Prepare the entries first for fund financial statements and then for government-wide financial statements.

Question

Want to see more full solutions like this?

Answer 1

Question

Chapter 11, Problem 42P

To determine

Prepare the entries first for fund financial statements and then for government-wide financial statements.

Expert Solution & Answer

Explanation of Solution

The entries in the fund financial statements are as follows:

Date	Account Title and Explanation	Post ref.	Debit ($)	Credit ($)
a.	General Fund
	Estimated Revenue Control		834,000
	Appropriations control			540,000
	Estimated Other Financing Uses-Operating transfers			242,000
	Budgetary balance			52,000
	(being budget recorded along with spending)

b.	Capital project Fund
	Encumbrance Control		8,000,000
	Fund Balance-Reserved for encumbrances			8,000,000

c.	Capital project Fund
	Cash		8,000,000
	Other Financing sources control			8,000,000

d.	Capital project Fund
	Fund Balance-Reserved for Encumbrances		8,000,000
	Encumbrances Control			8,000,000

	Expenditures Control		8,000,000
	Contracts Payable			8,000,000

	Contracts Payable		8,000,000
	Cash			8,000,000

e.	General Fund
	Other Financing sources control		1,000,000
	Cash			1,000,000
	Debt Service Fund

	Cash		1,000,000
	Other Financing Resources			1,000,000

f.	Debt Service Fund
	Expenditures Control-Bonds		900,000
	Expenditures Control-Interest		100,000
	Cash			1,000,000

g.	General Fund
	Property Tax receivable		800,000
	Revenues-Property Tax			768,000
	Uncollectable Tax			32,000

h.	Special Revenue fund
	Cash		120,000
	Revenue Control			120,000

i.	Permanent Fund
	Investments		300,000
	Contribution revenue			300,000

Table: (1)

The entries in the government-wide financial statements are as follows:

Date	Account Title and Explanation	Post ref.	Debit ($)	Credit ($)
a.	Budgets are not reported in the government-wide financial statements

b.	Commitments are not recorded in the government-wide Financial Statements

c.	Cash		8,000,000
	bonds payable			8,000,000

d.	Buildings		8,000,000
	Cash			8,000,000

e.	Intra-entity activity transfers are not recorded in government-wide financial statements

f.	Bonds payable		900,000
	Interest expense		100,000
	Cash			1,000,000

g.	Property Tax receivable		800,000
	Revenues-Property Tax			768,000
	Uncollectable Tax			32,000

h.	Cash		120,000
	Revenue-Reserved for Highway Maintenance			120,000

i.	Investments		300,000
	Revenues-Donations			300,000

Table: (2)

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Students have asked these similar questions

Covered member’s independence is impaired with respect to an attest client. What is a covered member for a CPA? What are the sources of liability for an auditor who violates the rules of professional conduct in an audit engagement?

Monty Inc., a major retailer of high-end office furniture, operates several stores and is a publicly traded company. The company is currently preparing its statement of cash flows. The comparative statement of financial position and income stetement for Monty as at May 31, 2020, are as The rollowing is additional Informacon soous transectons cunne tie year shoes may sa, coat for Monty ancy which tohows arks. Plant assets costing $69,000 were purchased by paying $47,000 in cash and issuing 5,000 common shares. In order to supplement is casn, Monty Issued ,000 edditone common snares. Cash dividends of $35,000 were declared and paid at the end of the fiscal year create cashflow direct method statement

Bonita Industries reports the following ledger account balances at June 30, 2025: Cash $1158 Accounts receivable 2838 Inventory 3384 Prepaid rent 104 Equipment 320 Accumulated depreciation-equipment 66 Accounts payable 920 Unearned rent revenue 144 Common stock 220 Retained earnings 6740 Service revenue 392 Interest revenue 80 Salaries and wages expense 200 Insurance expense 98 Assuming that all of the accounts have normal balances, what are total credits on the company's trial balance at June 30, 2025? A. $8562. B. $8586. C. $8496. D. $8482.

Answer 2

Question

Chapter 11, Problem 42P

To determine

Prepare the entries first for fund financial statements and then for government-wide financial statements.

Expert Solution & Answer

Explanation of Solution

The entries in the fund financial statements are as follows:

Date	Account Title and Explanation	Post ref.	Debit ($)	Credit ($)
a.	General Fund
	Estimated Revenue Control		834,000
	Appropriations control			540,000
	Estimated Other Financing Uses-Operating transfers			242,000
	Budgetary balance			52,000
	(being budget recorded along with spending)

b.	Capital project Fund
	Encumbrance Control		8,000,000
	Fund Balance-Reserved for encumbrances			8,000,000

c.	Capital project Fund
	Cash		8,000,000
	Other Financing sources control			8,000,000

d.	Capital project Fund
	Fund Balance-Reserved for Encumbrances		8,000,000
	Encumbrances Control			8,000,000

	Expenditures Control		8,000,000
	Contracts Payable			8,000,000

	Contracts Payable		8,000,000
	Cash			8,000,000

e.	General Fund
	Other Financing sources control		1,000,000
	Cash			1,000,000
	Debt Service Fund

	Cash		1,000,000
	Other Financing Resources			1,000,000

f.	Debt Service Fund
	Expenditures Control-Bonds		900,000
	Expenditures Control-Interest		100,000
	Cash			1,000,000

g.	General Fund
	Property Tax receivable		800,000
	Revenues-Property Tax			768,000
	Uncollectable Tax			32,000

h.	Special Revenue fund
	Cash		120,000
	Revenue Control			120,000

i.	Permanent Fund
	Investments		300,000
	Contribution revenue			300,000

Table: (1)

The entries in the government-wide financial statements are as follows:

Date	Account Title and Explanation	Post ref.	Debit ($)	Credit ($)
a.	Budgets are not reported in the government-wide financial statements

b.	Commitments are not recorded in the government-wide Financial Statements

c.	Cash		8,000,000
	bonds payable			8,000,000

d.	Buildings		8,000,000
	Cash			8,000,000

e.	Intra-entity activity transfers are not recorded in government-wide financial statements

f.	Bonds payable		900,000
	Interest expense		100,000
	Cash			1,000,000

g.	Property Tax receivable		800,000
	Revenues-Property Tax			768,000
	Uncollectable Tax			32,000

h.	Cash		120,000
	Revenue-Reserved for Highway Maintenance			120,000

i.	Investments		300,000
	Revenues-Donations			300,000

Table: (2)

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 3

Question

Chapter 11, Problem 42P

To determine

Prepare the entries first for fund financial statements and then for government-wide financial statements.

Expert Solution & Answer

Explanation of Solution

The entries in the fund financial statements are as follows:

Date	Account Title and Explanation	Post ref.	Debit ($)	Credit ($)
a.	General Fund
	Estimated Revenue Control		834,000
	Appropriations control			540,000
	Estimated Other Financing Uses-Operating transfers			242,000
	Budgetary balance			52,000
	(being budget recorded along with spending)

b.	Capital project Fund
	Encumbrance Control		8,000,000
	Fund Balance-Reserved for encumbrances			8,000,000

c.	Capital project Fund
	Cash		8,000,000
	Other Financing sources control			8,000,000

d.	Capital project Fund
	Fund Balance-Reserved for Encumbrances		8,000,000
	Encumbrances Control			8,000,000

	Expenditures Control		8,000,000
	Contracts Payable			8,000,000

	Contracts Payable		8,000,000
	Cash			8,000,000

e.	General Fund
	Other Financing sources control		1,000,000
	Cash			1,000,000
	Debt Service Fund

	Cash		1,000,000
	Other Financing Resources			1,000,000

f.	Debt Service Fund
	Expenditures Control-Bonds		900,000
	Expenditures Control-Interest		100,000
	Cash			1,000,000

g.	General Fund
	Property Tax receivable		800,000
	Revenues-Property Tax			768,000
	Uncollectable Tax			32,000

h.	Special Revenue fund
	Cash		120,000
	Revenue Control			120,000

i.	Permanent Fund
	Investments		300,000
	Contribution revenue			300,000

Table: (1)

The entries in the government-wide financial statements are as follows:

Date	Account Title and Explanation	Post ref.	Debit ($)	Credit ($)
a.	Budgets are not reported in the government-wide financial statements

b.	Commitments are not recorded in the government-wide Financial Statements

c.	Cash		8,000,000
	bonds payable			8,000,000

d.	Buildings		8,000,000
	Cash			8,000,000

e.	Intra-entity activity transfers are not recorded in government-wide financial statements

f.	Bonds payable		900,000
	Interest expense		100,000
	Cash			1,000,000

g.	Property Tax receivable		800,000
	Revenues-Property Tax			768,000
	Uncollectable Tax			32,000

h.	Cash		120,000
	Revenue-Reserved for Highway Maintenance			120,000

i.	Investments		300,000
	Revenues-Donations			300,000

Table: (2)

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 4

Question

Chapter 11, Problem 42P

To determine

Prepare the entries first for fund financial statements and then for government-wide financial statements.

Expert Solution & Answer

Explanation of Solution

The entries in the fund financial statements are as follows:

Date	Account Title and Explanation	Post ref.	Debit ($)	Credit ($)
a.	General Fund
	Estimated Revenue Control		834,000
	Appropriations control			540,000
	Estimated Other Financing Uses-Operating transfers			242,000
	Budgetary balance			52,000
	(being budget recorded along with spending)

b.	Capital project Fund
	Encumbrance Control		8,000,000
	Fund Balance-Reserved for encumbrances			8,000,000

c.	Capital project Fund
	Cash		8,000,000
	Other Financing sources control			8,000,000

d.	Capital project Fund
	Fund Balance-Reserved for Encumbrances		8,000,000
	Encumbrances Control			8,000,000

	Expenditures Control		8,000,000
	Contracts Payable			8,000,000

	Contracts Payable		8,000,000
	Cash			8,000,000

e.	General Fund
	Other Financing sources control		1,000,000
	Cash			1,000,000
	Debt Service Fund

	Cash		1,000,000
	Other Financing Resources			1,000,000

f.	Debt Service Fund
	Expenditures Control-Bonds		900,000
	Expenditures Control-Interest		100,000
	Cash			1,000,000

g.	General Fund
	Property Tax receivable		800,000
	Revenues-Property Tax			768,000
	Uncollectable Tax			32,000

h.	Special Revenue fund
	Cash		120,000
	Revenue Control			120,000

i.	Permanent Fund
	Investments		300,000
	Contribution revenue			300,000

Table: (1)

The entries in the government-wide financial statements are as follows:

Date	Account Title and Explanation	Post ref.	Debit ($)	Credit ($)
a.	Budgets are not reported in the government-wide financial statements

b.	Commitments are not recorded in the government-wide Financial Statements

c.	Cash		8,000,000
	bonds payable			8,000,000

d.	Buildings		8,000,000
	Cash			8,000,000

e.	Intra-entity activity transfers are not recorded in government-wide financial statements

f.	Bonds payable		900,000
	Interest expense		100,000
	Cash			1,000,000

g.	Property Tax receivable		800,000
	Revenues-Property Tax			768,000
	Uncollectable Tax			32,000

h.	Cash		120,000
	Revenue-Reserved for Highway Maintenance			120,000

i.	Investments		300,000
	Revenues-Donations			300,000

Table: (2)

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 5

Chapter 11, Problem 42P

To determine

Prepare the entries first for fund financial statements and then for government-wide financial statements.

Expert Solution & Answer

Explanation of Solution

The entries in the fund financial statements are as follows:

Date	Account Title and Explanation	Post ref.	Debit ($)	Credit ($)
a.	General Fund
	Estimated Revenue Control		834,000
	Appropriations control			540,000
	Estimated Other Financing Uses-Operating transfers			242,000
	Budgetary balance			52,000
	(being budget recorded along with spending)

b.	Capital project Fund
	Encumbrance Control		8,000,000
	Fund Balance-Reserved for encumbrances			8,000,000

c.	Capital project Fund
	Cash		8,000,000
	Other Financing sources control			8,000,000

d.	Capital project Fund
	Fund Balance-Reserved for Encumbrances		8,000,000
	Encumbrances Control			8,000,000

	Expenditures Control		8,000,000
	Contracts Payable			8,000,000

	Contracts Payable		8,000,000
	Cash			8,000,000

e.	General Fund
	Other Financing sources control		1,000,000
	Cash			1,000,000
	Debt Service Fund

	Cash		1,000,000
	Other Financing Resources			1,000,000

f.	Debt Service Fund
	Expenditures Control-Bonds		900,000
	Expenditures Control-Interest		100,000
	Cash			1,000,000

g.	General Fund
	Property Tax receivable		800,000
	Revenues-Property Tax			768,000
	Uncollectable Tax			32,000

h.	Special Revenue fund
	Cash		120,000
	Revenue Control			120,000

i.	Permanent Fund
	Investments		300,000
	Contribution revenue			300,000

Table: (1)

The entries in the government-wide financial statements are as follows:

Date	Account Title and Explanation	Post ref.	Debit ($)	Credit ($)
a.	Budgets are not reported in the government-wide financial statements

b.	Commitments are not recorded in the government-wide Financial Statements

c.	Cash		8,000,000
	bonds payable			8,000,000

d.	Buildings		8,000,000
	Cash			8,000,000

e.	Intra-entity activity transfers are not recorded in government-wide financial statements

f.	Bonds payable		900,000
	Interest expense		100,000
	Cash			1,000,000

g.	Property Tax receivable		800,000
	Revenues-Property Tax			768,000
	Uncollectable Tax			32,000

h.	Cash		120,000
	Revenue-Reserved for Highway Maintenance			120,000

i.	Investments		300,000
	Revenues-Donations			300,000

Table: (2)

Answer 6

Chapter 11, Problem 42P

To determine

Prepare the entries first for fund financial statements and then for government-wide financial statements.

Expert Solution & Answer

Explanation of Solution

The entries in the fund financial statements are as follows:

Date	Account Title and Explanation	Post ref.	Debit ($)	Credit ($)
a.	General Fund
	Estimated Revenue Control		834,000
	Appropriations control			540,000
	Estimated Other Financing Uses-Operating transfers			242,000
	Budgetary balance			52,000
	(being budget recorded along with spending)

b.	Capital project Fund
	Encumbrance Control		8,000,000
	Fund Balance-Reserved for encumbrances			8,000,000

c.	Capital project Fund
	Cash		8,000,000
	Other Financing sources control			8,000,000

d.	Capital project Fund
	Fund Balance-Reserved for Encumbrances		8,000,000
	Encumbrances Control			8,000,000

	Expenditures Control		8,000,000
	Contracts Payable			8,000,000

	Contracts Payable		8,000,000
	Cash			8,000,000

e.	General Fund
	Other Financing sources control		1,000,000
	Cash			1,000,000
	Debt Service Fund

	Cash		1,000,000
	Other Financing Resources			1,000,000

f.	Debt Service Fund
	Expenditures Control-Bonds		900,000
	Expenditures Control-Interest		100,000
	Cash			1,000,000

g.	General Fund
	Property Tax receivable		800,000
	Revenues-Property Tax			768,000
	Uncollectable Tax			32,000

h.	Special Revenue fund
	Cash		120,000
	Revenue Control			120,000

i.	Permanent Fund
	Investments		300,000
	Contribution revenue			300,000

Table: (1)

The entries in the government-wide financial statements are as follows:

Date	Account Title and Explanation	Post ref.	Debit ($)	Credit ($)
a.	Budgets are not reported in the government-wide financial statements

b.	Commitments are not recorded in the government-wide Financial Statements

c.	Cash		8,000,000
	bonds payable			8,000,000

d.	Buildings		8,000,000
	Cash			8,000,000

e.	Intra-entity activity transfers are not recorded in government-wide financial statements

f.	Bonds payable		900,000
	Interest expense		100,000
	Cash			1,000,000

g.	Property Tax receivable		800,000
	Revenues-Property Tax			768,000
	Uncollectable Tax			32,000

h.	Cash		120,000
	Revenue-Reserved for Highway Maintenance			120,000

i.	Investments		300,000
	Revenues-Donations			300,000

Table: (2)

Answer 7

Chapter 11, Problem 42P

To determine

Prepare the entries first for fund financial statements and then for government-wide financial statements.

Answer 8

Expert Solution & Answer

Explanation of Solution

The entries in the fund financial statements are as follows:

Date	Account Title and Explanation	Post ref.	Debit ($)	Credit ($)
a.	General Fund
	Estimated Revenue Control		834,000
	Appropriations control			540,000
	Estimated Other Financing Uses-Operating transfers			242,000
	Budgetary balance			52,000
	(being budget recorded along with spending)

b.	Capital project Fund
	Encumbrance Control		8,000,000
	Fund Balance-Reserved for encumbrances			8,000,000

c.	Capital project Fund
	Cash		8,000,000
	Other Financing sources control			8,000,000

d.	Capital project Fund
	Fund Balance-Reserved for Encumbrances		8,000,000
	Encumbrances Control			8,000,000

	Expenditures Control		8,000,000
	Contracts Payable			8,000,000

	Contracts Payable		8,000,000
	Cash			8,000,000

e.	General Fund
	Other Financing sources control		1,000,000
	Cash			1,000,000
	Debt Service Fund

	Cash		1,000,000
	Other Financing Resources			1,000,000

f.	Debt Service Fund
	Expenditures Control-Bonds		900,000
	Expenditures Control-Interest		100,000
	Cash			1,000,000

g.	General Fund
	Property Tax receivable		800,000
	Revenues-Property Tax			768,000
	Uncollectable Tax			32,000

h.	Special Revenue fund
	Cash		120,000
	Revenue Control			120,000

i.	Permanent Fund
	Investments		300,000
	Contribution revenue			300,000

Table: (1)

The entries in the government-wide financial statements are as follows:

Date	Account Title and Explanation	Post ref.	Debit ($)	Credit ($)
a.	Budgets are not reported in the government-wide financial statements

b.	Commitments are not recorded in the government-wide Financial Statements

c.	Cash		8,000,000
	bonds payable			8,000,000

d.	Buildings		8,000,000
	Cash			8,000,000

e.	Intra-entity activity transfers are not recorded in government-wide financial statements

f.	Bonds payable		900,000
	Interest expense		100,000
	Cash			1,000,000

g.	Property Tax receivable		800,000
	Revenues-Property Tax			768,000
	Uncollectable Tax			32,000

h.	Cash		120,000
	Revenue-Reserved for Highway Maintenance			120,000

i.	Investments		300,000
	Revenues-Donations			300,000