Discuss the reason for the difference between reporting some transactions for governmental activities at the government–wide level, and the transactions for the General Fund.

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Answer 1

Question

Chapter 4, Problem 1Q

To determine

Discuss the reason for the difference between reporting some transactions for governmental activities at the government–wide level, and the transactions for the General Fund.

Expert Solution

Explanation of Solution

General Fund: The chief operating fund of state and local government used to record the departmental operating activities and government support services is referred to as General Fund, or General Operating Fund, or General Revenue Fund. The activities recorded in General Funds are police, fire, public works, recreation, education, culture, social services, city office, finance, personnel, and data processing.

Reason: The main reason for the difference in reporting the transactions for governmental activities at the government–wide level, and the transactions for the General Fund is that the governmental activities at the government–wide level are long-term activities, and the revenues and expenses are recorded on the accrual basis, but the transactions for the General Fund are short-term activities, and the revenues and expenses are recorded on the modified accrual basis.

To determine

List few examples of transactions that are reported in (a) only the General Fund, (b) only governmental activities at the government–wide level, and (c) both.

Expert Solution

Explanation of Solution

(a).

Examples of transactions that are reported in only the General Fund: Budgetary entries and encumbrance entries.

(b).

Examples of transactions that are reported in only governmental activities at the government–wide level: Depreciation expense on capital assets, and accrued interest on long-term liabilities.

(c).

Examples of transactions that are reported both in the General Fund and governmental activities at the government–wide level: Purchase of non-capital goods, payment of salaries and wages, and most of the revenues.

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Kevin Richards and Kyle Smith started Book Haven as a corporation, each contributing $65,000 in cash to start the business and receiving 6,000 shares of stock. At the end of the first year of operations on December 31, 2024, the following financial details were recorded: cash on hand and in the bank was $58,400, amounts due from customers for book sales totaled $38,500, and equipment was valued at $62,000. The company owed $12,500 to publishers for books purchased, and there was a one-year note payable to the bank for $7,400. No dividends were declared or paid during the year. Using the retained earnings equation with an opening balance of $0, calculate the net income for the year ending December 31, 2024. HELP

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Answer 2

Question

Chapter 4, Problem 1Q

To determine

Discuss the reason for the difference between reporting some transactions for governmental activities at the government–wide level, and the transactions for the General Fund.

Expert Solution

Explanation of Solution

General Fund: The chief operating fund of state and local government used to record the departmental operating activities and government support services is referred to as General Fund, or General Operating Fund, or General Revenue Fund. The activities recorded in General Funds are police, fire, public works, recreation, education, culture, social services, city office, finance, personnel, and data processing.

Reason: The main reason for the difference in reporting the transactions for governmental activities at the government–wide level, and the transactions for the General Fund is that the governmental activities at the government–wide level are long-term activities, and the revenues and expenses are recorded on the accrual basis, but the transactions for the General Fund are short-term activities, and the revenues and expenses are recorded on the modified accrual basis.

To determine

List few examples of transactions that are reported in (a) only the General Fund, (b) only governmental activities at the government–wide level, and (c) both.

Expert Solution

Explanation of Solution

(a).

Examples of transactions that are reported in only the General Fund: Budgetary entries and encumbrance entries.

(b).

Examples of transactions that are reported in only governmental activities at the government–wide level: Depreciation expense on capital assets, and accrued interest on long-term liabilities.

(c).

Examples of transactions that are reported both in the General Fund and governmental activities at the government–wide level: Purchase of non-capital goods, payment of salaries and wages, and most of the revenues.

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Answer 3

Question

Chapter 4, Problem 1Q

To determine

Discuss the reason for the difference between reporting some transactions for governmental activities at the government–wide level, and the transactions for the General Fund.

Expert Solution

Explanation of Solution

General Fund: The chief operating fund of state and local government used to record the departmental operating activities and government support services is referred to as General Fund, or General Operating Fund, or General Revenue Fund. The activities recorded in General Funds are police, fire, public works, recreation, education, culture, social services, city office, finance, personnel, and data processing.

Reason: The main reason for the difference in reporting the transactions for governmental activities at the government–wide level, and the transactions for the General Fund is that the governmental activities at the government–wide level are long-term activities, and the revenues and expenses are recorded on the accrual basis, but the transactions for the General Fund are short-term activities, and the revenues and expenses are recorded on the modified accrual basis.

To determine

List few examples of transactions that are reported in (a) only the General Fund, (b) only governmental activities at the government–wide level, and (c) both.

Expert Solution

Explanation of Solution

(a).

Examples of transactions that are reported in only the General Fund: Budgetary entries and encumbrance entries.

(b).

Examples of transactions that are reported in only governmental activities at the government–wide level: Depreciation expense on capital assets, and accrued interest on long-term liabilities.

(c).

Examples of transactions that are reported both in the General Fund and governmental activities at the government–wide level: Purchase of non-capital goods, payment of salaries and wages, and most of the revenues.

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Answer 4

Question

Chapter 4, Problem 1Q

To determine

Discuss the reason for the difference between reporting some transactions for governmental activities at the government–wide level, and the transactions for the General Fund.

Expert Solution

Explanation of Solution

General Fund: The chief operating fund of state and local government used to record the departmental operating activities and government support services is referred to as General Fund, or General Operating Fund, or General Revenue Fund. The activities recorded in General Funds are police, fire, public works, recreation, education, culture, social services, city office, finance, personnel, and data processing.

Reason: The main reason for the difference in reporting the transactions for governmental activities at the government–wide level, and the transactions for the General Fund is that the governmental activities at the government–wide level are long-term activities, and the revenues and expenses are recorded on the accrual basis, but the transactions for the General Fund are short-term activities, and the revenues and expenses are recorded on the modified accrual basis.

To determine

List few examples of transactions that are reported in (a) only the General Fund, (b) only governmental activities at the government–wide level, and (c) both.

Expert Solution

Explanation of Solution

(a).

Examples of transactions that are reported in only the General Fund: Budgetary entries and encumbrance entries.

(b).

Examples of transactions that are reported in only governmental activities at the government–wide level: Depreciation expense on capital assets, and accrued interest on long-term liabilities.

(c).

Examples of transactions that are reported both in the General Fund and governmental activities at the government–wide level: Purchase of non-capital goods, payment of salaries and wages, and most of the revenues.

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Answer 5

Chapter 4, Problem 1Q

To determine

Discuss the reason for the difference between reporting some transactions for governmental activities at the government–wide level, and the transactions for the General Fund.

Expert Solution

Explanation of Solution

General Fund: The chief operating fund of state and local government used to record the departmental operating activities and government support services is referred to as General Fund, or General Operating Fund, or General Revenue Fund. The activities recorded in General Funds are police, fire, public works, recreation, education, culture, social services, city office, finance, personnel, and data processing.

Reason: The main reason for the difference in reporting the transactions for governmental activities at the government–wide level, and the transactions for the General Fund is that the governmental activities at the government–wide level are long-term activities, and the revenues and expenses are recorded on the accrual basis, but the transactions for the General Fund are short-term activities, and the revenues and expenses are recorded on the modified accrual basis.

To determine

List few examples of transactions that are reported in (a) only the General Fund, (b) only governmental activities at the government–wide level, and (c) both.

Expert Solution

Explanation of Solution

(a).

Examples of transactions that are reported in only the General Fund: Budgetary entries and encumbrance entries.

(b).

Examples of transactions that are reported in only governmental activities at the government–wide level: Depreciation expense on capital assets, and accrued interest on long-term liabilities.

(c).

Examples of transactions that are reported both in the General Fund and governmental activities at the government–wide level: Purchase of non-capital goods, payment of salaries and wages, and most of the revenues.

Answer 6

Chapter 4, Problem 1Q

To determine

Discuss the reason for the difference between reporting some transactions for governmental activities at the government–wide level, and the transactions for the General Fund.

Expert Solution

Explanation of Solution

General Fund: The chief operating fund of state and local government used to record the departmental operating activities and government support services is referred to as General Fund, or General Operating Fund, or General Revenue Fund. The activities recorded in General Funds are police, fire, public works, recreation, education, culture, social services, city office, finance, personnel, and data processing.

Reason: The main reason for the difference in reporting the transactions for governmental activities at the government–wide level, and the transactions for the General Fund is that the governmental activities at the government–wide level are long-term activities, and the revenues and expenses are recorded on the accrual basis, but the transactions for the General Fund are short-term activities, and the revenues and expenses are recorded on the modified accrual basis.

Answer 7

Chapter 4, Problem 1Q

To determine

Discuss the reason for the difference between reporting some transactions for governmental activities at the government–wide level, and the transactions for the General Fund.

Answer 8

Expert Solution

Explanation of Solution

General Fund: The chief operating fund of state and local government used to record the departmental operating activities and government support services is referred to as General Fund, or General Operating Fund, or General Revenue Fund. The activities recorded in General Funds are police, fire, public works, recreation, education, culture, social services, city office, finance, personnel, and data processing.

Reason: The main reason for the difference in reporting the transactions for governmental activities at the government–wide level, and the transactions for the General Fund is that the governmental activities at the government–wide level are long-term activities, and the revenues and expenses are recorded on the accrual basis, but the transactions for the General Fund are short-term activities, and the revenues and expenses are recorded on the modified accrual basis.

Answer 9

Expert Solution

Answer 10

Expert Solution

Answer 11

Expert Solution

Answer 12

To determine

List few examples of transactions that are reported in (a) only the General Fund, (b) only governmental activities at the government–wide level, and (c) both.

Expert Solution

Explanation of Solution

(a).

Examples of transactions that are reported in only the General Fund: Budgetary entries and encumbrance entries.

(b).

Examples of transactions that are reported in only governmental activities at the government–wide level: Depreciation expense on capital assets, and accrued interest on long-term liabilities.

(c).

Examples of transactions that are reported both in the General Fund and governmental activities at the government–wide level: Purchase of non-capital goods, payment of salaries and wages, and most of the revenues.

Answer 13

To determine

List few examples of transactions that are reported in (a) only the General Fund, (b) only governmental activities at the government–wide level, and (c) both.

Answer 14

Expert Solution

Explanation of Solution

(a).

Examples of transactions that are reported in only the General Fund: Budgetary entries and encumbrance entries.

(b).

Examples of transactions that are reported in only governmental activities at the government–wide level: Depreciation expense on capital assets, and accrued interest on long-term liabilities.

(c).

Examples of transactions that are reported both in the General Fund and governmental activities at the government–wide level: Purchase of non-capital goods, payment of salaries and wages, and most of the revenues.

Answer 15

Expert Solution

Answer 16

Expert Solution

Answer 17

Expert Solution

Answer 18

Ch. 4 - Prob. 1Q Ch. 4 - When preparing the statement or schedule of...Ch. 4 - Prob. 3Q Ch. 4 - During a recession citizens and governments see a...Ch. 4 - If the General Fund of a certain city needs...Ch. 4 - Prob. 6Q Ch. 4 - Explain why some governments may account for...Ch. 4 - Prob. 8Q Ch. 4 - Prob. 9Q Ch. 4 - Prob. 10Q

Discuss the reason for the difference between reporting some transactions for governmental activities at the government–wide level, and the transactions for the General Fund.

Solution Summary: The author explains the difference between reporting some transactions for governmental activities at the government–wide level, and the transaction for the General Fund.

Discuss the reason for the difference between reporting some transactions for governmental activities at the government–wide level, and the transactions for the General Fund.

Explanation of Solution

List few examples of transactions that are reported in (a) only the General Fund, (b) only governmental activities at the government–wide level, and (c) both.

Explanation of Solution

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