Question No. 3On 1/1/2011, the Health Ministry authorized the construction of a new building in Ibra Hospital expectedto cost RO1,000,000 the amount will be received from the govermment grant. The following transactionswere occurred duringthe yearPlanning and architect's fees are paid RO 40,000A contract is awarded for RO 950,000Construction is certified to be 50% complete and a bill for RO 475,000 is received from thecontractorRO 450,000 cash paid to contractorRequired: Prepare Statement of revenues, expenditures & changes in fund balances.Capital Project Fund of Health MinistryReferencesAppropriationsEncumbrancesExpenditureFundBalance

Capital Project fund It is financed by public funds. Eg: Capital projects are infrastructure…

Answered: Required: Prepare Sta tement of…

Required: Prepare Sta tement of revenues, expenditures & changes in fnd balances Capital Project Fund of Health Ministry References Appropriations Encumbrances Еxpenditure Fund Balance

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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Required information [The following information applies to the questions displayed below.] The Village of Seaside Pines prepared the following enterprise fund Trial Balance as of December 31, 2024, the last day of its fiscal year. The enterprise fund was established this year through a transfer from the General Fund. Accounts payable Accounts receivable Accrued interest payable Accumulated depreciation Administrative and selling expenses Allowance for uncollectible accounts Capital assets Cash Charges for sales and services Cost of sales and services Depreciation expense Due from General Fund Interest expense Interest revenue Transfer in from General Fund Bank note payable Supplies inventory Totals Debits Adjustments: $ 29,400 53,000 VILLAGE OF SEASIDE PINES ENTERPRISE FUND Reconciliation of Operating Income to Net Cash Provided by Operating Activities For the year ended December 31, 2024 722,000 98,000 504,000 51,000 17,700 40,900 19,700 $ 1,535,700 Credits $ 112,000 32,600 51,000…
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This problem has two parts, part a and part b. Answer each part separately using the same information. Do not mix answers to a and b; they are answered separately. Problem a: Using the list of transactions below, provide all necessary journal entries for the Fund statements. You also need to identify which funds are involved in the transaction, such as the Capital projects fund, Debt service fund Special revenue fund, or Permanent fund. Problem b: Using the same list of transactions, provide all necessary journal entries for the Governmental Activities section in the Government-wide statements. Write “no entry” if no entry is needed. Dunellen City, covered in this problem, issues a $10,000,000 bond at face value. The cash is to be used for the construction of a fire station. Previously undesignated cash of $100,000 from the General Fund is set aside to begin paying the bonds issued in item (1). A state cash grant of $300,000 is received that must be spent in the future for…
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gener a rullu neverve rullu TULOA Revenues Property taxes Intergovernmental Miscellaneous Total revenues Expenditures Current Personnel services Supplies Capital outlay Debt service Principal Interest Total expenditures Excess of revenues over expenditures Other financing sources (uses): Issuance of debt Transfers from other funds Transfers to other funds Total other financing sources (uses) Fund balance beginning of year Excess of revenues and other sources over (under) expenditures and other uses Fund balance end of year Additional information: $ 284,000 29,700 4,800 $ 20,100 318,500 20,100 $ 284,000 49,800 4,800 338,600 145,500 22,500 14,100 159,600 22,500 115,000 115,000 5,000 7,800 5,000 7,800 $ 295,800 $ 14,100 $ 309,900 22,700 6,000 28,700 38,400 38,400 7,700 7,700 (7,700) (7,700) 30,700 7,700 38,400 53,400 13,700 67,100 24,200 8,200 32,400 $ 77,600 $ 21,900 $ 99,500 a. Property taxes expected to be collected more than 60 days following year-end are deferred in the fund-basis…