for government-wide financial statements When Oscar City prepared its…
A: Solution Journal entry records financial transactions that a business engages throughout the…
Q: The following unadjusted trial balances are for the governmental funds of the City of Copeland…
A:
Q: The governmental funds of the City of Westchester report $445,000 in assets and $140,000 in…
A: Prepare a complete balance sheet for fund balances: Therefore, the total fund balance is $305,000.…
Q: Falmouth City owns and operates a mini-bus system which it accounts for in an enterprise fund.…
A: Introduction:- Journal entry is the first stage of accounting process. Journal entry used to record…
Q: a. Prepare a General Fund statement of revenues, expenditures, and changes in fund balance. b.…
A: a) General Fund Statement of Revenues, Expenditures, and Changes in Fund Balance:…
Q: repare journal entries to record the following transactions in the capital projects fund and the…
A: Local Government Accounting: It is based on the concept of Fund Based Accounting or on the basis of…
Q: For each of the following events or transactions, prepare the necessacry journal entries and…
A: Journal entry It is an entry made directly into the general journal. A journal entry uses a…
Q: age prepared through a transfer from the General Fund. Accounts payable Accounts receivable Accrued…
A: Journal entry Method of recording financial transactions in the book of original entry by debiting…
Q: Internal Service Fund, Statement of Cash Flows. Prepare a statement of cash flows for the internal…
A: Cash flow statement is a statement that shown inflow and outflow of cash for that particular year or…
Q: For each of the following events or transactions, prepare the necessacry journal entries and…
A: A journal entry records any transaction, whether or not this is an economic one. Transaction…
Q: The following information is extracted from a City’s government-wide statement of net position at…
A: Journal entries are the recorded financial transactions according to dual entity concept.
Q: The following transactions relate to the general fund of the city of Lost Angels for the year ending…
A: Journal entry: It is the first step of recording transactions of a company. Before this, no other…
Q: Indicate (i) how each of the following transactions impacts the fund balance of the general fund,…
A:
Q: The governmental funds of the City of Westchester report $541,000 in assets and $156,000 in…
A: Therefore, the total fund balance is $385,000. ($541000 - $156000)
Q: Required a. Prepare a General Fund statement of revenues, expenditures, and changes in fund balance.…
A: a. General Fund Statement of Revenues, Expenditures, and Changes in Fund Balance:
Q: Journal entries for an Internal Service Fund The following transactions occurred regarding the…
A: Internal Service Fund: A fund that primarily provides either benefits or goods or services to other…
Q: The governmental funds of the City of Westchester report $601,500 in assets and $214,000 in…
A: A "fund" is a collection of money that is received, earn, and invested with a particular objective…
Q: Prepare journal entries in general journal format to record the following transactions for the City…
A: Journal is the recording of entries according to dual entity concept where the transactions are…
Q: The City of Jonesboro engaged in the following transactions during the fiscal year ended September…
A: Journal entries are made by the government as well as the businesses so that the transactions which…
Q: ston Town
A: Liabilities resulting from governmental activities in the government-wide financial statements refer…
Q: Prepare the Statement of Revenues, Expenditures, and Changes in Fund Balance. The Main City presents…
A: Introduction The Statement of revenues and expenditures and changes in fund balance is operating…
Q: 4. The City of Grinders Creek maintains its books in a manner that facilitates the preparation of…
A: Journal entries are the primary method used in accounting to record financial transactions. They are…
Q: 7 Inglis City had a beginning cash and cash equivalents balance in its internal service fund of…
A: Cash Flow Statement is a financial statement which shows cash inflows and outflows of cash and cash…
Q: Required information [The following information applies to the questions displayed below.] The…
A: A key instrument for displaying a company's overall financial health and well-being is the cash flow…
Q: The following information was abstracted from the accounts of the General Fund of the City of Rome…
A: In this problem, we are asked to prepare the journal entries to record the transactions for the…
Step by step
Solved in 2 steps
- Journal entries for General Fund financial transactions for Croton City Prepare journal entries, as appropriate, to record these transactions. (We suggest you post the journal entries to general ledger T-accounts.) Of the $800 in property taxes receivable at January 1, $780 was collected in cash. The remaining $20 was written off as uncollectible. Deferred property taxes at the beginning of the year were recognized as revenue ($300). Accrued salaries from the previous year ($700) were paid. Property taxes in the amount of $9,030 were levied in order to provide revenues of $9,000. Tax bills were sent to the property owners. An allowance for uncollectible taxes was established. During the year, property taxes of $8,100 were collected in cash. The state collects personal income taxes on behalf of the city. During the year, Croton received personal income taxes of $4,600 from the state. The Parks Department collected $700 in recreation fees during the year. Croton paid salaries of…Determine the correct debit account from among the choices below: a. Expenditures b. Extraordinary Items c. Encumbrances d. Answer not included in the above selections The Debt Service Fund recognizes a principal payment that is currently due on a Bond debt. Answer 1 A contract is signed with ABC Construction for a project related to the Capital Projects Fund in the amount of $8,400,000. Answer 2 The city invests 30% of the bond proceeds in short term investments. Answer 3 A city’s water supply is contaminated by terrorists. Costs of clean-up, disposal, and importation of a fresh water supply total $50,000,000. Answer 4 The General Fund incurs and pays salaries totaling $400,000. Answer 5The 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…
- Accounting The following information is available for Phelan City for the year ended December 31, 2022: Total governmental fund balance was $3,000,000 The City had $1,000,000 of capital assets in place at the beginning of the year. The City acquired $800,000 in capital assets during the current year. Accumulated depreciation including the current year depreciation on capital assets $220,000 The City sold capital assets with a book value of $240,000 for $250,000. The City issued, during the current year, $3,000,000 in general obligation bonds and the bonds are to be used for a construction project. No other bonds were issued in previous periods. At the end of the year accrued interest payable was $180,000, not legally due. Revenue accrued but not available for current period use totaled $160,000. The balance in the government-wide governmental activities net position is equal to: Group of answer choices $1,160,000. $1,310,000. $1, 320,000. $1,330,000.I need the journal entry for these questions As of January 1, 2020, the City of Monroe had $12,000,000 in general obligation bonds outstanding. Eliminate the expenditures for bond principal. Adjust for the interest accrued in the prior year government-wide statements, but recorded as an expenditure in the 2020 fund basis statements, ($12,000,000 × 0.03 × 6/12) = $180,000.4. 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 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…Journal entries for a Pension Trust Fund The Pension Trust Fund maintained by the city of Marydell had the following transactions and events during its current fiscal year: 1. Contributions of $1,440,000 were received from General Fund employees, and the General Fund contributed its share of $240,000. 2. The fund paid $1,200 for investment management fees. 3. Investments held by the fund increased in value by $8,400. 4. Depreciation on fund capital assets totaled $1,920 5. Retirement benefits of $18,480 were paid to retirees. 6. Interest of $6,000 and dividends of $3,360 were received from investments. Prepare journal entries to record the transactions and events above for the Pension Trust Fund. If an entry affects more than one debit or credit account, enter the accounts in order of magnitude (largest to smallest balances), debits first. Account Cash Debit 1,440,000 Credit 0 x Additions-pension contributions-plan members ✓ 1,200,000 0 x Additions-pension contributions-employer 0…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…
- Prepare journal entries to record each of these transactions in the general fund. Based on your entries, prepare a balance sheet and statement of revenues, expenditures, and changes in fund balance for the general fund. The Authority issued $2.5 million in long-term bonds. · The Authority purchased 4 acres of land for $500,000 in cash. · It sold one of the 4 acres of land for $125,000 in cash. · It made a $325,000 payment on the debt, consisting of $75,000 of interest and $250,000 of principal. · It lost a lawsuit filed by one of its renters and was ordered to pay $1 million in damages over 5 years. It made its first cash payment of $200,000.City of Smithville General Fund Operating statement account balances For year 2023 Estimated Revenues Dr(Cr) Revenues Dr(Cr) Balance Dr(Cr) Acct 3020/4020 Estimated Revenues-Property Taxes $1,877,413 $1,877,578 ($165) Acct 3030/4030 Estimated Revenues-Sales Taxes 1,578,000 1,579,203 (1,203) Acct 3040/4040 Estimated Revenues-Interest and Penalties on Taxes 15,000 12,571 2,429 Acct 3050/4050 Estimated Revenues-Licenses and Permits 500,000 497,960 2,040 Acct 3060/4060 Estimated Revenues-Fines and Forfeits 175,000 173,590 1,410 Acct 3070/4070 Estimated Revenues-Intergovernmental Revenue 789,000 789,000 0 Acct 3080/4080 Estimated Revenues-Charges for Services 659,720 661,253 (1,533) Acct 3090/4090 Estimated Revenues-Miscellaneous Revenues 91,300 91,250 50 Encumberances Dr(Cr) Expenditures Dr(Cr) Appropriations Cr(Dr) Available Balance Cr(Dr) Acct 5020 / 6020 / 7020 Appropriations-General…The City of South Pittsburgh maintains its books so as to prepare fund accounting statements and records worksheet adjustments in order to prepare government-wide statements. Deferred inflows of resources—property taxes of $51,200 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 $10,000,000. When making the entries, it was estimated that 2 percent of the taxes would not be collected. At year-end, $200,000 is thought to be uncollectible, $349,000 would likely be collected during the 60-day period after the end of the fiscal year, and $53,800 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 recognized under modified accrual accounting, the City computed that $29,000 should be…