Following are descriptions of transactions and other financial events for the City of Tetris for the year ending December 2017. Not all transactions have been included here. Only the general fund formally records a budget. No encumbrances were carried over from 2016.The following questions are independent although each is based on the preceding information. Assume that the government is preparing information for its fund financial statements.What is the balance in the Budgetary Fund Balance account for the budget for the year? Is it a debit or credit?Assume that 60 percent of the school supplies are used during the year so that 40 percent remain. If the consumption method is being applied, how is this recorded?The sanitation truck that was ordered was not received before the end of the year. The commitment will be honored in the subsequent year when the truck arrives. What reporting is made at the end of 2015?Assume that new ambulance was received on December 31, 2017. Provide all necessary journal entries on that date.Prepare all journal entries that should have been made when the $33,000 transfer was made for the eventual payment of a long-term debt.What amount of revenue would be recognized for the period? Explain the composition of this total.What are the total expenditures? Explain the makeup of this total. Include response to (b) here.What journal entry or entries were prepared when the bonds were issued? Paid salary for police officers...Received government grant to pay ambulance drivers.Estimated revenues...Received invoices for rent on equipment used by fire department during last fourmonths of the year..Paid for newly constructed city hall..Made commitment to acquire ambulanceReceived cash from bonds sold for construction purposesPlaced order for new sanitation truck....Paid salary to ambulance drivers-money derived from state government grantgiven for that purpose.Paid for supplies for school system..Made transfer from General Fund to eventually pay off a long-term debt..Received but did not pay for new ambulance.....Levied property tax receivables for 2017. City anticipates that 95 % ($190,000)will be collected during the year and 5% will be uncollectible..Acquired and paid for new school bus....Received cash from business licenses and parking meters (not previously$ 21,00040,000232,0003,0001,044,000111,000300,000154,00024,00016,00033,000120,000200,00040,00014,000accrued).........Approved appropriations.225,000

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FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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Following are descriptions of transactions and other financial events for the City of Tetris for the year ending December 2017. Not all transactions have been included here. Only the general fund formally records a budget. No encumbrances were carried over from 2016.

The following questions are independent although each is based on the preceding information. Assume that the government is preparing information for its fund financial statements.

What is the balance in the Budgetary Fund Balance account for the budget for the year? Is it a debit or credit?
Assume that 60 percent of the school supplies are used during the year so that 40 percent remain. If the consumption method is being applied, how is this recorded?
The sanitation truck that was ordered was not received before the end of the year. The commitment will be honored in the subsequent year when the truck arrives. What reporting is made at the end of 2015?
Assume that new ambulance was received on December 31, 2017. Provide all necessary journal entries on that date.
Prepare all journal entries that should have been made when the $33,000 transfer was made for the eventual payment of a long-term debt.
What amount of revenue would be recognized for the period? Explain the composition of this total.
What are the total expenditures? Explain the makeup of this total. Include response to (b) here.
What journal entry or entries were prepared when the bonds were issued?

Paid salary for police officers...
Received government grant to pay ambulance drivers.
Estimated revenues...
Received invoices for rent on equipment used by fire department during last four
months of the year..
Paid for newly constructed city hall..
Made commitment to acquire ambulance
Received cash from bonds sold for construction purposes
Placed order for new sanitation truck....
Paid salary to ambulance drivers-money derived from state government grant
given for that purpose.
Paid for supplies for school system..
Made transfer from General Fund to eventually pay off a long-term debt..
Received but did not pay for new ambulance.....
Levied property tax receivables for 2017. City anticipates that 95 % ($190,000)
will be collected during the year and 5% will be uncollectible..
Acquired and paid for new school bus....
Received cash from business licenses and parking meters (not previously
$ 21,000
40,000
232,000
3,000
1,044,000
111,000
300,000
154,000
24,000
16,000
33,000
120,000
200,000
40,000
14,000
accrued).........
Approved appropriations.
225,000

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