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- 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…Journal entries for a Pension Trust Fund The Pension Trust Fund maintained by the city of Marydell had the following transactions and events during its current fiscal year: 1. Contributions of $1,440,000 were received from General Fund employees, and the General Fund contributed its share of $240,000. 2. The fund paid $1,200 for investment management fees. 3. Investments held by the fund increased in value by $8,400. 4. Depreciation on fund capital assets totaled $1,920 5. Retirement benefits of $18,480 were paid to retirees. 6. Interest of $6,000 and dividends of $3,360 were received from investments. Prepare journal entries to record the transactions and events above for the Pension Trust Fund. If an entry affects more than one debit or credit account, enter the accounts in order of magnitude (largest to smallest balances), debits first. Account Cash Debit 1,440,000 Credit 0 x Additions-pension contributions-plan members ✓ 1,200,000 0 x Additions-pension contributions-employer 0…During January 2023, General Fund supplies ordered in the previous fiscal year and encumbered at an estimated amount of $2,000 were received at an actual cost of $2,200. The entry to record this transaction will require a debit to: Multiple Choice Expenditures-2023 in the amount of $200. Expenditures-2023 in the amount of $2,200. Expenditures-2022 in the amount of $200. Expenditures-2022 in the amount of $2,200.
- A city transfers cash of $20,000 from its general fund to an enterprise fund to pay for work performed by the enterprise fund for the school system. How does the city report this transfer on its government-wide financial statements? Multiple Choice Revenues increase by $20.000. Expenses increase by $20,000 No reporting is made. Revenues increase by $20.000. Expenditures increase by $20,000 Other Financing Sources increase by $20,000. Omer Financing Uses increase by $20,0004. City of Atwater wants to prepare closing entries at the end of a fiscal year for budgetary and operating statement control accounts in the general ledger of the General Fund. Following balance are belong to the City. Appropriations, $7,824,000%3; Financing Uses, $2,766,000; Estimated Revenues, $7,798,000; Encumbrances,$0; Expenditures, $5,900,0003; Uses, $2,770,000; Revenues, $8,980,000. Required Show in general journal form the entry needed to close all of the preceding accounts that should be closed as of the end of the fiscal year. Estimated Other Other FinancingA $40 million contract is awarded by a county for construction of a building. Bonds are issued to finance construction, in the amount of $40 million. During the first year, $10 million is paid in cash to contractors for work done. At year-end, the capital projects fund reports the following fund balances: Question 43 options: a) Unavailable: $40 million b) Restricted $20 million, Committed: $10 million c) Restricted: $40 million d) Restricted: $30 million
- Park City uses encumbrance accounting and formally integrates its budget into the general fund's accounting records. For the year ending July 31, Year 1, the following budget was adopted: Estimated revenues $30,000,000 Appropriations $27,000,000 Estimated transfer to debt service fund $900,000 Park's budgetary fund balance is a $3,000,000 credit balance $3,000,000 debit balance $2,100,000 credit balance O $2,1000,000 debit balanceCity of Smithville General Fund Operating statement account balances For year 2023 Estimated Revenues Dr(Cr) Revenues Dr(Cr) Balance Dr(Cr) Acct 3020/4020 Estimated Revenues-Property Taxes $1,877,413 $1,877,578 ($165) Acct 3030/4030 Estimated Revenues-Sales Taxes 1,578,000 1,579,203 (1,203) Acct 3040/4040 Estimated Revenues-Interest and Penalties on Taxes 15,000 12,571 2,429 Acct 3050/4050 Estimated Revenues-Licenses and Permits 500,000 497,960 2,040 Acct 3060/4060 Estimated Revenues-Fines and Forfeits 175,000 173,590 1,410 Acct 3070/4070 Estimated Revenues-Intergovernmental Revenue 789,000 789,000 0 Acct 3080/4080 Estimated Revenues-Charges for Services 659,720 661,253 (1,533) Acct 3090/4090 Estimated Revenues-Miscellaneous Revenues 91,300 91,250 50 Encumberances Dr(Cr) Expenditures Dr(Cr) Appropriations Cr(Dr) Available Balance Cr(Dr) Acct 5020 / 6020 / 7020 Appropriations-General…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.
- A county's general fund has $4,000,000 in supplies on hand at the beginning of 2020. It purchases $25,000,000 in supplies and uses supplies costing $26,000,000 during 2020. If the county uses the consumption method to report supplies inventories, what balances appear in the general fund financial statements for 2020? Multiple Choice Expenditures of $26,000,000 and fund balance-nonspendable of $3,000,000 Expenditures of $25,000,000 and fund balance--unassigned of $3,000,000 Expenditures of $25,000,000 and fund balance-nonspendable of $3,000,000 Expenditures of $26,000,000 and fund balance--unassigned of $3,000,000Use the formatted answer sheet template provided to analyze the effects of each of transaction on the accounting equations of each fund or nonfund account affected by the transaction. Indicate increases by positive amounts; indicate decreases by putting the amount in parentheses. 1. Beverly County issued at par $20 million of general obligation, 10%, 10-year bonds. The resources are to be used to construct a new civic center downtown. 2. The county paid $100,000 to Fancy Dan Construction Company for work completed during the year. 3. During the year the county transferred $250,000 of general fund cash to the fund from which the bonds are to be repaid. The purpose of shifting the resources was to provide for the principal and interest payments to be made during the fiscal year. 4. $200,000 of the bonds and $20,000 of interest matured and were paid. 2 Fund GCA and GLTL Affected Governmental Funds Nonfund Accounts CA - CL FB GCA-GLTL=NPBelow 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. $7,170,000