ADVANCED FINANCIAL ACCT.(LL) >CUSTOM<
12th Edition
ISBN: 9781260824292
Author: Christensen
Publisher: MCGRAW-HILL HIGHER EDUCATION
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Chapter 18, Problem 18.26P
To determine
Introduction: Statement of net assets is the financial statement of a government entity. It is considered to be the equivalent of a
To prepare: A statement of net position for G as on December 31, 20X2.
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The following information has been provided by the City of Edward for its most recent December 31 fiscal year-end. The information
provided relates to financial information needed to reconcile the net change in governmental fund balances to the change in net
position of governmental activities.
Principal payment on long-term debt
Net change in total governmental fund balances
Change in net position of governmental activities
Capital outlay reported as expenditures
Depreciation expense
$ 333,791
1,062,777
638,576
111,000
Accrued expenses that do not require use of current financial resources
Revenues that do not provide current financial resources
49,059
5,650
34,119
Required
Prepare reconciliation of the net change in governmental fund balances to the change in net position of governmental activities for the
City of Edward. (Decreases should be indicated with a minus sign.)
CITY OF EDWARD
Reconciliation of the Statement of Revenues, Expenditures, and Changes in Fund…
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The city issues $10 million in 30‐year, 6 percent revenue bonds to enable a local nursing home to construct new facilities. The facilities will be leased to the home for the term of the bonds, and the lease payments will be exactly equal to the debt service on the bonds. At the expiration of the lease, the property will revert to the…
The proceeds of a long-term bond issue were used by a county to acquire general fixed assets. The long-term liability is recordeda. only in the general long-term debt account group.b. only in the general fund.c. both in the general fund and in the general long-term debt account group.d. in the appropriate governmental fund, depending on the nature of the asset involved.
Chapter 18 Solutions
ADVANCED FINANCIAL ACCT.(LL) >CUSTOM<
Ch. 18 - In what circumstances would a governmental unit...Ch. 18 - Prob. 18.2QCh. 18 - Prob. 18.3QCh. 18 - Prob. 18.4QCh. 18 - What is the basis of accounting in the proprietary...Ch. 18 - Prob. 18.6QCh. 18 - Prob. 18.7QCh. 18 - What are the primary differences between a...Ch. 18 - Prob. 18.9QCh. 18 - Prob. 18.10Q
Ch. 18 - Prob. 18.11QCh. 18 - Prob. 18.12QCh. 18 - Prob. 18.13QCh. 18 - GASB 34 required a budgetary comparison schedule...Ch. 18 - Prob. 18.15QCh. 18 - Prob. 18.1CCh. 18 - Capital Projects, Debt Service, and Internal...Ch. 18 - Prob. 18.1.1ECh. 18 - Prob. 18.1.2ECh. 18 - Prob. 18.1.3ECh. 18 - Prob. 18.1.4ECh. 18 - Prob. 18.1.5ECh. 18 - Prob. 18.1.6ECh. 18 - Prob. 18.1.7ECh. 18 - Prob. 18.1.8ECh. 18 - Prob. 18.1.9ECh. 18 - Prob. 18.1.10ECh. 18 - Prob. 18.1.11ECh. 18 - Prob. 18.1.12ECh. 18 - Multiple-Choice Items on Governmental Funds [AICPA...Ch. 18 - Prob. 18.2.2ECh. 18 - Prob. 18.2.3ECh. 18 - Multiple-Choice Items on Governmental Funds [AICPA...Ch. 18 - Prob. 18.2.5ECh. 18 - Multiple-Choice Items on Governmental Funds [AICPA...Ch. 18 - Multiple-Choice Items on Proprietary Funds [AICPA...Ch. 18 - Prob. 18.3.2ECh. 18 - Prob. 18.3.3ECh. 18 - Prob. 18.3.4ECh. 18 - Prob. 18.3.5ECh. 18 - Prob. 18.3.6ECh. 18 - Prob. 18.3.7ECh. 18 - Prob. 18.3.8ECh. 18 - Prob. 18.3.9ECh. 18 - Prob. 18.4.1ECh. 18 - Prob. 18.4.2ECh. 18 - Prob. 18.4.3ECh. 18 - Prob. 18.4.4ECh. 18 - Prob. 18.4.5ECh. 18 - Prob. 18.4.6ECh. 18 - Prob. 18.4.7ECh. 18 - Prob. 18.4.8ECh. 18 - Prob. 18.5.1ECh. 18 - Prob. 18.5.2ECh. 18 - Prob. 18.5.3ECh. 18 - Prob. 18.5.4ECh. 18 - Prob. 18.5.5ECh. 18 - Prob. 18.5.6ECh. 18 - Prob. 18.5.7ECh. 18 - Prob. 18.5.8ECh. 18 - Capital Projects Fund Entries and Statements The...Ch. 18 - Debt Service Fund Entries and Statements The City...Ch. 18 - Enterprise Fund Entries and Statements Augusta has...Ch. 18 - Interfund Transfers and Transactions During 20X8,...Ch. 18 - Internal Service Fund Entries and Statements...Ch. 18 - Prob. 18.11.1ECh. 18 - Prob. 18.11.2ECh. 18 - Prob. 18.11.3ECh. 18 - Prob. 18.11.4ECh. 18 - Prob. 18.11.5ECh. 18 - Prob. 18.11.6ECh. 18 - Prob. 18.11.7ECh. 18 - Prob. 18.11.8ECh. 18 - Prob. 18.11.9ECh. 18 - Prob. 18.11.10ECh. 18 - Adjusting Entries for General Fund [AICPA Adapted]...Ch. 18 - Entries for Funds [AICPA Adapted] Olivia Village...Ch. 18 - Prob. 18.14PCh. 18 - Prob. 18.15PCh. 18 - Prob. 18.16PCh. 18 - Matching Items Involving Various Funds The...Ch. 18 - Prob. 18.18.1PCh. 18 - Prob. 18.18.2PCh. 18 - Prob. 18.18.3PCh. 18 - Prob. 18.18.4PCh. 18 - Prob. 18.18.5PCh. 18 - Prob. 18.18.6PCh. 18 - Prob. 18.18.7PCh. 18 - Prob. 18.18.8PCh. 18 - Prob. 18.18.9PCh. 18 - Prob. 18.18.10PCh. 18 - Matching Items Involving the Statement of Cash...Ch. 18 - Prob. 18.20PCh. 18 - Matching Items on Fund Transactions [AICPA...Ch. 18 - Major Fund Tests The City of Somerset has the...Ch. 18 - Prob. 18.23PCh. 18 - Prob. 18.24.1PCh. 18 - Prob. 18.24.2PCh. 18 - Prob. 18.24.3PCh. 18 - Prob. 18.24.4PCh. 18 - Prob. 18.24.5PCh. 18 - Prob. 18.24.6PCh. 18 - Prob. 18.24.7PCh. 18 - Prob. 18.24.8PCh. 18 - Prob. 18.24.9PCh. 18 - Prob. 18.24.10PCh. 18 - Prob. 18.24.11PCh. 18 - Prob. 18.24.12PCh. 18 - Prob. 18.24.13PCh. 18 - Prob. 18.24.14PCh. 18 - Prob. 18.24.15PCh. 18 - Prob. 18.25PCh. 18 - Prob. 18.26P
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- The following information has been provided by the City of Edward for its most recent December 31 fiscal year-end. The information provided relates to financial information needed to reconcile the net change in governmental fund balances to the change in net position of governmental activities. Net change in total governmental fund balances Change in net position of governmental activities Capital outlay reported as expenditures Principal payment on long-term debt Depreciation expense Accrued expenses that do not require use of current financial resources Revenues that do not provide current financial resources $ 322,791 1,025,377 627,576 100,000 43,559 4,550 23,119 Required Prepare reconciliation of the net change in governmental fund balances to the change in net position of governmental activities for the City of Edward. (Decreases should be indicated with a minus sign.) Answer is complete but not entirely correct. CITY OF EDWARD Reconciliation of the Statement of Revenues,…arrow_forwardThe following information has been provided by the City of Edward for its most recent December 31 fiscal year-end. The information provided relates to financial information needed to reconcile the net change in governmental fund balances to the change in net position of governmental activities. Net change in total governmental fund balances Change in net position of governmental activities Capital outlay reported as expenditures Principal payment on long-term debt Depreciation expense Accrued expenses that do not require use of current financial resources Revenues that do not provide current financial resources $ 322,791 1,025, 377 Net change in fund balances-governmental funds Amounts reported for governmental activities in the statement of activities are different because: Governmental funds report capital outlays as expenditures. However, in the statement of activities, the cost of those assets is allocated over their estimated useful lives as depreciation expense. Some revenues…arrow_forwardPlease prepare general journal entries, as necessary to record the following transactions in the debt service fund and in the governmental activities general journal. Do not give answer in image formatearrow_forward
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- KA The following transactions take place: • A commitment was made to transfer general revenues to the entity in charge of providing transportation for all government agencies. • Construction bonds were issued at a premium. The premium is to be included in funds accumulated to retire the debt. • Police salaries were paid. • Interest and principal were paid on general obligation serial bonds. Required: Indicate the name of the fund(s) in which each of the transactions or events should be recorded.arrow_forwardPlease Do not Give image format and Details solutionarrow_forwardThe 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…arrow_forward
- 1.Which of the following transactions or events will not be reported in a governmental fund's operating statement, assuming that all relate to general government activities? A. Depreciation of capital assets B. Incurrence of construction costs on a construction project C. Incurrence of salary costs D. Issuance of bonds payable due in 10 year 2.General long-term debt proceeds are reported in governmental fund financial statements as: A. Direct additions to fund balance B. other financing sources C. Revenues D transfers 3.What user groups does the GASB not view as primary user groups for government external financial reporting? A. Citizenry B. Investors and creditors C. Labor unions representing government employees D. Legislative and oversight bodiesarrow_forwardDetermine the correct debit account from among the choices below: a. Expenditures b. Extraordinary Items c. Encumbrances d. Answer not included in the above selections The Debt Service Fund recognizes a principal payment that is currently due on a Bond debt. Answer 1 A contract is signed with ABC Construction for a project related to the Capital Projects Fund in the amount of $8,400,000. Answer 2 The city invests 30% of the bond proceeds in short term investments. Answer 3 A city’s water supply is contaminated by terrorists. Costs of clean-up, disposal, and importation of a fresh water supply total $50,000,000. Answer 4 The General Fund incurs and pays salaries totaling $400,000. Answer 5arrow_forwardHardevarrow_forward
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