The Principal City prepared the Trial Balance of the corporate-type fund as of December 31, 20X1. The enterprise fund was established this year through a transfer from the general fund. After having studied the Trial Balance of the company and the required resources of this module: 1.Prepare the fund's closing entries as of December 31, 20X1. 2.Prepare the Statement of Revenues, Expenses, and Changes in Fund Net Position for the year ending December 31.
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The Principal City prepared the
After having studied the Trial Balance of the company and the required resources of this module:
1.Prepare the fund's closing entries as of December 31, 20X1.
2.Prepare the Statement of Revenues, Expenses, and Changes in Fund Net Position for the year ending December 31.
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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…The following information was abstracted from the accounts of the General Fund of the City of Rome after the books had been closed for the fiscal year ended June 30, 2020. Cash Taxes Receivable Allowance for Uncollectible Taxes Accounts Payable Fund Balance View transaction llest Postclosing Trial Balance June 30, 2019 $571,600 36,000 $687,608 5,608 182,808 500,000 $607,608 Clear entry 1 Record the transfer of taxes receivable to revenues control account. 2 Record the receipt of taxes and the uncollectibles. 3 Record the expenditures payable. 4 Record the payment of expenditure. 5 Record the transfer out of general fund. Hint: This is the plug needed to make cash balance after considering the other entries. 6 Record the transfer of revenue and expenditure control accounts to fund balance. Note: = journal entry has been entered Record entry Transactions July 1, 2019, to June 30, 2020 Debits $1,370,000 1,482,488 5,600 1,387,600 X There were no transfers into the General Fund, but there…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…
- 4. The City of Grinders Creek maintains its books in a manner that facilitates the preparation of fund accounting statements and uses worksheet adjustments to prepare government-wide statements. General fixed assets as of the beginning of the year, which had not been recorded, were as follows: Land $ 8,500,000 Buildings 27,600,000 Improvements Other Than Buildings 24,500,000 Equipment 11,690,000 Accumulated Depreciation, Capital Assets 25,800,000 During the year, expenditures for capital outlays amounted to $9,000,000. Of that amount, $4,800,000 was for buildings; the remainder was for improvements other than buildings. The capital outlay expenditures outlined in (2) were completed at the end of the year (and will begin to be depreciated next year). For purposes of financial statement presentation, all capital assets are depreciated using the straight-line method, with no estimated salvage value. Estimated lives are as follows: buildings, 40 years; improvements…Required: For each of the summarized transactions for the Village of Sycamore General Fund, prepare the general ledger journal entries. The budget was formally adopted, providing for estimated revenues of $1,076,000 and appropriations of $1,006,000. Revenues were received, all in cash, in the amount of $1,019,000. Purchase orders were issued in the amount of $486,000. Of the $486,000 in (c), purchase orders were filled in the amount of $479,500; the invoice amount was $478,000 (not yet paid). Expenditures for payroll not encumbered amounted to $518,000 (not yet paid). Amounts from (d) and (e) are paid in cash. Note: If no entry is required for a transaction or event, select "No Journal Entry Required" in the first account field.Assume that the City of Pasco maintains its books and records in a manner that facilitates preparation of the fund financial statements. The city engaged in the following transactions related to its general fund during the current fiscal year. The city formally integrates the budget into the accounting records. The city does not maintain an inventory of supplies. All amounts are in thousands. Prepare, in summary form, the appropriate journal entries. (a) The city council approved a budget with revenues estimated to be $800 and expenditures of $785. (b) The city ordered supplies at an estimated cost of $25 and equipment at an estimated cost of $20. (c) The city incurred salaries and other operating expenses during the year totaling $730. The city paid for these items in cash. (d) The city received the supplies at an actual cost of $23. (e) The city collected revenues of $795.
- The City of Grinders Switch maintains its books in a manner that facilitates the preparation of fund accounting statements and uses worksheet adjustments to prepare government-wide statements. 1. General fixed assets as of the beginning of the year, which had not been recorded, were as follows: Land Buildings Improvements Other Than Buildings Equipment Accumulated Depreciation, Capital Assets $ 7,700,000 33,398,400 14,839,400 11,569,000 25,333,000 2. During the year, expenditures for capital outlays amounted to $7,510,000. Of that amount, $4,806,400 was for buildings; the remainder was for improvements other than buildings. 3. The capital outlay expenditures outlined in (2) were completed at the end of the year (and will begin to be depreciated next year). For purposes of financial statement presentation, all capital assets are depreciated using the straight-line method, with no estimated salvage value. Estimated lives are as follows: buildings, 40 years; improvements other than…A general fund uses the consumption method to record inventories. Beginning inventories are $10,000, purchases are $600,000, and ending inventories are $12,000. The general fund records an end-of-year adjusting entry that: Select one: A. Debits nonspendable fund balance by $2,000 B. Credits nonspendable fund balance by $12,000 C. Debits unassigned fund balance by $2,000 D. Debits nonspendable fund balance by $12,000 At the beginning of the year, a special revenue fund purchases equipment for $400,000 in cash. The equipment has a 5-year life, straight-line. The fund still holds the equipment at year-end. How is this equipment reported in the special revenue fund's operating statement for the year? Select one: A. Expense, $80,000. B. Expenditure, $400,000. C. Other financing use, $400,000. D. Not reported on the operating statement.ces Following are transactions and events of the General Fund of the City of Springfield for the fiscal year ended December 31, 2020. 1. Estimated revenues (legally budgeted) Property taxes Sales taxes Licenses and permits Miscellaneous 2. Appropriations: General government Culture and recreation Health and welfare. 3. Revenues received (cash) Property taxes Sales taxes Licenses and permits General government Culture and recreation Health and welfare. 5. Goods and services received (paid in cash) General government culture and recreation Health and welfare Miscellaneous 4. Encumbrances issued (includes salaries and other recurring items) Estimated $5,275,000 4,630,000 995,000 6. Budget revisions Estimated Revenues Appropriations Increase appropriations: General government $ 140,000 110,000 Culture and recreation. 7. Fund balance on January 1, 2020, was $753,000. There were no outstanding encumbrances at that date. a. Record the transactions using appropriate journal entries, b. Prepare…
- 1. Assume that the City of Juneau maintains its books and records to facilitate the preparation of its fund financial statements. The City pays its employees bi-weekly on Friday. The fiscal year ended on Wednesday, June 30. Employees had been paid on Friday, June 25. The employees paid from the General Fund had earned $120,000 on Monday, Tuesday, and Wednesday (June 28, 29, and 30). What entry, if any, should be made in the City s General Fund? a. Debit Expenditures; Credit Wages and Salaries Payable. b. Debit Expenses; Credit Wages and Salaries Payable. c. Debit Expenditures; Credit Encumbrances. d. No entry is required.Below is information on a county's results of operations for the current year, for the general fund. Excess of revenues and other financing sources over expenditures and other financing uses, legal budget basis $6,000,000 Revenues accrued on the modified GAAP basis but not on a budget basis 1,500,000 Outstanding encumbrances of governmental funds, beginning of year 200,000 Outstanding encumbrances of governmental funds, end of year 300,000 Repayment of temporary loan to general fund, reported as revenue only for budget purposes 400,000 Unbudgeted transfers in 30,000 What is the excess of revenues and other financing sources over expenditures and other financing uses for the general fund, on a modified accrual GAAP basis? a. $8,030,000 b. $7,200,000 c. $7,230,000 d. $7,170,000The General Fund and Special Revenue Funds P4-2 (General Fund-Typical Transactions) Prepare all general journal entries required in the General Fund of Washington County for each of the following transactions. Also, use transaction analysis to show any effects on the GCA-GLTL accounts. The county levied property taxes of $5,000,000. It is estimated that 2% will be uncollectible. The rest of the taxes are expected to be collected by year end or soon enough thereafter to be considered available at year end. The county collected $4,300,000 of the taxes receivable before the due date and the balance of taxes became delinquent. The county collected another $540,000 of the taxes receivable by the end of the fiscal year. The county paid salaries