Fundamentals of Advanced Accounting
6th Edition
ISBN: 9780077862237
Author: Joe Ben Hoyle, Thomas Schaefer, Timothy Doupnik
Publisher: McGraw-Hill Education
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Chapter 11, Problem 35P
The governmental funds of the City of Westchester report $445,000 in assets and $140,000 in liabilities. The following are some of the assets reported by this government.
- Prepaid items—$7,000.
- Cash from a bond issuance that must be spent within the school system according to the bond indenture—$80,000.
- Supplies—$5,000.
- Investments given by a citizen that will be sold with the proceeds used to beautify a public park—$33,000.
- Cash that the assistant director of finance has designated for use in upgrading the local roads—$40,000.
- Cash from a state grant that must be spent to supplement the pay of local kindergarten teachers—$53,000.
- Cash that the city council (the highest level of authority in the government) has voted to use to renovate a school gymnasium—$62,000.
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The governmental funds of the City of Westchester report $445,000 in assets and $140,000 in liabilities. The following are some of the
assets reported by this government.
Prepaid items-$7,000.
Cash from a bond issuance that must be spent within the school system according to the bond indenture-$80,000.
Supplies-$5,000.
Investments given by a citizen that will be sold with the proceeds used to beautify a public park-$33,000.
Cash that the assistant director of finance has designated for use in upgrading the local roads-$40,000.
Cash from a state grant that must be spent to supplement the pay of local kindergarten teachers-$53,000.
• Cash that the city council (the highest level of authority in the government) has voted to use to renovate a school gymnasium-
$62,000.
On a balance sheet for the governmental funds, what fund balance amounts will be reported by the City of Westchester?
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?
The governmental funds of the City of Westchester report $601,500 in assets and $214,000 in liabilities. The following are some of the
assets that the government reports.
• Prepaid items-$16,900.
• Cash from a bond issuance that must be spent within the school system according to the bond indenture-$120,000.
• Supplies-$5,750.
• Investments given by a citizen that will be sold soon with the proceeds used to beautify a public park-$34,500.
• Cash that the assistant director of finance designated for use in upgrading the local roads-$43,750.
• Cash from a state grant that must be spent to supplement the pay of local kindergarten teachers-$59,000.
•
Cash that the city council (the highest level of decision-making authority in the government) voted to use in renovating a school
gymnasium-$80,750.
On a balance sheet for the governmental funds, what fund balance amounts should the City of Westchester report?
Answer is complete but not entirely correct.
Fund balance-nonspendable
Fund…
Chapter 11 Solutions
Fundamentals of Advanced Accounting
Ch. 11 - Prob. 1QCh. 11 - Prob. 2QCh. 11 - Prob. 3QCh. 11 - Prob. 4QCh. 11 - What measurement focus is used in fund financial...Ch. 11 - Prob. 6QCh. 11 - Prob. 7QCh. 11 - In applying the current financial resources...Ch. 11 - Prob. 9QCh. 11 - What are the five fund types within the...
Ch. 11 - Prob. 11QCh. 11 - What are the four fund types within the fiduciary...Ch. 11 - Prob. 13QCh. 11 - Fund financial statements have separate columns...Ch. 11 - The general fund of a city reports assets of...Ch. 11 - Why are budgetary entries recorded in the...Ch. 11 - How are budget results shown in the financial...Ch. 11 - Prob. 18QCh. 11 - Prob. 19QCh. 11 - Prob. 20QCh. 11 - How do governmental funds report capital outlay in...Ch. 11 - Prob. 22QCh. 11 - Prob. 23QCh. 11 - Prob. 24QCh. 11 - How is the issuance of a long-term bond reported...Ch. 11 - Prob. 26QCh. 11 - Prob. 27QCh. 11 - Prob. 28QCh. 11 - What is an internal exchange transaction, and how...Ch. 11 - Prob. 1PCh. 11 - Prob. 2PCh. 11 - Prob. 3PCh. 11 - Prob. 4PCh. 11 - Prob. 5PCh. 11 - Prob. 6PCh. 11 - Which of the following statements is correct about...Ch. 11 - Prob. 8PCh. 11 - Prob. 9PCh. 11 - The City of Bagranoff holds 90,000 in cash that...Ch. 11 - Prob. 11PCh. 11 - The general fund pays rent for two months. Which...Ch. 11 - A purchase order for 3,000 is recorded in the...Ch. 11 - At the end of the current year, a government...Ch. 11 - A government buys equipment for its police...Ch. 11 - A city acquires supplies for its fire department...Ch. 11 - Prob. 17PCh. 11 - The state government passes a law requiring...Ch. 11 - The state awards a grant of 50,000 to the Town of...Ch. 11 - A city issues a 60-day tax anticipation note to...Ch. 11 - A city issues five-year bonds payable to finance...Ch. 11 - The City of Dylan issues a 10-year bond payable of...Ch. 11 - Prob. 23PCh. 11 - A 110,000 payment is made on a long-term...Ch. 11 - A city constructs a special assessment project (a...Ch. 11 - A city constructs curbing in a new neighborhood...Ch. 11 - Which of the following is an example of an...Ch. 11 - Cash of 60,000 is transferred from the general...Ch. 11 - Cash of 60,000 is transferred from the general...Ch. 11 - Cash of 20,000 is transferred from the general...Ch. 11 - Cash of 20,000 is transferred from the general...Ch. 11 - Prob. 32PCh. 11 - A city orders a new computer for its general fund...Ch. 11 - Cash of 90,000 is transferred from a citys general...Ch. 11 - The governmental funds of the City of Westchester...Ch. 11 - Government officials of Hampstead County ordered a...Ch. 11 - A local government has the following transactions...Ch. 11 - Prepare journal entries for the City of Puddings...Ch. 11 - Prepare journal entries for a local government to...Ch. 11 - The following unadjusted trial balances are for...Ch. 11 - Prob. 41PCh. 11 - Chesterfield County had the following...Ch. 11 - Prob. 43PCh. 11 - Prob. 44PCh. 11 - Prob. 45PCh. 11 - Prob. 46PCh. 11 - Prob. 47PCh. 11 - Prob. 48PCh. 11 - Prob. 49PCh. 11 - Prob. 50PCh. 11 - Indicate (i) how each of the following...Ch. 11 - Fund A transfers 20,000 to Fund B. For each of the...Ch. 11 - Prob. 53PCh. 11 - Prob. 54PCh. 11 - Prob. 55PCh. 11 - Prob. 56PCh. 11 - Prob. 57PCh. 11 - Prob. 58PCh. 11 - Prob. 59P
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