Fundamentals of Advanced Accounting
6th Edition
ISBN: 9780077862237
Author: Joe Ben Hoyle, Thomas Schaefer, Timothy Doupnik
Publisher: McGraw-Hill Education
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Textbook Question
Chapter 12, Problem 9P
If this landfill is judged to be a governmental fund, what liability will be reported at the end of the second year on fund financial statements?
- a. $–0–
- b. $110,000
- c. $190,000
- d. $200,000
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4.
The Village of Seaside Pines prepared the following enterprise fund Trial Balance as of December 31, 2020, the last day of its fiscal year. The enterprise fund was established this year
through a transfer from the General Fund.
Accounts payable
Accounts receivable
Accrued interest payable
Accumulated depreciation
Administrative and selling expenses
Allowance for uncollectible accounts
Capital assets
Cash
Charges for sales and services
Cost of sales and services
Depreciation expense
Due from General Fund
Interest expense
Interest revenue
Transfer in from General Fund
Bank note payable
Supplies inventory
Totals
Debits
$32,000
47,000
712,000
89,000
479,000
45,000
17,000
40,000
18,000
$1,479,000
Credits
$ 96,000
28,000
45,000
12,000
550,000
4,000
119,000
625,000
$1,479,000
Required:
a. Prepare the closing entries for December 31.
b. Prepare the Statement of Revenues, Expenses, and Changes in Fund Net Position for the year ended December 31.
c. Prepare the Net Position section of the…
Prepare a preclosing trial balance for the General Fund as of December 31, 2021.
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.
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...
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- 49) A Capital Projects Fund awards the construction of a building to a construction contractor at a contract cost of $1,000,000. What entry is prepared by the Capital Projects Fund? A) Debit Expenditures $1,000,000, Credit Liability $1,000,000 B) Debit Building $1,000,000, Credit Expenditures $1,000,000 C) Debit Other Financing Uses $1,000,000, Credit Expenditures $1,000,000 D) Debit Encumbrances $1,000,000, Credit Reserve for Encumbrances $1,000,000 50) Which statement below is incorrect with respect to the Government-wide financial statements? A) All governmental fund categories must convert to the modified accrual basis of accounting. B) It is necessary to eliminate interfund balances within the governmental funds. C) Capital lease liabilities associated with governmental funds must be included on the Government-wide financial statements. D) All fixed assets and long-term debt for governmental funds must be included on the Government-wide financial statements.arrow_forward7.) Linden County operates a solid waste landfill that is accounted for in an enterprise fund. The county calculated this year's portion of the total closure and postclosure costs associated with the landfill to be $300,000. The entry(ies) to record this cost should be: A.) Debit landfill expense $300,000; Credit liability for landfill costs $300,000 B.) Debit landfill expense $300,000; Credit liability for landfill costs $300,000 AND include an addition of $300,000 on the schedule of changes in long-term obligations. C.) Show only an addition of $300,000 on the schedule of changes in long-term obligations. D.) No entry in the fund; No addition on the schedule of changes in long-term obligations.arrow_forward2arrow_forward
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