Prepare the journal entries for the following transactions to consolidate financial statements from fund-level statements to government-wide statements. Deferred property taxes at the end of the year was $92.

Prepare the journal entries for the following transactions to consolidate financial statements from fund-level statements to government-wide statements. Deferred property taxes at the end of the year was $92.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

185. During the current year, Wythe County levied $2,000,000 property taxes, 1% of which is expected to be uncollectible. During the year, the county col- lected $1,800,000 and wrote off $15,000 as uncol- lectible. What amount should Wythe County report as property tax revenue in its government-wide statement of activities for the current year? a. $1,800,000 b. $1,980,000 c. $1,985,000 d. $2,000,000 186. Harland County received a $2,000,000 capital grant to be equally distributed among its five munici- palities. The grant is to finance the construction of capital assets. Harland had no administrative or direct financial involvement in the construction. In which fund should Harland record the receipt of cash? a. Agency fund b. General fund. c. Special revenue fund. d. Private purpose trust fund.
Assume that the County of Katerah maintains its books and records in a manner that facilitates preparation of the fund financial statements. The county formally integrates the budget into the accounting system and uses the encumbrance system. All appropriations lapse at year-end. At the beginning of the fiscal year, the county had the following balances in its accounts. All amounts are in thousands. Prepare the necessary entries for the current fiscal year. Cash $200 Fund balance unassigned 50 Reserve for encumbrances (committed or assigned) 150 (a) The county made the appropriate entry to restore the prior-year purchase commitments. (b) The county board approved a budget with revenues estimated to be $800 and expenditures of $750. (c) The county received the items that had been ordered in the prior year at an actual cost of $135. (d) The county ordered supplies at an estimated cost of $50 and equipment at an estimated cost of $70. (e) The county incurred salaries and other operating…
Accounting Question
The City of Bayamon maintains its books and records in a way that facilitates the preparation of the financial statements of the funds. Prepare all the journal entries necessary to record the city's revenue from the following transactions for the year ended December 31, 20X7. On January 15, the city received notification that it had been awarded a $300,000 federal grant to assist in the operation of its Meals on Wheels program. The federal government expects to send the cash in about three months. This is not a rebate-type grant and all eligibility requirements have been met. In February, the city spent $31,000 on Meals on Wheels. $1,800 parking tickets were issued in March. Payment must be made within 30 days, when the city has an enforceable legal claim to the amounts. In April, the city received the $300,000 grant from the federal government. In April, the city received $1,200 in cash for parking tickets issued in March. Additionally, $100 in fines were contested and court dates…
1. At the beginning of 2020, the balance sheet of a county general fund reports $500,000 in property taxes receivable from 2019, of which $350,000 are considered uncollectible. During 2020 the county sends out tax bills in the amount of $10,000,000, of which $600,000 are expected to be uncollectible. Cash collections on 2019 taxes are $140,000, and the remaining uncollected taxes are written off. Cash collections on 2020 taxes are $9,500,000. Of the $500,000 uncollected at the end of 2020, $100,000 are expected to be collected within 60 days, $65,000 are expected to be collected more than 60 days after year-end, and the rest are uncollectible.The general fund's balance sheet at the end of 2020 will include: Select one: A. Property taxes receivable, net of uncollectibles, of $100,000 B. Deferred inflows of $65,000 C. Property taxes receivable, net of uncollectibles, of $500,000 D. Deferred inflows of $165,000 2. Below is the preclosing trial balance of a town's general fund at…
Please prepare general journal entries, as necessary to record the following transactions in the debt service fund and in the governmental activities general journal. Do not give answer in image formate
1
Prepare journal entries to record the following transactions in the capital projects fund and the government-wide financial statements (governmental activities). Please write "no entry" for any transactions that no journal entries is required. Please show your calculation where necessary. 1. A local government sold serial bonds in the amount of $120,000,000 to finance the construction of an administrative building. The bonds were sold at par on March 2. The annual interest rate is 5% with semiannual interest payments on March 1 and September 1. 2. Shortly thereafter a construction contract in the amount of $62,000,000 was signed and the contractor commenced work. 3. The government made an interest payment on Sep 1. 4. The contractor has billed the local government of $42,000,000 on Dec 31. 5. Prepare the adjusting entries if necessary. 6. Prepare closing entries if necessary.
For each of the following events or transactions, prepare the necessacry journal entries and identify the fund or funds that will be affected. 1. A governmental unit collects fees totaling $4,500 at the municipal pool. The fees are charged to recover costs of pool operation and maintenance 2. A county government that serves as a tax collection agency for all towns and cities located within the county collects county sales taxes totaling $125,000 for the month. 3. A $1,000,000 bond offering was issued, with a premium of $50,000, to subsidize the construction of a city visitor center. 4. A town receives a donation of $50,000 in bonds. The bonds should be held indefinitely, but bond income is to be donated to the local zoo. The zoo is associated with the town. 5. A central printing shop is established with a $150,000 nonreciprocal transfer from the general fund. 6. A $1,000,000 revenue bond offering was issued at par by a fund that provides water and sewer services to…
For each of the following events or transactions, prepare the necessacry journal entries and identify the fund or funds that will be affected. 1. A governmental unit collects fees totaling $4,500 at the municipal pool. The fees are charged to recover costs of pool operation and maintenance 2. A county government that serves as a tax collection agency for all towns and cities located within the county collects county sales taxes totaling $125,000 for the month. 3. A $1,000,000 bond offering was issued, with a premium of $50,000, to subsidize the construction of a city visitor center. 4. A town receives a donation of $50,000 in bonds. The bonds should be held indefinitely, but bond income is to be donated to the local zoo. The zoo is associated with the town. 5. A central printing shop is established with a $150,000 nonreciprocal transfer from the general fund. 6. A $1,000,000 revenue bond offering was issued at par by a fund that provides water and sewer services to…
On January 1, 2019, a city recorded General Fund property tax revenues of $750,000 but made no provision for uncollectible receivables or tax refunds. During the year, it collected property taxes of $720,000, wrote off $4,000 as uncollectible, and made tax refunds of $3,000. At year-end, the city finance director concluded that $10,000 of the delinquent taxes would be collected in January and February of 2020, $12,000 would be collected later in 2020, and $1,000 would need to be written off as uncollectible. How much should the city report as property tax revenue in its General Fund financial statements for the year 2019? a.713,000 b.730,000 c.720,000 d.742,000
Effect of different measurement focuses and bases of accounting Following are some of Vista Village’s events during calendar year 2021. For each event, state (a) the amount the Village would report as expenditures if the event occurred in a governmental-type fund and (b) the amount it would report as expenses if the eventoccurred in an Enterprise Fund.1. The amount owed to employees for vacation and sick leave increased from $720,000to $765,000 during the year. Employees are permitted to receive payment for unusedvacation and sick leave days when they retire; at year-end, however, none of the employees had retired.2. At December 31, 2021 interest accrued on outstanding long-term debt amounted to $63,000. The interest was due to be paid on May 1, 2022.