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- The governmental funds of the City of Westchester report $541,000 in assets and $156,000 in liabilities. The following are some of the assets that the government reports. Prepaid items—$10,900. Cash from a bond issuance that must be spent within the school system according to the bond indenture—$89,500. Supplies—$8,800. Investments given by a citizen that will be sold soon with the proceeds used to beautify a public park—$36,750. Cash that the assistant director of finance designated for use in upgrading the local roads—$60,750. Cash from a state grant that must be spent to supplement the pay of local kindergarten teachers—$55,750. Cash that the city council (the highest level of decision-making authority in the government) voted to use in renovating a school gymnasium—$86,000. On a balance sheet for the governmental funds, what fund balance amounts should the City of Westchester report?subsidiary ledgers for the fiscal year ended. Assume the beginning fund balances are $140 (in thousands) and that the budget was not amended during the year. Subsidiary Ledger Account Balances (in thousands) For the Fiscal Year Estimated Revenue Taxes Fines & Forfeits City of Greenville General Fund Intergovernmental Revenue Charges for Services Revenues Taxes Fines & Forfeits Intergovernmental Revenue Charges for Services Appropriations General Government Public Safety Public Works Culture & Recreation Estimated Other Financing Uses Interfund Transfers Out Expenditures General Government Public Safety Public Works Culture & Recreation Encumbrances General Government Public Safety Public Works D Culture & Recreation Other Financing Uses Interfund Transfers Out Debits 6,048 303 484 370 1,622 3,347 1,443 703 1 26 10 0 36 Credits 6,054 308 484 368 1,625 3,375 1,454 724 36 Required a. Prepare a General Fund statement of revenues, expenditures, and changes in fund balance. b. Prepare a…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.…
- Help me with this entry Journal entries for an Internal Service Fund The following transactions occurred regarding the Central Purchasing Fund, an Internal Service Fund.1. The General Fund transferred $160,000 as a capital contribution to establish the fund.2. The Central Purchasing Fund bills $320,000 for services it provided to other funds.3. The Central Purchasing Fund incurred depreciation expense of $80,000 and paid$400,000 in operating expenses.4. The General Fund subsidized the operations of the Purchasing Fund by transferring anadditional $160,000 to the fund.For each transaction, record the entry, if any, for each Fund. If no entry is required, select 'No debit (or credit) entry required' in the account field and enter 0 or leave the debit and credit fields blank.help pleaseThe General Fund of the Town of Mashpee transfers $115,000 to the debt service fund for a $100,000 principal and $15,000 interest payment. The recording of this transaction would include: a. A debit to Interest Expenditures in the General Fund. b. A debit to Interest Expenditures in the governmental activities accounts. c. A credit to Other Financing Sources - Interfund Transfers In in the debt service fund only. d. A credit to Other Financing Sources - Interfund Transfers In in both the debt service fund and governmental activities accounts.
- 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? Select one: a. $2,500 b. $57,500 c. $75,000 d. $105,000A governmental fund’s Statement of Revenues, Expenditures, and Changes in Fund Balances reported expenditures for capital outlay in the amount of $5,000,000. Capital assets for that government cost $110,000,000, including $20,000,000 in land. Depreciable assets are amortized over 20 years, on average. The reconciliation from the governmental funds changes in fund balances to the governmental activities change in Net Position would reflect a(an): Multiple Choice A. Increase of $250,000. B. Increase of $500,000. C. Decrease of $250,000. D. Decrease of $500,000.The following financial transactions are related to a local government during the year. General property taxes 100,000, Proceeds of general bonds RO 50,000, State grant to construct the school building RO 400,000. Which one of the following amounts that a local government should report in general funds? a. RO 150,000 b. RO 400,000 c. None of the options d. RO 550,000
- Prepare journal entries in general journal format to record the following transactions for the City of Dallas General Fund (subsidiary detail may be omitted) 1. The budget prepared for the fiscal year included total estimated revenues of $4,693,000, appropriations of $4,686,000 and estimated other financing uses of $225,000. 2. Purchase orders in the amount of $451,000 were mailed to vendors. 3. The current year’s tax levy of $4,005,000 was recorded; uncollectible taxes were estimated to be 2% of the tax levy. 4. Collections of delinquent taxes from prior years’ levies totaled $82,700; collections of the current year’s levy totaled $3,524,900. 5. Invoices were received and approved for payment for items ordered in documents recorded as encumbrances in transaction (#2) of this problem. The estimated liability for the related items was $351,200. Actual invoices were $353,500. 6. Revenue other than taxes collected during the year consisted of licenses and permits, $177,600;…The City of Jonesboro engaged in the following transactions during the fiscal year ended September 30, 2018. Record the following transactions related to interfund transfers. Be sure to indicate in which fund the entry is being made. a. The city transferred $400,000 from the general fund to a debt service fund to make the interest payments due during the fiscal year. The payments due during the fiscal year were paid. The city also transferred $200,000 from the general fund to a debt service fund to advance-fund the $200,000 interest payment due October 15, 2019. b. The city transferred $75,000 from the Air Operations Special Revenue Fund to the general fund to close out the operations of that fund. c. The city transferred $150,000 from the general fund to the city’s Electric Utility Enterprise Fund to pay for the utilities used by the general and administrative offices during the year. d. The city transferred the required pension contribution of $2 million from the general fund to the…Haradev
