
Fundamentals of Advanced Accounting
6th Edition
ISBN: 9780077862237
Author: Joe Ben Hoyle, Thomas Schaefer, Timothy Doupnik
Publisher: McGraw-Hill Education
expand_more
expand_more
format_list_bulleted
Question
Chapter 12, Problem 41P
To determine
Prepare the 2015 fund financial statements for the governmental funds and the proprietary funds.
Expert Solution & Answer

Explanation of Solution
The statement of Revenues, Expenditures, and Other Changes in Fund Balance is as follows:
P City | ||||
Statement of Revenues, Expenditures, and Other Changes in Fund Balance | ||||
Fund Financial Statements- Government Funds | ||||
For the year ending December 31, 2015 | ||||
General Fund | Special Revenue Fund | Capital Projects Fund | Total Governmental Funds | |
Revenues | ||||
Property Taxes | $560,000 | $0 | $0 | $560,000 |
Park | $8,000 | $0 | $0 | $8,000 |
Operating Grant | $0 | $37,000 | $0 | $37,000 |
School fees | $6,000 | $0 | $0 | $6,000 |
Total Revenues | $574,000 | $37,000 | $0 | $611,000 |
Expenditures: | ||||
Land | $0 | $0 | $20,000 | $20,000 |
Buildings | $0 | $0 | $80,000 | $80,000 |
Sidewalk | $0 | $0 | $10,000 | $10,000 |
School Lunches | $0 | $37,000 | $0 | $37,000 |
Supplies | $22,000 | $0 | $0 | $22,000 |
School Bus | $102,000 | $0 | $0 | $102,000 |
Salaries | $270,000 | $0 | $0 | $270,000 |
Maintenance | $9,000 | $0 | $0 | $9,000 |
Interest | $9,000 | $0 | $0 | $9,000 |
Bond Payment | $5,000 | $0 | $0 | $5,000 |
Total expenditures | $417,000 | $37,000 | $110,000 | $564,000 |
Excess of revenues over expenditures | $157,000 | $0 | ($110,000) | $47,000 |
Other Financing: | ||||
Other Financing Sources | $0 | $0 | $180,000 | $180,000 |
Other Financing Uses | ($90,000) | $0 | $0 | ($90,000) |
Total Other Financing | ($90,000) | $0 | $180,000 | $90,000 |
Change in Fund Balance | $67,000 | $0 | $70,000 | $137,000 |
Fund Balance-Beginning | $123,000 | $0 | $0 | $123,000 |
Fund Balance-Ending | $190,000 | $0 | $70,000 | $260,000 |
Table: (1)
The
P City | ||||
Balance Sheet | ||||
Fund Financial Statements- Government Funds | ||||
For the year ending December 31, 2015 | ||||
General Fund | Special Revenue Fund | Capital Projects Fund | Total Governmental Funds | |
Assets: | ||||
Cash | $169,400 | $63,000 | $70,000 | $302,400 |
Property Tax Receivable | $90,000 | $0 | $0 | $90,000 |
Receivable: School fees | $600 | $0 | $0 | $600 |
Supplies | $5,000 | $0 | $0 | $5,000 |
Total Assets | $265,000 | $63,000 | $70,000 | $398,000 |
Liabilities | ||||
Salary payable | $30,000 | $0 | $0 | $30,000 |
Deferred Revenue | $40,000 | $63,000 | $0 | $103,000 |
Total Liabilities | $70,000 | $63,000 | $0 | $133,000 |
Fund Balances | ||||
Non-spendable | $5,000 | $0 | $0 | $5,000 |
Committed | $0 | $0 | $70,000 | $70,000 |
Unassigned | $190,000 | $0 | $0 | $190,000 |
Total Fund Balances | $195,000 | $0 | $70,000 | $265,000 |
Total Liabilities and Fund Balances | $265,000 | $63,000 | $70,000 | $398,000 |
Table: (2)
The Statement of Revenues, Expenditures, and Other Changes in Fund Balance is as follows in enterprise fund:
P City | |
Statement of Revenues, Expenditures, and Other Changes in Fund Balance | |
Fund Financial Statements- Proprietary Funds | |
For the year ending December 31, 2015 | |
Enterprise Fund | |
Operating revenues | |
Rent Revenues | $130,000 |
Operating expenses | |
Salaries | $45,000 |
Vacations | $5,000 |
$25,000 | |
Total Operating Expenses | $75,000 |
Operating Income | $55,000 |
Non-operating expenses | |
Interest Expense | $13,000 |
Income Before Capital Contribution | $42,000 |
Capital Contribution | $20,000 |
Change in Net Assets | $62,000 |
Total Net assets-Beginning | $662,000 |
Total Net assets-Ending | $724,000 |
Table: (3)
The statement of net assets is as follows:
P City | |
Statement of Net Assets | |
Fund Financial Statements- Proprietary Funds | |
For the year ending December 31, 2015 | |
Enterprise Fund | |
Assets | |
Current Assets | $130,000 |
Cash | |
Rent Receivable | $20,000 |
Total Current Assets | $150,000 |
Non-current assets | $25,000 |
Parking Deck | $195,000 |
Buildings | $580,000 |
Total Noncurrent Assets | $775,000 |
Total assets | $925,000 |
Liabilities | $42,000 |
Current Liabilities | |
Salary payable | $3,000 |
Vacation payable | $5,000 |
Interest payable | $13,000 |
Total Current Liabilities | $21,000 |
Noncurrent liabilities | |
Notes payable | $180,000 |
Total liabilities | $201,000 |
Net assets | |
Invested in capital assets | $582,000 |
Unrestricted | $142,000 |
Total Net assets | $724,000 |
Table: (4)
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
On 2015/1/1, Samantha Ltd. purchased machinery for $60,000. The useful life is 8 years with a salvage value of $6,000. The company uses the double declining balance method. What is the second year's annual depreciation expense (2016/12/31)?
Brenda Confections is preparing its cash budget and expects to have sales of $50,000 in April, $65,000 in May, and $75,000 in June. If 30% of sales are for cash, 50% are credit sales paid in the month after the sale, and 20% are credit sales paid 2 months after the sale, what are the expected cash receipts for June?
RK Co. sells snowboards. Each snowboard requires direct materials for $140, direct labor for $55, and variable overhead of $64. The company expects fixed overhead costs of $673,000 and fixed selling and administrative costs of $160,000 for the next year. It expects to produce and sell 11,900 snowboards in the next year. What will be the selling price per unit if RK uses a mark-up of 17% of the total cost?
Chapter 12 Solutions
Fundamentals of Advanced Accounting
Ch. 12 - Prob. 1QCh. 12 - Prob. 2QCh. 12 - Prob. 3QCh. 12 - Prob. 4QCh. 12 - A landfill is scheduled to be filled to capacity...Ch. 12 - Prob. 6QCh. 12 - Prob. 7QCh. 12 - Prob. 8QCh. 12 - Prob. 9QCh. 12 - Prob. 10Q
Ch. 12 - Prob. 11QCh. 12 - Prob. 12QCh. 12 - Prob. 13QCh. 12 - What does a comprehensive annual financial report...Ch. 12 - Prob. 15QCh. 12 - Prob. 16QCh. 12 - What is the difference between a blended component...Ch. 12 - Prob. 18QCh. 12 - Prob. 19QCh. 12 - Prob. 20QCh. 12 - Prob. 21QCh. 12 - How are internal service funds reported on...Ch. 12 - Prob. 23QCh. 12 - A general purpose government takes over a special...Ch. 12 - Prob. 25QCh. 12 - Prob. 26QCh. 12 - Prob. 1PCh. 12 - Prob. 2PCh. 12 - Prob. 3PCh. 12 - Prob. 4PCh. 12 - Prob. 5PCh. 12 - A city creates a solid waste landfill. It assesses...Ch. 12 - Prob. 7PCh. 12 - If this landfill is judged to be a proprietary...Ch. 12 - If this landfill is judged to be a governmental...Ch. 12 - The City of Nomanchester has a defined benefit...Ch. 12 - Prob. 11PCh. 12 - Prob. 12PCh. 12 - Prob. 13PCh. 12 - Prob. 14PCh. 12 - A city builds sidewalks throughout its various...Ch. 12 - Prob. 16PCh. 12 - Prob. 17PCh. 12 - Prob. 18PCh. 12 - Prob. 19PCh. 12 - Prob. 20PCh. 12 - Prob. 21PCh. 12 - Prob. 22PCh. 12 - Prob. 23PCh. 12 - Prob. 24PCh. 12 - Prob. 25PCh. 12 - Prob. 26PCh. 12 - Prob. 27PCh. 12 - Prob. 28PCh. 12 - Prob. 29PCh. 12 - Prob. 30PCh. 12 - Prob. 31PCh. 12 - Prob. 32PCh. 12 - Prob. 33PCh. 12 - Prob. 34PCh. 12 - Prob. 35PCh. 12 - The City of Francois, Texas, has begun the process...Ch. 12 - Prob. 37PCh. 12 - Prob. 38PCh. 12 - Prob. 39PCh. 12 - Prob. 40PCh. 12 - Prob. 41PCh. 12 - 42. For each of the following, indicate whether...Ch. 12 - For problems 40 through 43, use the following...Ch. 12 - Prob. 44PCh. 12 - Prob. 45PCh. 12 - Prob. 46PCh. 12 - On the first day of the year, the City of Wolfe...Ch. 12 - Prob. 48PCh. 12 - A city has a solid waste landfill that was filled...Ch. 12 - Use the same information as in problem 44 except...Ch. 12 - Prob. 51PCh. 12 - Prob. 52PCh. 12 - Prob. 53PCh. 12 - Prob. 2DYSCh. 12 - Read the following journal article: 25 Years of...Ch. 12 - Prob. 4DYSCh. 12 - Prob. 5DYSCh. 12 - The City of Larissa recently opened a solid waste...
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- SP Company made sales of $32,750 million in 2019. The cost of goods sold for the year totaled $12,500 million. At the end of 2018, Malt's inventory stood at $1,300 million, and SP ended 2018 with an inventory of $1,800 million. Compute Malt's gross profit percentage and rate of inventory turnover for 2019.arrow_forwardThe company's total assets arearrow_forwardRight Answerarrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
- AccountingAccountingISBN:9781337272094Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.Publisher:Cengage Learning,Accounting Information SystemsAccountingISBN:9781337619202Author:Hall, James A.Publisher:Cengage Learning,
- Horngren's Cost Accounting: A Managerial Emphasis...AccountingISBN:9780134475585Author:Srikant M. Datar, Madhav V. RajanPublisher:PEARSONIntermediate AccountingAccountingISBN:9781259722660Author:J. David Spiceland, Mark W. Nelson, Wayne M ThomasPublisher:McGraw-Hill EducationFinancial and Managerial AccountingAccountingISBN:9781259726705Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting PrinciplesPublisher:McGraw-Hill Education


Accounting
Accounting
ISBN:9781337272094
Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:Cengage Learning,

Accounting Information Systems
Accounting
ISBN:9781337619202
Author:Hall, James A.
Publisher:Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis...
Accounting
ISBN:9780134475585
Author:Srikant M. Datar, Madhav V. Rajan
Publisher:PEARSON

Intermediate Accounting
Accounting
ISBN:9781259722660
Author:J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:McGraw-Hill Education

Financial and Managerial Accounting
Accounting
ISBN:9781259726705
Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:McGraw-Hill Education
What is Fund Accounting?; Author: Aplos;https://www.youtube.com/watch?v=W5D5Dr0j9j4;License: Standard Youtube License