Record the appropriate journal entry using encumbrance accounting: 1. Federal grant of $30,000 was received. 2. By the end of the fiscal year, the city earned 80% of the federal grant. The remainder will be earned in the next fiscal year
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Record the appropriate
1. Federal grant of $30,000 was received.
2. By the end of the fiscal year, the city earned 80% of the federal grant. The remainder will be earned in the next fiscal year
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- The City of Wolfe has issued its financial statements for Year 4 (assume that the city uses a calendar year). The city’s general fund is made up 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. It also has one discretely presented component unit.The government-wide financial statements indicated the following Year 4 totals:Education had net expenses of $710,000.Parks had net expenses of $130,000.Art museum had net revenues of $80,000.General revenues were $900,000; the overall increase in net position was $140,000.The fund financial statements issued for Year 4 indicated the following:The general fund had an increase of $30,000 in its fund balance.The capital projects fund had an increase of $40,000 in its fund balance.The enterprise fund had an increase of $60,000 in its net position.Officials for Wolfe define “available” as current financial resources to be paid…8) OMR 2,000,000 of special assessments was levied on property owners in a special benefit district, payable in 10 equal annual installments. What are the journal entry of debt service fund?The City of Sunnyville’s General Fund has the following net resources at year end: $55,000 for LT Advance to an internal service fund $375,000 approved by the City Council with specific conditions for its use $2,500 of supplies inventory $60,000 state grant for snow removal $150,000 City Council resolution approved for funds to renovate city hall $400,000 to be used to fund government operations in the future Outstanding encumbrances of $80,000 for the purchase of furniture & fixtures What would be the total “Restricted” Fund balance? Select one: a. $275,000 b. $210,000 c. $150,000 d. $60,000
- Journal entries for a Pension Trust Fund The Pension Trust Fund maintained by the city of Marydell had the following transactions and events during its current fiscal year: 1. Contributions of $1,440,000 were received from General Fund employees, and the General Fund contributed its share of $240,000. 2. The fund paid $1,200 for investment management fees. 3. Investments held by the fund increased in value by $8,400. 4. Depreciation on fund capital assets totaled $1,920 5. Retirement benefits of $18,480 were paid to retirees. 6. Interest of $6,000 and dividends of $3,360 were received from investments. Prepare journal entries to record the transactions and events above for the Pension Trust Fund. If an entry affects more than one debit or credit account, enter the accounts in order of magnitude (largest to smallest balances), debits first. Account Cash Debit 1,440,000 Credit 0 x Additions-pension contributions-plan members ✓ 1,200,000 0 x Additions-pension contributions-employer 0…The preclosing trial balance of the General Fund for the City of KAYI shows the following balances at the end of its fiscal year. Estimated revenues - property taxes 850,00 ), Estimated revenues - licenses and fees 70,000, Estimated revenues - investment income 5,000, Appropriations - alaries 800,000, Appropriations- utilities 50,000, Appropriations - equipment 85,000. Revenues- Property taxes $850,000, Revenue- Licenses and fees 70,000, Revenue- Investment income 2,000. Expenditures- Salaries 795,01 10, Expenditures-Utilities 49,000, Expenditures- Equipment 82,000. Cash 65,000, Property taxes receivable 10,000. Joucher payable $29,000. Fund balance beginning $50,000. Fund balance at the end of the period a. $50,000 O b. 560,000 O c. $40,000 O d. $46,000The 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…
- 3. City 'A' issued OMR 2,750,000, 1.5 percent serial bonds, paying interest on January 1 and July 1. The bonds were sold on June 1 for 102. The city is required to use all accrued interest and premiums to service the debt. Any additional resources needed to service the debt are to come from the General Fund. The city's year-end is December 31. Required: Prepare form the budgetary entry the debt service fund would make to account for this serial bond issue. in general journalA $40 million contract is awarded by a county for construction of a building. Bonds are issued to finance construction, in the amount of $40 million. During the first year, $10 million is paid in cash to contractors for work done. At year-end, the capital projects fund reports the following fund balances: Question 43 options: a) Unavailable: $40 million b) Restricted $20 million, Committed: $10 million c) Restricted: $40 million d) Restricted: $30 millionThe 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…
- Instructions: Prepare a Statement of Changes in Equity for Sunflower Wholesale CompanyThe 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 salariesPrepare journal entries to record the following events in the city of Rosewood’sWater Commission enterprise fund: a. From its general fund revenues, the city transferred $300,000, which is restricted for the drilling of additional wells. b. Billings for water consumption for the month totaled $287,000, including $67,000 billed to other funds within the city. c. TheWater Commission collected $42,000 from other funds and $190,000 from other users on billings in item (b). d. To raise additional funds, the utility issued $700,000 of 5%, 10-year revenue bonds at face value. Proceeds are restricted to the development of wells. e. The contract with the well driller showed an estimated cost of $930,000. f. The well driller bills $360,000 at year-end. g. The utility pays a $300,000 bill from the well driller.