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The City of Lynnwood was recently incorporated and had the following transactions for the fiscal year ended December 31. The city council adopted a General Fund budget for the fiscal year. Revenues were estimated at $2,000,000 and appropriations were $1,990,000. Property taxes in the amount of $1,940,000 were levied. It is estimated that $9,000 of the taxes levied will be uncollectible. A General Fund transfer of $25,000 in cash and $300,000 in equipment (with accumulated depreciation of $65,000) was made to establish a central duplicating internal service fund. A citizen of Lynnwood donated marketable securities with a fair value of $800,000. The donated resources are to be maintained in perpetuity with the city using the revenue generated by the donation to finance an after-school program for children, which is sponsored by the culture and recreation function. Revenue earned and received as of December 31 was $40,000. The city’s utility fund billed the city’s General Fund…

Craven City has an electric utility fund that is managed by Tara Perkins. Show the journal entries that would be recorded in the general fund for the following transactions that occurred during the fiscal year ended June 30, 2021 and identify the income statement effect of each entry: 1. The electric utility fund provided electric services to city departments accounted for in the general fund. The electric utility fund bills $100,000 for these services. 2. The general fund pays the amount owed.

The City of Greystone maintains its books so as to prepare fund accounting statements and prepares worksheet adjustments in order to prepare government-wide statements. You are to prepare, in journal form, worksheet adjustments for each of the following situations: The City levied property taxes for the current fiscal year in the amount of $8,000,000. At year-end, $720,000 of the taxes had not been collected. It was estimated that $330,000 of that amount would be collected during the 60 days after the end of the fiscal year and that $360,000 would be collected after that time and the balance would be uncollectible. The City had recognized the maximum of property taxes allowable under modified accrual accounting. $255,000 of property taxes had been deferred at the end of the previous year and was recognized under modified accrual as revenue in the current year. In addition to the expenditures reported under modified accrual accounting, the city computed that an additional $104,000…

The City of Jonesboro engaged in the following transactions during the fiscal year ended September 30, 2018.  Record the following transactions related to interfund transfers. Be sure to indicate in which fund the entry is being made. a. The city transferred $400,000 from the general fund to a debt service fund to make the interest payments due during the fiscal year. The payments due during the fiscal year were paid. The city also transferred $200,000 from the general fund to a debt service fund to advance-fund the $200,000 interest payment due October 15, 2019. b. The city transferred $75,000 from the Air Operations Special Revenue Fund to the general fund to close out the operations of that fund. c. The city transferred $150,000 from the general fund to the city’s Electric Utility Enterprise Fund to pay for the utilities used by the general and administrative offices during the year. d. The city transferred the required pension contribution of $2 million from the general fund to the…

The City of Lexington is preparing its government-wide financial statements from its fund financial statements. The City records Deferred Revenue with a book value of $3,500 and Compensated Absences of $2,000 (all numbers in $1,000s) at the beginning of the year. During the year, these accounts increased by $1,500 and $900, respectively. What reconciliation entries must the City include in its government-wide financial statements relating to Deferred Revenues and Compensated Absences? Please show work so I can follow along to learn. THANK YOU! Reconciliation Spreadsheet Description Debit Credit Revenues To record reconciliation entry for deferred revenue. Compensated absence expense To record reconciliation entry for compensated absences.

The City of Wolfe issues its financial statements for Year 4 (assume that the city uses a calendar year). The city’s general fund is composed of two functions: (1) education and (2) parks. The city also utilizes capital projects funds for ongoing construction and an enterprise fund to account for an art museum. The city also has one discretely presented component unit.   The government-wide financial statements indicate the following Year 4 totals. Education had net expenses of $698,000. Parks had net expenses of $113,000. Art museum had net revenues of $59,250. General revenues were $977,750. The overall increase in net position for the city was $226,000.   The fund financial statements for Year 4 indicate the following: The general fund had an increase of $47,750 in its fund balance. The capital projects fund had an increase of $45,500 in its fund balance. The enterprise fund had an increase of $90,000 in its net position balance.   Officials for the City of…

The City of Wolfe issues its financial statements for Year 4 (assume that the city uses a calendar year). The city's general fund is composed of two functions: (1) education and (2) parks. The city also utilizes capital projects funds for ongoing construction and an enterprise fund to account for an art museum. The city also has one discretely presented component unit. The government-wide financial statements indicate the following Year 4 totals. Education had net expenses of $668,000. Parks had net expenses of $147,000. Art museum had net revenues of $59,500. General revenues were $972,500. The overall increase in net position for the city was $217,000. The fund financial statements for Year 4 indicate the following: The general fund had an increase of $32,500 in its fund balance. The capital projects fund had an increase of $62,250 in its fund balance. The enterprise fund had an increase of $63,250 in its net position balance. Officials for the City of Wolfe define "available" as…

The City of Wolfe issues its financial statements for Year 4 (assume that the city uses a calendar year). The city's general fund is composed of two functions: (1) education and (2) parks. The city also utilizes capital projects funds for ongoing construction and an enterprise fund to account for an art museum. The city also has one discretely presented component unit. The government-wide financial statements indicate the following Year 4 totals. Education had net expenses of $792,000. Parks had net expenses of $125,000. Art museum had net revenues of $52,750. General revenues were $1,108,250. The overall increase in net position for the city was $244,000. The fund financial statements for Year 4 indicate the following: The general fund had an increase of $32,750 in its fund balance. The capital projects fund had an increase of $61,750 in its fund balance. The enterprise fund had an increase of $120,000 in its net position balance. Officials for the City of Wolfe define "available" as…

The City of Wolfe issues its financial statements for Year 4 (assume that the city uses a calendar year). The city’s general fund is composed of two functions: (1) education and (2) parks. The city also utilizes capital projects funds for ongoing construction and an enterprise fund to account for an art museum. The city also has one discretely presented component unit.  The government-wide financial statements indicate the following Year 4 totals. Education had net expenses of $622,000. Parks had net expenses of $105,000. Art museum had net revenues of $54,750. General revenues were $881,250. The overall increase in net position for the city was $209,000.   The fund financial statements for Year 4 indicate the following: The general fund had an increase of $51,750 in its fund balance. The capital projects fund had an increase of $60,250 in its fund balance. The enterprise fund had an increase of $62,500 in its net position balance.   Officials for the City of…