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How to tell the panelist that the group will get funds from the municipality treasury and, it is the duty of the municipality treasurer to fully fund all the needed expenses of the project.
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- 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…Theodore County uses a General Fund, a Special Revenue Fund, and an Enterprise Fund. The Special Revenue Fund is financed by a grant from the state to provide care for the elderly. The Enterprise Fund provides bus service both to the public and to government agencies. Prepare entries to record these transactions. Identify the funds involved in each case. a. The Enterprise Fund bills the Special Revenue Fund $15,000 for bus service provided to the elderly. b. The General Fund receives an electricity bill for $20,000 and prepares a voucher to pay the bill. The General Fund then bills the Special Revenue Fund for $3,000, representing the portion of the electricity bill applicable to the senior citizens building. C. The Enterprise Fund is short of cash to pay its bills. The General Fund lends the Enterprise Fund $50,000 in cash, which will be repaid before the end of the year. d. The General Fund pays cash of $100,000 to the Enterprise Fund as a subsidy to help meet the operating costs of…Topic Please research an annual comprehensive financial report of any local municipality of your choice that had a general government capital construction project that was financed. Discuss the project and type of financing that the local government used, and opine on the other various financing options that the government could have used. In your opinion, did the local government use the most effective financing option? Why or why not? Note: Please provide a link to the referenced material used. This can be attached as a website link or a document (PDF/Word). Make sure to reference your source (using APA 7th edition).
- Governmental accounting Explain how each of the following would affect the classification of the fund balance in the General Fund. All related resources are reported as General Fund assets. 1. Inventory of materials and supplies is $50,000 but $20,000 has not yet been paid to vendors for the recent purchases of the materials and supplies on hand. 2. The finance director has committed to using $40,000 of the carryover fund balance for employee attendance at training conferences. 3. Prepaid insurance in the General Fund is $10,000. 4. The city council adopted an ordinance setting aside $100,000 for planned improvements to police training programs. 5. Unspent receipts of a tax imposed with the stipulation that the monies raised must be used for economic development total $750,000. 6. Unrestricted tax receivables total $1,000,000, however, there are related deferred inflows of resources for unavailable taxes of $740,000. 7. A long-term receivable from which collection proceeds are assigned…For each of the following indicate the fund (or funds), if any, in which you think the activity should be accounted for and reported. If you think the fund should be a fiduciary fund, then indicate the type of fund; if a governmental or proprietary fund, then so state. Provide a brief explanation for your response. The Jackson School District holds all funds of the foundation that supports the Jackson High School football team. The foundation is governed by a board of advisors, the members of which are selected by a committee of other advisors. The District performs no administrative functions other than depositing the funds in a checking account and writing checks as directed by the foundation. Virginia State University requires that all cash collected by university‐sponsored clubs be held in university maintained accounts and that all disbursements be approved by the Assistant Dean of Students, consistent with policies and procedures established by the university. Using general…A city orders a new computer for its police department that is recorded within its general fund. The computer has an anticipated cost of $89,600. Its actual cost when received is $91,880. Payment is subsequently made. a. Prepare all required journal entries for both fund and government-wide financial statements. (Select the appropriate fund for each situation when required. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Transaction Fund/Activity General Journal Debit 1. Purchase and payment made for computers in the government wide financial statements. 1 Record the receipt of computers and the accompanying liability. Record payment made. 2. Purchase and payment made for computers in the general fund. 2 Record the order placed for purchase of computer. Credit Record entry to remove encumbrance for computers that has now been received. Record the receipt of computers and the accompanying liability. Record payment made.
- What type of fund is unique only to a local government unit? Select the correct response: General Fund Depositary Fund Special Education Fund Trust FundsA teacher working for the City of Lights will be provided with a defined benefit pension plan. The city sets up a pension trust fund to monitor the resources held for these future payments. How is the amount of net pension liability to be reported in the government-wide financial statements determined?IS IT AN ASSET OR A LIABILITY? During the long evolution of government accounting, many scholars have discussed its unique features. In the August 1989 issue of the Journal of Accountancy R.K. Mautz de- scribed the reporting needs of governments and not-for-profit organizations (such as charities) in “Not-For-Profit Financial Reporting: Another View.”As an illustration of their accounting challenges, Mautz examined the method by which a city should record a newly constructed high school building. Conventional busi- ness wisdom would say that such a property represents an asset of the government. Thus, the cost should be capitalized and then depreciated over an estimated useful life. How- ever, in paragraph 26 of FASB Concepts Statement No. 6, an essential characteristic of an asset is “a probable future benefit . . . to contribute directly to future net cash inflows.”Mautz reasoned that the school building cannot be considered an asset because it pro- vides no net contribution to cash…
- Construction of a municipal courthouse would typically be accounted for using a: Group of answer choices a.) Capital projects fund b.) Permanent fund c.) General fundA capital projects fund would probably not be used for which of the following assets? A. Construction and installation of new shelving in the mayor's office. B, Replacing a bridge. C. Financing and construction of three new fire substations. D. Purchase and installation of an entity-wide integrated computer system.
