-14. Rural County is an agricultural community located hundreds of miles fromany metropolitan center. The County established a Television ReceptionImprovement Fund to serve the public interest by constructing and operat-ing television translator stations. TV translator stations serve communitiesthat cannot receive the signals of free over-the-air TV stations becausethey are too far away from a broadcasting TV station. Because of the largedistances between customers, commercial cable TV providers are alsonot inclined to serve rural communities. The fund charges TV owners amonthly fee of $15. The fund was established on December 20, 2016, witha transfer of cash from the General Fund of $125,000. On December 31,2016, the fund acquired land for its translator stations in the amount of$40,000. The remaining cash and the land are the only resources held bythe fund at the beginning of 2017.1. Other than beginning account balances, no entries have been made inthe general ledger.2. The county prepared a budget for 2017 with estimated customer feesof $32,000, operating costs of $28,000, capital costs of $66,000, andestimated loan proceeds of $55,000.3. The following information was taken from the checkbook for the yearended December 31, 2017.Cash Receipts:Fees from customersBorrowing from bankTotal depositsCash Disbursements:SuppliesLaborUtilitiesEquipmentInterest on bank noteTotal checksBeginning Cash BalanceEnding Cash BalanceCash Basis12 months$33,25052,00085,2507,3009,9007,50064,0002,08090,78085,000$79,470 180 Chapter 64. The loan from the bank is dated April 1 and is for a five-year period.Interest (8 percent annual rate) is paid on October 1 and April 1 ofeach year, beginning October 1, 2017. The County has elected notto establish a debt service fund but will pay the interest on this notefrom the Television Reception Improvement Fund.5. The machinery was purchased on April 1 with the proceeds providedby the bank loan and has an estimated useful life of 10 years (straight-line basis).6. In January 2018, customers remitted fees totaling $2,100 forDecember service.7. Supplies of $800 were received on December 29 and paid in January2018.8. Unused supplies on hand amounted to $760 at December 31, 2017.9. Utilities are paid in the following month. The utility bill for December2017 was received on January 4, 2018 in the amount of $620. (Utilitybills are recorded through accounts payable.)10. On December 21, the company placed an order for a new computer-ized control switch in the amount of $1,500 to be delivered and paidin January 2018.Required:You have been asked to provide financial statements for the upcomingCounty Board meeting for the Television Reception Improvement Fund.Part 1: Assume the County chooses to report the Television ReceptionImprovement Fund as a special revenue fund following modified accrualbasis statements. Using the Excel template provided,a. Prepare journal entries recording the events above for the year endingDecember 31, 2017.b. Post the journal entries to T-accounts.c. Prepare closing entries.d. Prepare a Statement of Revenues, Expenditures, and Changes in FundBalance.e. Prepare a Balance Sheet, assuming there are no restricted or commit-ted fund net resources.Part 2: Assume the County chooses to report the Television ReceptionImprovement Fund as an enterprise fund following accrual basis state-ments. Using the Excel template provided,a. Prepare journal entries recording the events above for the year endingDecember 31, 2017.b. Post the journal entries to T-accounts.c. Prepare closing entries.O

Accounting process is being followed- 1. Journal entries 2. T accounts 3. Financial statements

Required: You have been asked to provide financial statements for the upcoming County Board meeting for the Television Reception Improvement Fund. Part 1: Assume the County chooses to report the Television Reception Improvement Fund as a special revenue fund following modified accrual basis statements. Using the Excel template provided, a. Prepare journal entries recording the events above for the year ending December 31, 2017. b. Post the journal entries to T-accounts. c. Prepare closing entries. d. Prepare a Statement of Revenues, Expenditures, and Changes in Fund Balance. e. Prepare a Balance Sheet, assuming there are no restricted or commit- ted fund net resources.

Required: You have been asked to provide financial statements for the upcoming County Board meeting for the Television Reception Improvement Fund. Part 1: Assume the County chooses to report the Television Reception Improvement Fund as a special revenue fund following modified accrual basis statements. Using the Excel template provided, a. Prepare journal entries recording the events above for the year ending December 31, 2017. b. Post the journal entries to T-accounts. c. Prepare closing entries. d. Prepare a Statement of Revenues, Expenditures, and Changes in Fund Balance. e. Prepare a Balance Sheet, assuming there are no restricted or commit- ted fund net resources.

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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