KThe governmental funds of the City of Westchester report $576,500 in assets and $219,000 in liabilities. The following are some of theassets that the government reports.•Prepaid items-$8,200Cash from a bond issuance that must be spent within the school system according to the bond indenture-$111,000.Supplies-$5,200• Investments given by a citizen that will be sold soon with the proceeds used to beautify a public park-$36,000Cash that the assistant director of finance designated for use in upgrading the local roads-$49,750Cash from a state grant that must be spent to supplement the pay of local kindergarten teachers-$62,750Cash that the city council (the highest level of decision-making authority in the government) voted to use in renovating a schoolgymnasium-$67,250Required:On a balance sheet for the governmental funds, what fund balance amounts should the City of Westchester report?Fund balance-nonspendablehtFund balance-restrictedencesFund balance-committedFund balance assignedFund balance-unassignedTotal fund balance0

The fund balance is divided into five categories: nonspendable, restricted, committed, assigned, and…

Answered: K The governmental funds of the City 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 transactions were among those reported by Corfe City's electric utility enterprise fund for Year 1: Cash paid to supplier $ 900,000 Cash received from customer households 2,700,000 Proceeds from the sale of revenue bonds 4,500,000 In the electric utility enterprise fund's statement of cash flows for the year ended December 31, Year 1, what amount should be reported as cash flows from capital and related financing activities? A.) $4,500,000 B.) $5,400,000 C.) $7,200,000 D.) $8,100,000
4 A non profit organization has two programs (A and B), each of which has its own fund. The organization has a debt service fund and a general operating fund (which handles the unrestricted transactions). For the following events show the effect on the fundamental equation of accounting for each of the affected funds: 1.a) The organization charges out its Operation Department to each program equally, at $1,000 each, for services performed to maintain property, plan, and equipment. The programs pay with cash. ( 1.b) The organization transfers $20,000 to the debt service fund.
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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 governmental funds of the City of Westchester report the following information: Prepaid items Cash from a bond issuance that must be spent within the school system according to the bond indenture Supplies Investments given by a citizen that will be sold soon with the proceeds used to beautify a public park Cash that the assistant director of finance designated for use in upgrading the local roads Cash from a state grant that must be spent to supplement the pay of local kindergarten teachers Cash that the city council voted to use in renovating a school gymnasium Total assets (includes balances other than those listed above) Liabilities $8,700 106,000 7,000 38,250 52,250 69,750 61,000 568,500 213,000 The city council has the highest level of decision-making authority for the City of Westchester Required: Note: Use the cells A2 to 812 from the above information to complete this question. On a balance sheet for the government funds, what fund balance amounts should the city of…
vaibhav subject-Accounting
Scenario and General Fund budgetary journal entries The scenario: Croton City maintains four governmental-type funds: a General Fund, a Library Special Revenue Fund, a Capital Projects Fund, and a Debt Service Fund. Croton City started its calendar year 2019 with the following General Fund balances (all numbers are in thousands of dollars). Debits Credits Cash $1,800 Property taxes receivable 800 Salaries payable $700 Deferred property tax revenues 300 Unassigned fund balance - 1,600 Totals $2,600 $2,600 Croton has adopted the following budgetary and accounting policies: Encumbrance accounting is used only for the acquisition of supplies and for the award of contracts for construction and construction-related activities. Open encumbrances lapse at the end of the year, but are considered in developing the next year's budget. Because final income tax returns are not required to be filed until April 15 of the year following the end of a calendar…
Ibri township issued the following bonds during the year. The bond issued to purchase equipment for vehicle repair service that is accounted for in an internal service fund RO 30,000, The bonds issued to construct a new city hall RO 10,000 The bonds issued to improve its water utility, which is accounted for in an enterprise fund RO 50,000. The amount of bond issued to be reported in the general fund is a. RO 10,000 b. RO 50,000 c. None of the options d. RO 30,000
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I have completed everything except for the unrestricted amounts. I can't seem to figure those out. Can someone please help? Problem: The following information is available for the preparation of the government-wide financial statements for the City of Southern Springs as of April 30, 2020: Cash and cash equivalents, governmental activities $ 420,000 Cash and cash equivalents, business-type activities 884,000 Receivables, governmental activities 498,000 Receivables, business-type activities 1,471,000 Inventories, business-type activities 576,000 Capital assets, net, governmental activities 14,953,000 Capital assets, net, business-type activities 7,864,000 Accounts payable, governmental activities 719,000 Accounts payable, business-type activities 619,000 General obligation bonds, governmental activities 8,637,000 Revenue bonds, business-type activities 3,554,000 Long-term liability for compensated…

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