The preclosing trial balance for the City of Hudson Golf Course Enterprise Fund is shown below.CITY OF HUDSONGolf Course Enterprise FundPreclosing Trial BalanceDecember 31, 2021DebitsCreditsCash$12,036Accounts receivable29,600Estimated uncollectible accounts$4,000Cash―restricted for debt service120,000Cash restricted for customer deposits18,400Land720,000Equipment260,000Accumulated depreciation-equipment84,000Buildings1,200,000Accumulated depreciation-buildings520,000Accounts payable16,668Customers' deposits payable18,400Revenue bonds payable800,000Accrued interest payable-revenue bonds5,200Net position, January 1, 2021752,592Revenue from rentals640,000Personal services expense304,000Utilities expense50,400Repairs and maintenance expense37,600Depreciation expense-equipment12,000Depreciation expense-building40,000Interest expense32,024Estimated uncollectible accounts4,000Supplies expense800$2,840,860 $2,840,860

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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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Presented below is the preclosing trial balance for the Scholarship Fund, a private-purpose trust fund of the Algonquin School District. Trial Balance—December 31, 2020 Debits Credits Accounts Payable $ 3,100 Accrued Interest Receivable $ 1,250 Administrative Expense 7,410 Cash 65,940 Increase in Fair Value of Investments 5,500 Distributions—Scholarships 76,000 Interest Income 90,000 Investment in Bonds 1,520,000 Net Position: Restricted for Scholarships 1,572,000 $ 1,670,600 $ 1,670,600 Required:Prepare the year-end closing entries and a Statement of Changes in Fiduciary Net Position for the year ended December 31, 2020
From the following information, you are required to prepare statement of revenues, expenditure and changes in fund balances, other financial sources and statement of net assets Revenue department levied taxes and collected RO 665000 out of which RO 165000 has been outstanding Department of ministry of commerce has issued 33000 bonds of RO 10 each at a discount of RO 2 per bond which is restricted for purpose of construction of Bus station The same has been spent by the department for construction bus station and total amount of RO 330000 has been paid The service department billed the other department RO 15000 Municipality issued 5% bonds of RO 55000 at RO 5 each at a premium of 10%
Journal entries and financial statements—Capital Projects FundThe following transactions occurred during 2021:1. The City of Watersville approved the construction of an enclosed concert arena for a total cost of $75,000,000 in order to attract professional events. On the same day, a contract with a 6 percent retainage clause was signed with V.P. Construction Company for the arena. The arena will be financed by a $75,000,000 general obligation bond issue. Investment revenue of $4,000,000 was also included in the budget. {Assume that the budget is recorded in the accounts and encumbrance accounting is used.)2. Watersville received $76,000,000 from the sale of bonds, which included a premium of $1,000,000 over the $75,000,000 face value. The $1,000,000 premium was transferred immediately to the appropriate Debt Service Fund.3. The city invested $74,900,000 in securities.4. The contract signed with V.P. stipulated that the contract price included the architect fees. The architects were…
Instructions:Prepare the journal entries for the capital projects fund and debt service fund. The capital projects fund records encumbrances.(Hint: Create two separate ledgers and clearly label them to keep the debt service journal entries separate from the capital project journal entries.) The Town of Balloons had the following transactions related to construction of a new library: 1/2/2020: A 20-year 4% general obligation bond with a face value of $6,000,000 was issued with a premium of $60,000. 1/2/2020: The premium was transferred to the debt service fund. 3/1/2020: A contract for construction was signed in the amount of $5,400,000 6/15/2020: Cash of $210,000 was transferred from the general fund to the debt service fund 7/1/2020: Interest of $120,000 and principal of $150,000 are paid on the library bonds. 12/1/2020: Received an invoice for construction completed to date in the amount of $4,700,000 12/15/2020: Paid the construction invoice, less 5% retention to assure any…
Which of the following should be accounted for in an internal service fund? Light poles to be paid for in installments by affected property owners $ 350,000 Van used to transport supplies to all city departments on a cost reimbursement basis 65,000 Equipment used for supplying electric power to residents 1,250,000 Multiple Choice $ 65,000. $ 415,000. $1,250,000. $1,315,000.
Journal entries and financial statements—Capital Projects FundThe following transactions occurred during 2021:1. The City of Watersville approved the construction of an enclosed concert arena for a total cost of $75,000,000 in order to attract professional events. On the same day, a contract with a 6 percent retainage clause was signed with V.P. Construction Company for the arena. The arena will be financed by a $75,000,000 general obligation bond issue. Investment revenue of $4,000,000 was also included in the budget. {Assume that the budget is recorded in the accounts and encumbrance accounting is used.)2. Watersville received $76,000,000 from the sale of bonds, which included a premium of $1,000,000 over the $75,000,000 face value. The $1,000,000 premium was transferred immediately to the appropriate Debt Service Fund.3. The city invested $74,900,000 in securities.4. The contract signed with V.P. stipulated that the contract price included the architect fees. The architects were…
Innuendo Company had the following loans outstanding for the entire year 2021. Specific construction loan – 2,000,000 – 10% General loan – 10,000,000 – 12% The entity began the self-construction of building on January 1, 2021 and the building was completed on December 31, 2021. The following expenditures were made during the current year: January 1 - 1,000,000 July 1 - 4,000,000 November 1 - 3,000,000 Total - 8,000,000 Required: Compute the cost of the new building.
A citizen group raised funds to establish an endowment for the Eastville City Library. Under the terms of the trust agreement, the principal must be maintained, but the earnings of the fund are to be used to purchase database and periodical subscriptions for the library. A preclosing trial balance of the library permanent fund follows: Trial Balance—December 31, 2020 Debits Credits Cash $ 15,000 Investments 544,000 Additions to permanent endowments $ 529,500 Investment income 67,500 Expenditures—subscriptions 52,500 Net increase in fair value of investments 14,500 Accrued interest receivable 5,250 Accounts payable 5,250 $ 616,750 $ 616,750 Required:a. Prepare any closing entries necessary at year-end.b. Prepare a Statement of Revenues, Expenditures, and Changes in Fund Balance for the library permanent fund.c. Prepare a balance sheet for…
1
Vala
Can someone help with the fund balances amount (red) for requirement c? 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 $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 $82,000 of the contracts with invoices amounting to $81,500. Other expenditures amounted to $947, 000. Accounts payable were paid in the amount of $ 1,070,000. The books were closed. Required: a.…
Journal entries and financial statements—Capital Projects FundThe following transactions occurred during 2021:1. The City of Watersville approved the construction of an enclosed concert arena for a total cost of $75,000,000 in order to attract professional events. On the same day, a contract with a 6 percent retainage clause was signed with V.P. Construction Company for the arena. The arena will be financed by a $75,000,000 general obligation bond issue. Investment revenue of $4,000,000 was also included in the budget. {Assume that the budget is recorded in the accounts and encumbrance accounting is used.)2. Watersville received $76,000,000 from the sale of bonds, which included a premium of $1,000,000 over the $75,000,000 face value. The $1,000,000 premium was transferred immediately to the appropriate Debt Service Fund.3. The city invested $74,900,000 in securities.4. The contract signed with V.P. stipulated that the contract price included the architect fees. The architects were…

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