In the notes to its December 31, 1996, balance sheet, how should Witt report the above data? a. No disclosure is required. b. Only sinking fund payments totaling $8,000,000 for the next five years detailed by year need be disclosed. c. Only maturities totaling $9,500,000 for the next five years detailed by year need be disclosed. d. The combined aggregate of $17,500,000 of

In the notes to its December 31, 1996, balance sheet, how should Witt report the above data? a. No disclosure is required. b. Only sinking fund payments totaling $8,000,000 for the next five years detailed by year need be disclosed. c. Only maturities totaling $9,500,000 for the next five years detailed by year need be disclosed. d. The combined aggregate of $17,500,000 of

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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The following information was abstracted from the accounts of the General Fund of the City of Rome after the books had been closed for the fiscal year ended June 30, 2020. Cash Taxes Receivable Allowance for Uncollectible Taxes Accounts Payable Fund Balance View transaction llest Postclosing Trial Balance June 30, 2019 $571,600 36,000 $687,608 5,608 182,808 500,000 $607,608 Clear entry 1 Record the transfer of taxes receivable to revenues control account. 2 Record the receipt of taxes and the uncollectibles. 3 Record the expenditures payable. 4 Record the payment of expenditure. 5 Record the transfer out of general fund. Hint: This is the plug needed to make cash balance after considering the other entries. 6 Record the transfer of revenue and expenditure control accounts to fund balance. Note: = journal entry has been entered Record entry Transactions July 1, 2019, to June 30, 2020 Debits $1,370,000 1,482,488 5,600 1,387,600 X There were no transfers into the General Fund, but there…
For the following event, prepare journal entries under a governmental fund (using modified accrual), necessary worksheet entries, and government-wide financial statements (using accrual basis of accounting). At year end, additional general obligation bonds were issued at 102 with a face value of $1,000,000. J/E under Modified Accrual Account Debited [Select) Worksheet Entries Account Debited [Select] [Select] Account Credited [Select] [Select] Account Credited [Select [Select] Amount Debited [Select] Amount Debited 1.000.000 [Select) Amount Credited 1,000,000 [Select] Amount Credited 1.000.000 [Select]
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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.
During the financial year ending May 31, 2020 the Board of Directors of Chung Sa Corporation authorised the write off of a $3,000 two-year debt belonging to a previous customer Jap Inc. On July 2, 2020 Chung Sa Corporation received an electronic funds transfer from Jap Inc. in the amount of $3,000. Required: Prepare all necessary journal entries to record this transaction.
On March 2, 2018, Beloit City issued 10-year general obligation bonds at face amount, with interest payable on March 1 and September 1. The proceeds were to be used to finance the construction of a civic center over the period of April 1, 2018, to March 31, 2019. During the fiscal year ended June 30, 2018, no resources had been provided to the debt service fund for the payment of principal and interest.The liability for the general obligation bonds should be recorded in the a. general fund. b. capital projects fund. c. general long-term debt account group. d. debt service fund.
As of December 31, 2019, Sandy Beach had $8,300,000 in 5.0 percent serial bonds outstanding. Cash of $443,000 is the debt service fund's only asset as of December 31, 2019, and there are no liabilities. The serial bonds pay interest semiannually on January 1 and July 1, with $500,000 in bonds being retired on each interest payment date. Resources for payment of Interest are transferred from the General Fund, and the debt service fund levies property taxes in an amount sufficient to cover principal payments. c. Prepare a balance sheet for the debt service fund as of December 31, 2020. Cash Total Assets SANDY BEACH Debt Service Fund Balance Sheet December 31, 2020 Assets S Deferred Inflows of Resources Fund Balances Total Deferred Inflows of Resources and Fund Balance S 0 0
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Cullumber College pooled the individual investments of three of its funds on December 31, 2024. The recorded value and the fair market value of the investments on December 31, 2024, are presented here: Loan fund Quasi-endowment fund Life income fund Total Recorded Value $112,000 116,600 144,400 $373,000 Fair Value $99,000 138,600 158,400 $396,000 During 2025, the investment pool earned dividends of $10,400 and interest of $16,200 and distributed cash in these amounts to the respective funds. Realized gains on transactions of the investment pool amounted to $23,000 and were reinvested in securities held in the pool.
10. Porgy Co.'s retirement plan requires a P250,000 annual contribution to a fund held by a third party trustee. The fund is legally separate from Porgy Co. and is available solely for the payment of the retirement benefits of Porgy's employees. At the beginning 20x1, the fund balance is P2,800,000. In its December 31, 20x0 and December 31, 20x1 statements of financial position, Porgy reported accrued payable for retirement benefits of P30,000 and P80,000, respectively. Payments to retiring employees during 20x1 totaled P750,000. How much is the retirement benefits expense in 20x1? a. 250,000 b. 700,000 c. 750,000 d. 800,000
1. The General Fund collected $625,000 in accrued taxes, which was transferred to the debt service fund; $400,000 of this amount was used to retire outstanding serial bonds and the remainder was used to make the interest payment on the outstanding serial bonds. Required: Record the transection under General Fund and debt service fund
As of December 31, 2022, Sandy Beach had $9,800,000 in 6.5 percent serial bonds outstanding. Cash of $433,000 is the debt service fund's only asset as of December 31, 2022, and there are no liabilities. The serial bonds pay interest semiannually on January 1 and July 1, with $500,000 in bonds being retired on each Interest payment date. Resources for payment of Interest are transferred from the General Fund, and the debt service fund levies property taxes in an amount sufficient to cover principal payments. Required b. Prepare a statement of revenues, expenditures, and changes in fund balances for the debt service fund for the year ended December 31, 2023. SANDY BEACH Debt Service Fund Statement of Revenues, Expenditures and Changes in Fund Balance For the Year Ended December 31, 2023 Revenues: Appropriations Expenditures: Total Expenditures Excess of Expenditures Over Revenues Other Financing Sources (Uses): Increase in Fund Balance 0 0 0 Fund Balance, January 1, 2023 Fund Balance,…