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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 year ended December 31, 2021, Fidelity Engineering reported pretax accounting income of $1,036,000. Selected information for 2021 from Fidelity’s records follows: Interest income on municipal governmental bonds $ 92,000 Depreciation claimed on the 2021 tax return in excessof depreciation on the income statement 116,000 Carrying amount of depreciable assets in excessof their tax basis at year-end 208,000 Warranty expense reported on the income statement 56,000 Actual warranty expenditures in 2021 46,000 Fidelity's income tax rate is 25%. At January 1, 2021, Fidelity's records indicated balances of zero and $23,000 in its deferred tax asset and deferred tax liability accounts, respectively. Required:1. Determine the amounts necessary to record income taxes for 2021, and prepare the appropriate journal entry.2. What is Fidelity’s 2021 net income?You are given the following post-closing trial balance for the Special Assessment Capital Projects Fund of the city of Stone Creek as of January 1, 2018. The project was started last year and should be completed in June of 2018. Debit CreditCash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 290,000Contracts Payable—Retained Percentage. . . . . . . . . . . 60,000Fund Balance—Restricted . . . . . . . . . . . . . . . . . . . . . . . . . 150,000Fund Balance—Assigned for Encumbrance . . . . . . . . . 80,000Totals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 290,000 290,000The special assessments are collected by the debt service fund, which also makes payments of principal and interest on special assessment bonds. The city has…
- 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.General City's general fund reported a supplies inventory costing $200,000 at the beginning of the fiscal year. During the year, General City purchased materials and supplies on account for $15,000,000; $900,000 remains unpaid at year-end. Materials and supplies costing $125,000 are on hand at the end of the fiscal year. Prepare the journal entries made this year using the consumption method and purchases method.The City of Castleton’s General Fund had the following post-closing trial balance at June 30, 2019, the end of its fiscal year: Debits Credits Cash $ 476,000 Taxes Receivable—Delinquent 601,000 Allowance for Uncollectible Delinquent Taxes $ 189,120 Interest and Penalties Receivable 28,080 Allowance for Uncollectible Interest and Penalties 12,960 Inventory of Supplies 17,900 Vouchers Payable 166,500 Due to Federal Government 77,490 Deferred Inflows of Resources—Unavailable Revenues 427,000 Fund Balance—Nonspendable—Inventory of Supplies 17,900 Fund Balance—Unassigned 232,010 $ 1,122,980 $ 1,122,980 Prepare a General Fund balance sheet as of June 30, 2020.
- The following program has been prepared for the audit of accruedreal estate taxes of a client that pays taxes on 25 different pieces of property, some ofwhich have been acquired in the current year:1. Obtain a schedule of accrued taxes from the client and tie the total to the generalledger.2. Compare the charges for annual tax payments with property tax assessment bills.3. Recompute accrued/prepaid amounts for all bills on the basis of the portion of theyear expired.a. State the purpose of each procedure.b. Evaluate the adequacy of the audit programThe following information is available for the preparation of the government-wide financial statements for the City of Northren Pines fot the year ended June 30,2020: Expenses: General government $11,960,000; Public Safety $23,900.000; Public Works $11,290,000 Health and sanitation $6,010,000, Culture and recreation $4,198,000; Interest on long term debt, governmental type $721,000; Water and Sewer system $10,710,000 Parking system $409,000 Revenues: Charges for service, general governemnt $1,510,000; Charges for services, public safety $210,000; Operating grant, public safety $798,000; Charges for services health and sanitation $2,335,000; Operating grant, health and sanitation $1,210,000; Charges for service, culture and recreation $1,998,000; Charges for services, water and sewer $11,588,000; Changes for services, parking system $388,000; Property Taxes $27,112,000; Sales Taxes $20,698,000 investment earnings, business-type $325,000; Special Item - gain on sale of unused land,…The General Fund and Special Revenue Funds P4-2 (General Fund-Typical Transactions) Prepare all general journal entries required in the General Fund of Washington County for each of the following transactions. Also, use transaction analysis to show any effects on the GCA-GLTL accounts. The county levied property taxes of $5,000,000. It is estimated that 2% will be uncollectible. The rest of the taxes are expected to be collected by year end or soon enough thereafter to be considered available at year end. The county collected $4,300,000 of the taxes receivable before the due date and the balance of taxes became delinquent. The county collected another $540,000 of the taxes receivable by the end of the fiscal year. The county paid salaries
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