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
Q: The Balance Sheet of the Street and Highway Fund of the City of Monroe as of December 31, 2019,…
A: A "Ledger" is a document wherein the record of Accounting is preserved or in simple words…
Q: The City of Galena General Fund has the following net resources at year-end: $1,634,000 total fund…
A: Answer:- Balance sheet meaning:- A balance sheet is basically a type of financial statement that…
Q: [The following information applies to the questions displayed below.] The Township of Thomasville’s…
A: The total Committed fund balance represents the amount of money that has been set aside and…
Q: Vacation City was awarded a $500,000 federal operating grant for use in Year 2. On December 1 of…
A: Journal entry: It is the duty of the accountant to record business economic and non economic…
Q: Prepare the fund balance portion of the Balance Sheet for the General Fund using appropriate fund…
A: Computation:
Q: - Education reports net expenses of $618,000. -Parks reports net expenses of $115,000. Art museum…
A: Deferred revenue is the difference in timing between cash receipt and revenue recognition in accrual…
Q: The following information was available for the General Fund of the City of Clinton for the Year…
A: Encumbrances: This refers to the amount of expenditure that the government has promised to pay for…
Q: For problems 40 through 43, use the following introductory information: The City of Wolfe has issued…
A: a. Record the correct change in the fund balance in general fund. For government fund an expense…
Q: Assume that the City of Coyote has produced its financial statements for December 31, 2024, and the…
A: a. To determine the correct overall change in the city's net position as reported on the…
Q: The Town of Weston has a Water Utility Fund with the following trial balance as of July 1, 2023, the…
A: To analyze the impact of the transactions and events on the Town of Weston's Water Utility Fund…
Q: Using the information below, what amount should be accounted for in a special revenue fund or funds?…
A: Federal income taxes are imposed in USA. The income tax is calculated by implementing tax rate which…
Q: The City of Oxbow General Fund has the following net resources at year-end: $260,000 unexpended…
A: A non-profit organization (NPO) is a business that operates for goals not for maximizing profits or…
Q: Prepare the entries to record the following general fund transactions for the village of Del Valley…
A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…
Q: This year Southfork began work on a senior center to hold activities for its growing senior citizen…
A: Journal entries are used to record all the financial transactions in a business. It helps to know…
Q: Hello my question is how the Township of Thomasville’s General Fund has the following net resources…
A: General fund is that fund which can be used for any purpose. Some part of general fund may be…
Q: Fulbright Cou
A:
Q: Residents of the town of Sunny View, Arizona authorized a $5,000,000 renovation to their historic…
A: Answer:- Journal entry meaning:- A financial transaction is documented in a company's accounting…
Q: Prepare journal entries for the City of Pudding's governmental funds to record the following…
A: A journal entry is a concise recording of financial transactions in accounting, capturing debits and…
Q: by the general fund was $620,000. The amount the city's general fund can recognize as an expenditure…
A: The amount that the city's general fund can recognize as an expenditure is the amount that was…
Q: The following transactions relate to the General Fund of the City of Buffalo Falls for the year…
A: Golden Rules of Accounting: Account Debit Credit Personal Accounts The Receiver The…
Q: The City of Fox is evaluating which of its funds it will present as a major fund in its fund…
A: To display as a major fund, the fund should be 10% of its asset or revenue or expenses category and…
Q: The following transactions relate to the general fund of the city of buffalo falls for the year…
A: Journal entry: Journal is a book of prime entry or a book of original entry in which transactions…
Q: The City of Galena General Fund has the following net resources at year-end: $1,658,000 total fund…
A: CITY OF GALENAPartial Balance Sheet - General FundAs of December 31, 2024Fund Balances…
Q: The City of Wolfe has issued its financial statements for Year 4 (assume that the city uses a…
A: The city believes that the landfill was included correctly in all previous years as one of its…
Q: The following items were included in Simple City's General Fund expenditures for the year ended June…
A: Capital asset is the asset that are held in hands of the company for a period higher than one year.…
Q: In the general information, the capital projects fund reports a $45,750 increase in its fund balance…
A: Solution :- Given, During 2020, the City of Coyote contracts to build a bus stop for schoolchildren…
Q: The City of Townsend's city council authorized the establishment of an internal service fund to…
A: Journalizing is the process of recording all the relevant financial information for a certain time…
Q: Assume that the City of Coyote has produced its financial statements for December 31, 2020, and the…
A: Revenues and expenses are divided into a fund with financial statements that are independent of all…
Q: Prepare journal entries for the City of Pudding's governmental funds to record the following…
A: A journal entry is used to record the business transaction in the books of financial accounting. In…
Q: The following transactions relate to the General Fund of the City of Buffalo Falls for the year…
A:
Q: The City of Townsend’s city council authorized the establishment of an internal service fund to…
A: A journal entry is a record of a business transaction in your business books. A journal entry is a…
Q: esidents of the town of Sunny View, Arizona authorized a $5,000,000 renovation to their historic…
A: Capital Project Fund -The government accounting system uses the capital projects fund to monitor…
Q: The following transactions relate to the General Fund of the City of Buffalo Falls for the year…
A: Golden Rules of Accounting:AccountDebitCreditPersonal AccountsThe ReceiverThe GiverReal AccountsWhat…
Q: The following transactions relate to the general fund of the city of Lost Angels for the year ending…
A: Journal entry: It is the first step of recording transactions of a company. Before this, no other…
Q: The governmental funds of the City of Westchester report $541,000 in assets and $156,000 in…
A: Therefore, the total fund balance is $385,000. ($541000 - $156000)
Q: The following information is provided about some of the Town of Truesdale’s General Fund operating…
A: The objective of this question is to prepare the journal entries to close the budgetary accounts for…
Q: d to account for its art museum. The government-wide financial statements provide the following…
A: Enterprise fund refers to the type of self-assisted government fund whose main purpose is to sell…
Q: The government-wide financial statements provide the following figures: Education reports net…
A: Government-wide financial statements refer to comprehensive financial reports that provide a…
Q: The City of Wolfe issues its financial statements for Year 4 (assume that the city uses a calendar…
A: Government- Wide Financial Statements provide information about government funds. government-wide…
Q: Prepare journal entries for the City of Pudding's governmental funds to record the following…
A: Journal entry is a set of economic events that can be measured in monetary terms. These are recorded…
Q: Required: a. Prepare journal entries for the above transactions. b. Prepare a Statement of Revenues,…
A: A journal entry is a record of a business transaction.It is Double entry system of book keeping, in…
Q: The City of Jonesboro engaged in the following transactions during the fiscal year ended September…
A: Journal entries are made by the government as well as the businesses so that the transactions which…
Q: The City of Wolfe issues its financial statements for Year 4 (assume that the city uses a calendar…
A: It is the total amount accumulated or deficit incurred from operating surpluses from the beginning…
Q: The citizens of Spencer County approved the issuance of $2,008,000 in 6 percent general obligation…
A: Government funds require two financial statements, balance sheet and statement of revenues,…
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 “Non-spendable” fund balance?
$57,500
$75,000
$105,000
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
- Can someone help me with this? 1. The following transactions relate to the General Fund of the City of Buffalo Falls for the year ended December 31, 2024: Beginning balances were: Cash, $95,000; Taxes Receivable, $185, 000; Accounts Payable, $50,000; and Fund Balance, $230, 000. The budget was passed. Estimated revenues amounted to $1,200,000 and appropriations totaled S 1,197,500. All expenditures are classified as General Government. Property taxes were levied in the amount of $902, 000. All of the taxes are expected to be collected before February 2025. Cash receipts totaled $870,000 for property taxes and $272,000 from other revenue. Contracts were issued for contracted services in the amount of $90, 000. Contracted services were performed relating to S82,000 of the contracts with invoices amounting to $81, 500. Other expenditures amounted to $947,000. Accounts payable were paid in the amount of S 1,070,000. The books were closed. Required: Prepare journal entries for the above…Journal entries for a series of transactionsPrepare journal entries in the General Fund for each of the following events relating to the City of Bar Harbor (all amounts in $1,000s). a. The citizens approve the following budget for the year: ESTIMATED REVENUES $78,924 ESTIMATED OTHER FINANCING SOURCES 2,000 APPROPRIATIONS (77,273) BUDGETARY FUND BALANCE $3,651 General Journal Description Debit Credit ESTIMATED OTHER FINANCING SOURCES APPROPRIATIONS b. The City records the following revenues (on account) and other financing sources (paid in cash) during the year: 1. Revenues-real estate and personal property taxes $68,650 2. Revenues-intergovernmental 12,685 3. Other financing sources-bond proceeds 2,400 Description Debit Credit 1. 2. 3. c. The City issues purchase invoices totaling $78,508…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…
- Fulbright County constructed a library in one of the county's high-growth areas. The construction was funded by a number of sources. Below is selected information related to the Library Capital Project Fund. All activity related to the library construction occurred within the current fiscal year. The county operates on a calendar-year basis. Required Prepare a journal entry for capital projects fund and governmental activities at the government-wide level. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Fund/ Governmental Activities General Journal 1. The county issued $6,700,000 of 6 percent bonds at par. Proceeds from the bonds were to be used for construction of the library. 1 Capital Projects Fund Transaction. 2. A $720,000 federal grant was received to help finance construction of the library. 2 Capital Projects Fund 3. The Library Special Revenue Fund transferred $320,000 for use in construction of the library.…Assume that the City of Coyote has produced its financial statements for December 31, 2020, and the year then ended. The city’s general fund was only used to monitor education and parks. Its capital projects funds worked in connection with each of these functions at times during the current year. The city also maintained an enterprise fund to account for its art museum. The government-wide financial statements provide the following figures: Education reports net expenses of $615,000. Parks reports net expenses of $102,000. Art museum reports net revenues of $51,000. General government revenues for the year were $894,000 with an overall increase in the city's net position of $228,000. The fund financial statements provide the following for the entire year: The general fund reports a $44,000 increase in its fund balance. The capital projects fund reports a $64,500 increase in its fund balance. The enterprise fund reports a $62,250 increase in its net position. The city asks the…Bay City uses the purchases method to account for supplies. At the beginning of the year the city had no supplies on hand. During the year the city purchased $600,000 of supplies for use by activities accounted for in the general fund. The city used $400,000 of those supplies during the year. Assuming that the city maintains its books and records in a manner that facilitates the preparation of its fund financial statements, at fiscal year-end the appropriate account balances related to supplies expenditures and supplies inventory would be A.) Expenditures $600,000; Supplies inventory $200,000. B.) Expenditures $600,000; Supplies inventory $0. C.) Expenditures $400,000; Supplies inventory $200,000. D.) Expenditures $400,000; Supplies inventory $0.
- Assume that the City of Coyote has produced its financial statements for December 31, 2020, and the year then ended. The city's general fund was only used to monitor education and parks. Its capital projects funds worked in connection with each of these functions at times during the current year. The city also maintained an enterprise fund to account for its art museum. The government-wide financial statements provide the following figures: • Education reports net expenses of $742,000. • Parks reports net expenses of $140,000. • Art museum reports net revenues of $73,250. • General government revenues for the year were $987,750 with an overall increase in the city's net position of $179,000. The fund financial statements provide the following for the entire year: • The general fund reports a $52,250 increase in its fund balance. • The capital projects fund reports a $62,500 increase in its fund balance. • The enterprise fund reports a $73,500 increase in its net position. The city asks…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 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…
- 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…Altona City opened a landfill that it elects to account for in an enterprise fund. At the time the landfill was opened the government estimated total capacity of the landfill to be 5 million cubic feet, useful life to be 20 years, and total closure and postclosure costs to be $18 million. At the end of Year 1, the government reestimated total closure costs to be $18.3 million and estimated capacity to be same as the original estimate. At the end of Year 2, the government reestimated total capacity to be 4.8 million cubic feet and total closure costs to be $18.5 million. At the end of Year 3, the government reestimated useful life to be 17 years but capacity remained unchanged from the preceding year and closure and postclosure costs were estimated to be $18.4 million. REQUIRED: Prepare journal entries in the enterprise fund to record the following events. a)During Year 1, the city estimates that 300,000 cubic feet of capacity were used. Record the landfill expense. b)During…Prepare 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.