Reconciliations to yield government-wide financial statements (deferred revenues and compensated absences) 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 $4,500 and Compensated Absences of $3,000 (all numbers in $1,000s) at the beginning of the year. During the year, these accounts increased by $2,500 and $1,500, respectively. What reconciliation entries must the City include in its government-wide financial statements relating to Deferred Revenues and Compensated Absences? Reconciliation Spreadsheet Revenues Description To record reconciliation entry for deferred revenue. Compensated absence expense + + ◆ → Debit ooo 0 OOO 0 Credit 0 0 0 OOO

Reconciliations to yield government-wide financial statements (deferred revenues and compensated absences) 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 $4,500 and Compensated Absences of $3,000 (all numbers in $1,000s) at the beginning of the year. During the year, these accounts increased by $2,500 and $1,500, respectively. What reconciliation entries must the City include in its government-wide financial statements relating to Deferred Revenues and Compensated Absences? Reconciliation Spreadsheet Revenues Description To record reconciliation entry for deferred revenue. Compensated absence expense + + ◆ → Debit ooo 0 OOO 0 Credit 0 0 0 OOO

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Reconciliations to yield government-wide financial statements (deferred revenues and compensated absences) 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 $4,500 and Compensated Absences of $3,000 (all numbers in $1,000s) at the beginning of the year. During the year, these accounts increased by $2,500 and $1,500, respectively. What reconciliation entries must the City include in its government-wide financial statements relating to Deferred Revenues and Compensated Absences? Reconciliation Spreadsheet Description Debit Credit Revenues To record reconciliation entry for deferred revenue. Compensated absence expense To record reconciliation entry for compensated absences.
Reconciliations to yield government-wide financial statements (deferred revenues and compensated absences)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 $4,000 and Compensated Absences of $2,500 (all numbers in $1,000s) at the beginning of the year. During the year, these accounts increased by $2,000 and $1,200, respectively. What reconciliation entries must the City include in its government-wide financial statements relating to Deferred Revenues and Compensated Absences? Please avoid solutions in image based format thanku
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.
Accounting
The City of South Pittsburgh maintains its books so as to prepare fund accounting statements and records worksheet adjustments in order to prepare government-wide statements. Deferred inflows of resources—property taxes of $51,200 at the end of the previous fiscal year were recognized as property tax revenue in the current year’s Statement of Revenues, Expenditures, and Changes in Fund Balance. The City levied property taxes for the current fiscal year in the amount of $10,000,000. When making the entries, it was estimated that 2 percent of the taxes would not be collected. At year-end, $200,000 is thought to be uncollectible, $349,000 would likely be collected during the 60-day period after the end of the fiscal year, and $53,800 would be collected after that time. The City had recognized the maximum of property taxes allowable under modified accrual accounting. In addition to the expenditures recognized under modified accrual accounting, the City computed that $29,000 should be…
A city transfers cash of $20,000 from its general fund to an enterprise fund to pay for work performed by the enterprise fund for the school system. How does the city report this transfer on its government-wide financial statements? Multiple Choice Revenues increase by $20.000. Expenses increase by $20,000 No reporting is made. Revenues increase by $20.000. Expenditures increase by $20,000 Other Financing Sources increase by $20,000. Omer Financing Uses increase by $20,000
Changes in mix of revenues and expenditures must be interpreted with care. The data that follow were drawn from the city of Boulder, Colorado’s CAFR. Dates have been changed. They are from two statistical-section schedules showing the mix of revenue and expenditures for a 10-year period. They include amounts only from the general fund, special revenue funds, and debt service funds. 2020 2021 (amounts in thousands) Revenues Sales and use taxes $ 97,397 $104,136 General property taxes 29,474 29,434 Other taxes 20,278 21,184 Charges for services 27,030 22,670 Intergovernmental 16,420 13,348 Proceeds from bonds and notes 54,830 Other 20,660 21,473 Total revenues $266,089 $212,245 Expenditures General government and administration $ 27,717 $ 30,185 Public safety 47,825 48,202 Public works 22,178 27,896 Housing and human services 13,384 20,226 Culture and recreation 25,677 28,089 Capital outlay 29,111 19,218 Debt service 13,574 16,375…
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The following information has been provided by the City of Edward for its most recent December 31 fiscal year-end. The information provided relates to financial information needed to reconcile the net change in governmental fund balances to the change in net position of governmental activities. Principal payment on long-term debt Net change in total governmental fund balances Change in net position of governmental activities Capital outlay reported as expenditures Depreciation expense $ 333,791 1,062,777 638,576 111,000 Accrued expenses that do not require use of current financial resources Revenues that do not provide current financial resources 49,059 5,650 34,119 Required Prepare reconciliation of the net change in governmental fund balances to the change in net position of governmental activities for the City of Edward. (Decreases should be indicated with a minus sign.) CITY OF EDWARD Reconciliation of the Statement of Revenues, Expenditures, and Changes in Fund…
Subject : Accounting
Reconciliations to yield government-wide financial statements (landfill closure liability)The City of Captiva is preparing its government-wide financial statements from its fund financial statements. The City maintains a landfill for solid waste disposal and estimates that its total capacity is 12 million tons. At the end of the prior year, the City estimated that it had used 5 million tons and reported a liability for closure and postclosure costs of $5 million. During the year, the City estimates that it used an additional 2,500,000 tons of capacity. Closure and postclosure costs are expected to be $12 million when the Landfill reaches capacity. a. Calculate the current period cost.
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…