The City of Bacon is located in the County of Pork. The city has a school system and reports buildings at a net $3.6 million although they are actually worth $4.2 million. The county has another school system and reports buildings at a net $5.2 million
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- The City of Chessie received two contributions during its current fiscal year: A developer contributed 10 acres of land as part of an agreement with the city to allow more houses to be built per acre than current zoning laws permit. The city will use the land to build a park. The developer purchased the land for $1.5 million. The fair value of the land at the time of the contribution was $1.9 million. · A local resident contributed 30 acres of land to the city. The city agreed that it would sell the land and use the proceeds to add a new wing to the city’s senior center. The resident paid $500,000 for the land. When it was contributed, it had a fair value of $1.5 million. The city sold the land to several developers a month after its fiscal year-end for $1.7 million. a. Prepare journal entries to record each of these contributions in the city’s general fund. b. Comment on and justify any differences in the way you recognized each of these transactions. c. Would your answer on the…In January, gross earnings in Concord Company totaled $88,000. All earnings are subject to 7.65% FICA taxes, 5.40% state unemployment taxes, and 0.80% federal unemployment taxes.Prepare the entry to record January payroll tax expense.This year Southfork began work on a senior center to hold activities for its growing senior citizen population. It is to be financed by a $5,000,000 bond issue, a $500,000 grant, and a $500,000 General Fund transfer. The following transactions occurred during the current year: The General Fund transferred $500,000 to the Senior Center Capital Projects Fund. A plot of land was purchased for $400,000 in cash. (This cost had not been encumbered.) Preliminary planning and engineering costs of $95,000 were vouchered. (This cost had not been encumbered.) A contract was signed with Sunset Construction Company for the major part of the project on a bid of $4,950,000. The $5,000,000 bonds were issued at par. Temporary investments were purchased at a cost of $3,500,000. A payable was recorded for a $49,500 billing from the Water and Sewer enterprise fund for the cost of extending water pipes to the new building. (This cost had not been encumbered.) An invoice in the amount of $1,500,000 was…
- The city of Belle collects property taxes for other local governments—Beau County and the Landis Independent School District (LISD). The city uses a Property Tax Collection Custodial Fund to account for its collection of property taxes for itself, Beau County, and LISD.The following transactions and events occurred for Belle's Custodial Fund.1. Property taxes were levied for Belle ( $1,000,000), Beau County ( $500,000) andLISD ( $1,500,000). Assume taxes collected by the Custodial Fund will bepaid to Belle’s General Fund.2. Property taxes in the amount of $2,250,000 are collected. The percentage collectedfor each entity is in the same proportion as the original levy.3. The amounts owed to Beau County and LISD are recognized.4. The Custodial Fund distributes the amounts owed to the three governments.Prepare journal entries to record the above transactions and events for Belle’s Custodial Fund. If an entry affects more than one debit or credit account, enter the accounts in order of…A growing city of 60,000 has an intersection near the south end of the main business district. The north-south street has no traffic control at that intersection, and the east-west intersecting street has only stop signs.There have been a few accidents in recent years and it has been estimated that a traffic light can provide benefits of $55,000 per year in reduced property loss and disabling injuries, increasing by $2,500 per year.The disbenefits of the traffic light include cost of fuel and time delays, amounting to an estimated $24,000 per year, increasing by $2,000 per year. The installation cost of the traffic light is estimated to be $120,000 with maintenance and electricity running $6,000 in the first year and increasing by $300 per year over a time horizon of 10 years. It is anticipated that the intersection will need to be redesigned at that time and the traffic light removed and sold to a nearby small community for a net salvage value of $4,000. The discount rate is 7%. Is…Officials for the City of Artichoke, West Virginia, have recently formed a transit authority to create a public transportation system for the community. These same Officials are now preparing the city's CAFR for the most recent year. The transit authority has already lost a considerable amount of money and the officials have become interested in its reporting and whether it qualifies as a component unit of the city. Following are several articles written about the reporting of component units by a state or local government: "Changes in Component Units," Government Finance Review, February 2011. "GASB Issues Guidance on Financial Reporting Entity, Component Units," Accounting Policy & Practice Report, January 7, 2011. "Financial Reporting for Affiliated Organizations," The Journal of Government Financial Management, Winter 2003. "How to Implement GASB Statement No. 34," The Journal of Accountancy, November 2001. "GASB Issues Guidance on Blending Certain Component Units into…
- As the tax assessor for Indian Creek County, you have been informed that due to budgetary demands, a tax increase will be necessary next year. The total market value of the property in the county is $700,000,000. Currently, the assessment rate is 35% and the tax rate is 40 mills. The county commission increases the assessment rate to 55% and the tax rate to 45 mills. (a) How much property tax (in $) was collected under the old rates? $ (b) How much more tax (in $) revenue will be collected under the new rates? $A city has a solid waste landfill that was filled 12 percent in Year 1 and 26 percent in Year 2. During those periods, the government expected that total closure costs would be $2 million. As a result, it paid $50,000 to an environmental company on July 1 of each of these two years. Such payments will continue for several years to come. Indicate whether each of the following independent state-ments is true or false and briefly explain each answer. The city has a December 31 year-end.a. The government-wide financial statements will show a $230,000 expense in Year 2 but only if reported in an enterprise fund.b. The fund financial statements will show a $50,000 liability in Year 2 if this landfill is reported in the general fund.c. The fund financial statements will show a $50,000 liability at the end of Year 2 if this landfill is reported in an enterprise fund.d. If this landfill is reported in an enterprise fund, the government-wide financial statements and the fund financial statements…In response to a petition signed by the property owners of Riverdale Subdivision, the city of Pewaukee will oversee the installation of sidewalks, curbs, and gutters in the subdivision, to be accounted for in the city’s capital projects fund. Pewaukee reports on a calendar-year basis. Construction is estimated to cost $900,000 and will be financed by a $100,000 county grant, a $50,000 transfer from the city’s general fund, and special assessments of $750,000 to be levied against subdivision property owners. One-third of the levy is to be due on February 1 of each year, starting with 2018. The first $250,000 installment will be received by the capital projects fund directly. The remaining installments will be collected by the debt service fund and will be used to service the related bond debt. The project is to begin on January 15, 2018, and is to take 18 months to complete. It is estimated that 70% of the work will be completed during 2018.To cover construction costs, a 6%, $500,000…
- City has a population of 50,000. During this fiscal year, the city generated general revenues of $30 million. The primary revenue source is property tax. The taxable property value is $1,250 million. The debt outstanding and the debt service is 37 million and 2.7 million respectively. What is the debt service ratio?Below are several transactions involving a private, not-for-profit university. 1. The university recorded $3,000,000 in tuition and fees for the fiscal year. 2. Tuition refunds of $218,000 were given. 3. The federal government notified the university that it would provide the university with a $1,200,000 federal grant for pharmaceutical research next year. 4. The university received a $400,000 endowment. 5. The university provided $22,000 in tuition waivers for students with outstanding academic performance. 6. The chemistry department spent $33,000 on pharmaceutical research. 7. During the year the university spent $2,450,000 to construct a new street to allow for the expansion of student housing. 8. Estimated uncollectible tuition of $2,340 was recorded at the end of the year. Required: Prepare journal entries to record the foregoing (Problem #2) transactions assuming the university is a private, not-for-profit institution in an Excel spreadsheet. Label each entry clearly and use…