Loose-leaf For Accounting For Governmental & Nonprofit Entities
18th Edition
ISBN: 9781260190083
Author: Jacqueline L. Reck James E. Rooks Distinguished Professor, Suzanne Lowensohn, Daniel Neely
Publisher: McGraw-Hill Education
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Question
Chapter 7, Problem 17.4EP
To determine
Identify the correct answer by solving the amount of net transfers.
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The City of Wolfe issues its financial statements for Year 4 (assume that the city uses a calendar year). The city's general fund is
composed of two functions: (1) education and (2) parks. The city also utilizes capital projects funds for ongoing construction and an
enterprise fund to account for an art museum. The city also has one discretely presented component unit.
The government-wide financial statements indicate the following Year 4 totals.
Education had net expenses of $636,000.
Parks had net expenses of $150,000.
Art museum had net revenues of $64,500.
General revenues were $873,500. The overall increase in net position for the city was $152,000.
The fund financial statements for Year 4 indicate the following:
The general fund had an increase of $43,250 in its fund balance.
The capital projects fund had an increase of $51,750 in its fund balance.
The enterprise fund had an increase of $79,250 in its net position balance.
Officials for the City of Wolfe define "available" as…
The City of Wolfe issues its financial statements for Year 4 (assume that the city uses a calendar year). The city's general fund is
composed of two functions: (1) education and (2) parks. The city also utilizes capital projects funds for ongoing construction and an
enterprise fund to account for an art museum. The city also has one discretely presented component unit.
The government-wide financial statements indicate the following Year 4 totals.
Education had net expenses of $792,000.
Parks had net expenses of $125,000.
Art museum had net revenues of $52,750.
General revenues were $1,108,250. The overall increase in net position for the city was $244,000.
The fund financial statements for Year 4 indicate the following:
The general fund had an increase of $32,750 in its fund balance.
The capital projects fund had an increase of $61,750 in its fund balance.
The enterprise fund had an increase of $120,000 in its net position balance.
Officials for the City of Wolfe define "available" as…
The City of Wolfe issues its financial statements for Year 4 (assume that the city uses a calendar year). The city’s general fund is composed of two functions: (1) education and (2) parks. The city also utilizes capital projects funds for ongoing construction and an enterprise fund to account for an art museum. The city also has one discretely presented component unit.
The government-wide financial statements indicate the following Year 4 totals.
Education had net expenses of $684,000.
Parks had net expenses of $172,000.
Art museum had net revenues of $69,750.
General revenues were $990,250. The overall increase in net position for the city was $204,000.
The fund financial statements for Year 4 indicate the following:
The general fund had an increase of $46,250 in its fund balance.
The capital projects fund had an increase of $45,250 in its fund balance.
The enterprise fund had an increase of $84,750 in its net position balance.
Officials for the City of…
Chapter 7 Solutions
Loose-leaf For Accounting For Governmental & Nonprofit Entities
Ch. 7 - Prob. 1QCh. 7 - Explain the reporting requirements for internal...Ch. 7 - A member of the city commission insists that the...Ch. 7 - Prob. 4QCh. 7 - What is the purpose of the Restricted Assets...Ch. 7 - Prob. 6QCh. 7 - Prob. 7QCh. 7 - When do GASB standards require interfund...Ch. 7 - Prob. 9QCh. 7 - What is meant by segment information for...
Ch. 7 - Prob. 11QCh. 7 - Internal Service Fund Reporting. (LO7-2) Financial...Ch. 7 - Proprietary Fund Operating Statement. (LO7-1)...Ch. 7 - Enterprise Fund Golf Course Management. (LO7-1)...Ch. 7 - Prob. 17.1EPCh. 7 - Which of the following would most likely be...Ch. 7 - Under GASB standards, the City of Parkview is...Ch. 7 - Prob. 17.4EPCh. 7 - Which of the following events would generally be...Ch. 7 - Proprietary funds a. Are permitted to integrate...Ch. 7 - Prob. 17.7EPCh. 7 - Prob. 17.8EPCh. 7 - Prob. 17.9EPCh. 7 - Prob. 17.10EPCh. 7 - The City of Tutland issued 10 million, 6 percent,...Ch. 7 - The City of Tutland issued 10 million, 6 percent,...Ch. 7 - Prob. 18EPCh. 7 - Prob. 19EPCh. 7 - Central Garage Internal Service Fund. (LO7-2) The...Ch. 7 - Internal Service Fund Statement of Cash Flows....Ch. 7 - Tribute Aquatic Center Enterprise Fund. (LO7-5)...Ch. 7 - Net Position Classifications. (LO7-5) During the...Ch. 7 - Central Station Enterprise Fund. (LO7-5) The Town...Ch. 7 - Enterprise Fund Journal Entries and Financial...Ch. 7 - Net Position Classifications. (LO7-5) The Village...Ch. 7 - Enterprise Fund Statement of Cash Flows. (LO7-5)...Ch. 7 - AppendixSolid Waste Enterprise Fund. (LO7-6) Brown...
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