A city orders a new computer for its general fund at an anticipated cost of $88,000. Its actual cost when received is $89,400. Payment is subsequently made. Prepare all required journal entries for both fund and government-wide financial statements. What information do the government-wide financial statements present? What information do the fund financial statements present?
Q: A city orders a new computer for its police department that is recorded within its general fund. The…
A: Given information, Anticipated cost of computer =$89,600 Actual cost of computer =$91,880 Journal…
Q: Johnson City purchased a fleet of snow removal trucks on April 1, 2021. The trucks had a cost of…
A: Depreciation represents the reduction in the value of the asset over a useful life of the asset. It…
Q: The general fund of a city reports assets of $300,000 and liabilities of $200,000 in the fund…
A: Fund balance—non-spendable of $40,000: The non-spendable balance represent the amount which cannot…
Q: Government officials of Hampstead County ordered a computer near the end of the current fiscal year…
A: Explain the way in which the given purchase be reported in the government-wide financial statements…
Q: A government buys equipment for its police department at a cost of $54,000. Which of the following…
A: Government prepares two financial statements, fund financial statements and government wide…
Q: A city transfers cash of $90,000 from its general fund to start construction on a police station.…
A: Particulars Debit credit Cash 1800000 Bonds payable 1800000 ( being to record Bonds…
Q: Prepare the journal entries for the following activity in the General Fund of the City of Rivers.…
A: The companies record all the transactions of a particular period in the form of a journal entry in…
Q: The following General Fund information is available for the preparation of the financial statements…
A: The General Fund Statement of Revenue: It is a statement prepared for government fund-related…
Q: Four new computers, for which the cost exceeded the city’s capitalization threshold, were purchased…
A: In the given situation, the journal entries that would be required to completely record the…
Q: The governmental funds of the City of Westchester report $445,000 in assets and $140,000 in…
A:
Q: For each of the summarized transactions for the Village of Sycamore General Fund, prepare the…
A:
Q: Prepare journal entries for the City of Pudding’s governmental funds to record the following…
A: Journal entry: Journal entry is a set of economic events that can be measured in monetary terms.…
Q: Prepare the entries to record the following general fund transactions for the village of Del Valley…
A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…
Q: - Prepare journal entries in the Capital Projects Fund to record the following transactions related…
A: A journal entry is the first step in recording financial transactions in the books of business…
Q: The County of Maxnell decides to create a waste management department and offer its services to the…
A: Answer - Working Note - Interest calculate on balance Note payable - (Feb Note Payable = $224,000…
Q: Prepare the journal entries necessary for the following transactions. For each transaction you…
A: Account Title And Explanation Debit (dr) Credit (cr) (1) Estimated Revenues Dr…
Q: Assume that the City of Coyote has produced its financial statements for December 31, 2020, and the…
A: Financial statements includes mainly three important statements of the company like the income…
Q: Cash of $90,000 is transferred from a city’s general fund to start construction on a police station.…
A: Journal: Journal is the method of recording monetary business transactions in chronological order.…
Q: The following selected information was taken from SunValley City’s general fund statement of…
A: “Since you have posted a question with multiple sub-parts, we will solve first three subparts for…
Q: 1. Employees of the General Fund of Scott City earn ten days of vacation for each 12 months of…
A: Vacation pay seems to be a frequent fringe perk offered to workers while they are not required to…
Q: The following water and sewer fund information is available for the preparation of the financial…
A: Operating expenses are costs associated with the company's provision of goods or services. The cost,…
Q: The following transactions relate to the general fund of the city of Lost Angels for the year ending…
A: Journal entry: It is the first step of recording transactions of a company. Before this, no other…
Q: Indicate (i) how each of the following transactions impacts the fund balance of the general fund,…
A:
Q: Please prepare journal entries for government-wide financial statements** (Select the appropriate…
A: Journal entry - It refers to the process where the business transactions are recorded in the books…
Q: The Township of Thomasville's General Fund has the following net resources at year end: S66,000 of…
A: 1. Nonspendable fund balance incorporates the amounts that are not in a spendable form (inventory)…
Q: Bay City uses the purchases method to account for supplies. At the beginning of the year the City…
A: Note: Under the Purchase Method, all the inventory/goods purchases shall be written off as expenses…
Q: The City of Wolfe issues its financial statements for Year 4 (assume that the city uses a calendar…
A: GIVEN DATA The City of Wolfe issues its financial statements for Year 4 (assume that the city…
Q: The following transactions relate to the general fund of the city of Lost Angels for the year ending…
A:
Q: d to account for its art museum. The government-wide financial statements provide the following…
A: Enterprise fund refers to the type of self-assisted government fund whose main purpose is to sell…
Q: The City of Barnes operates a central motor pool as an internal service fund for the benefit of the…
A: Money, assets, or property of the federal government, a state government, or a local government,…
Q: Prepare journal entries in the general fund for the following 2018 transactions that represent…
A: Fund accounting: It is an accounting system that records resources the use of which is limited by…
Q: The City of Wolfe issues its financial statements for Year 4 (assume that the city uses a calendar…
A: Data given: Cost of equipment = $23,250 Life of equipment = 5 years This cost was capitalized.…
Q: Prepare the Statement of Revenues, Expenditures, and Changes in Fund Balance. The Main City presents…
A: Introduction The Statement of revenues and expenditures and changes in fund balance is operating…
Q: Prepare journal entries to record the following events. Identify every fund(s) or group of accounts…
A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…
Q: The Township of Thomasville's General Fund has the following net resources at year end: $66,000 of…
A: Based on the given information, Total Non-spendable fund = Inventory = $66,000 Total Restricted fund…
Q: The following transactions relate to the general fund of the city of Lost Angels for the year ending…
A:
Q: The general fund pays rent for two months. Which of the following is not correct? Choose the…
A: Definition: Funds: Funds refers to an amount of money which is set aside or saved by individuals,…
Q: A city constructs a special assessment project (a sidewalk) for which it is secondarily liable. The…
A: The correct answer is 4. $100,000 expenditure for construction should be recorded in the capital…
Q: Hi, I am in advanced accounting and doing a balance sheet for state and local government. Can you…
A: Capital funds are maintained by governmental bodies to finance the capital projects needs.
Q: A city issues a 60-day tax anticipation note to fund operations until taxes have been collected.…
A: Financial statements: Financial statements are condensed summary of transactions communicated in the…
Q: a. The city believes that the landfill was included appropriately in all previous years as one of…
A: Part a: A land filled at the end of year 3 = 25% A land filled at the end of year 4 = 35% Amount to…
Q: Governmental accounting Explain how each of the following would affect the classification of the…
A: Government Accounting means accounts i.e. books of accounts/bookkeeping of transactions maintained…
Q: For each of the summarized transactions for the Village of Sycamore General Fund, prepare the…
A: SOLUTION A JOURNAL IS AN COMPANY'S OFFICIAL BOOK IN WHICH ALL BUSINESS TRANSACTIONS ARE RECORDED IN…
Q: The City of Grinders Switch Maintains its books in a manner that facilitates the preparation of fund…
A: Solution - S no Particulars Amount DR Amount CR 1 Land-----------------------------------DR $…
Q: The City of Bagranoff holds $90,000 in cash that will be used to make a bond payment when the debt…
A:
Q: The City of Bagranoff holds $90,000 in cash that will be used to make a bond payment when the debt…
A: The correct answer is 2. Fund balance—assigned goes down and fund balance—committed goes up.
Q: Prepare journal entries to record the following events in the city of Rosewood’sWater Commission…
A: Journal entry: Journal entry is the book of original entry where first transactions are recorded in…
A city orders a new computer for its general fund at an anticipated cost of $88,000. Its actual cost when received is $89,400. Payment is subsequently made. Prepare all required
Trending now
This is a popular solution!
Step by step
Solved in 3 steps with 5 images
- A city orders a new computer for its police department that is recorded within its general fund. The computer has an anticipated cost of $89,600. Its actual cost when received is $91,880. Payment is subsequently made. a. Prepare all required journal entries for both fund and government-wide financial statements. (Select the appropriate fund for each situation when required. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)A city orders a new computer for its police department that is recorded within its general fund. The computer has an anticipated cost of $89,600. Its actual cost when received is $91,880. Payment is subsequently made. a. Prepare all required journal entries for both fund and government-wide financial statements. (Select the appropriate fund for each situation when required. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Transaction Fund/Activity General Journal Debit 1. Purchase and payment made for computers in the government wide financial statements. 1 Record the receipt of computers and the accompanying liability. Record payment made. 2. Purchase and payment made for computers in the general fund. 2 Record the order placed for purchase of computer. Credit Record entry to remove encumbrance for computers that has now been received. Record the receipt of computers and the accompanying liability. Record payment made.Record the appropriate journal entries for Sturgis City for the following transactions. The city uses encumbrance accounting and maintains a provision for uncollectible accounts. Note: Each transaction may involve more than one fund. The appropriate fund must be identified to receive credit. The central motor pool billed the General Fund for $33,000 in services. The General Fund previously recorded an encumbrance for the same amount. The city owned landfill purchased two tractors for a total of $40,000. The related invoice was paid. The City entered into a contract with Maker’s Construction to build a civic center for $3 million. The General Fund paid the central motor pool invoice (item 1). The landfill issued $4 million in revenue bonds for renovations. The landfill recorded daily fee receipts of $14,000. Maker’s Construction issued a progress billing for $350,000. The contract provides for a 10% retained percentage. The landfill sold an old tractor for $5,000…
- 2. Arsenal City applied for and received a grant of $50,000 from the Federal government to purchase computersfor the public library. Record this transaction in the city's journals from the perspective of government - wide governmental activities and the perspective of the General Fund. For governmental activities: Date Account Name Debit Credit For the General Fund: Date Account Name Debit CreditCash of $90,000 is transferred from a city’s general fund to start construction on a police station. The city issues a bond at its $1.8 million face value. The police station is built for $1.89 million. Prepare all necessary journal entries for these transactions for both fund and government-wide financial statements. Assume that the city does not record the commitment. What information do the government-wide financial statements present? What information do the fund financial statements present?Prepare entries in general journal form to record the following transactions in the Roadway Fund general ledger accounts for City of Kettering for the fiscal year 2018. Use modified accrual accounting. At the beginning of the fiscal year, the fund $1,360,000 was offset by the assigned fund balance in the same amount. The city was awarded $4,200,000 for road inspections and repairs during the year. The award requires reimbursement for expenditures, not an allotment upfront. Work contracted for the year amounted to $4,175,000. Invoices received for the work performed totaled $4,150,000. $3,980,000 of that amount was paid in cash as of year-end. The state reimbursed the city $4,000,000 for the completed work before year-end. Prepare a statement of Revenues, Expenditures, and Changes in Fund Balance for the Roadway Fund.
- *Please prepare journal entries for government-wide financial statements** (Select the appropriate fund for each situation when required. If no entry is required for a transaction/event, put "No journal entry required") A) budget is passed for all ongoing activities. Revenue is anticipated to be $1,023,250, with approved spending of $611,000 and operating transfers out of $336,000. B) contract is signed with a construction company to build a new central office building for the government at a cost of $9,000,000. The county previously recorded the budget for this project. C) Bonds are issued for $9,000,000 (face value) to finance construction of the new office building. The new building is completed. An invoice for $9,000,000 is received by the county and paid. E) Previously unrestricted cash of $1,600,000 is set aside by county officials to begin paying the bonds issued in (c). F) A portion of the bonds comes due, and $1,600,000 is paid. Of this total, $115,000 represents…Governmental accounting Explain how each of the following would affect the classification of the fund balance in the General Fund. All related resources are reported as General Fund assets. 1. Inventory of materials and supplies is $50,000 but $20,000 has not yet been paid to vendors for the recent purchases of the materials and supplies on hand. 2. The finance director has committed to using $40,000 of the carryover fund balance for employee attendance at training conferences. 3. Prepaid insurance in the General Fund is $10,000. 4. The city council adopted an ordinance setting aside $100,000 for planned improvements to police training programs. 5. Unspent receipts of a tax imposed with the stipulation that the monies raised must be used for economic development total $750,000. 6. Unrestricted tax receivables total $1,000,000, however, there are related deferred inflows of resources for unavailable taxes of $740,000. 7. A long-term receivable from which collection proceeds are assigned…Journal entries and financial statements for an Internal Service Fund The city of Pleasantville’s Data Processing Fund, an Internal Service Fund, provides services for a fee toall departments of Pleasantville’s government.The Fund had the following transactions and events during calendar year 2021. (There was no fund balanceat the beginning of the year.)1. The General Fund made a $2,000,000 transfer of cash to establish the Data Processing Fund.2. The Data Processing Fund pays cash for a $1,900,000 computer.3. Supplies costing $4,500 were purchased on credit.4. Bills totaling $650,000 were sent to the various city departments.5. Repairs to the computer were made at a cost of $2,400, on credit.6. Collections from city departments for services (see #4) were $629,000.7. Salaries of $200,000 were paid to the employees.8. Accounts payable totaling $5,900 was paid.9. As of the end of the year, $300 of supplies (see #3) had not been used.10. Depreciation expense on the computer for the year…
- 1. Assume that the City of Juneau maintains its books and records to facilitate the preparation of its fund financial statements. The City pays its employees bi-weekly on Friday. The fiscal year ended on Wednesday, June 30. Employees had been paid on Friday, June 25. The employees paid from the General Fund had earned $120,000 on Monday, Tuesday, and Wednesday (June 28, 29, and 30). What entry, if any, should be made in the City s General Fund? a. Debit Expenditures; Credit Wages and Salaries Payable. b. Debit Expenses; Credit Wages and Salaries Payable. c. Debit Expenditures; Credit Encumbrances. d. No entry is required.The following transactions relate to the general fund of the city of Lost Angels for the year ending December 31, 2020. Prepare a statement of revenues, expenditures, and other changes in fund balance for the general fund for the period to be included in the fund financial statements. Assume that the fund balance at the beginning of the year was $180,000. Assume also that the city applies the purchases method to supplies. Receipt within 60 days serves as the definition of available resources. Collects property tax revenue of $700,000. A remaining assessment of $100,000 will be collected in the subsequent period. Half of that amount should be received within 30 days, and the remainder approximately five months after the end of the year. Spends $200,000 on three new police cars with 10-year lives. The anticipated price was $207,000 when the cars were ordered. The city calculates all depreciation using the straight-line method with no expected residual value. The city applies the…The following transactions relate to the general fund of the city of Lost Angels for the year ending December 31, 2020. Prepare a statement of revenues, expenditures, and other changes in fund balance for the general fund for the period to be included in the fund financial statements. Assume that the fund balance at the beginning of the year was $180,000. Assume also that the city applies the purchases method to supplies. Receipt within 60 days serves as the definition of available resources. Collects property tax revenue of $700,000. A remaining assessment of $100,000 will be collected in the subsequent period. Half of that amount should be received within 30 days, and the remainder approximately five months after the end of the year. Spends $200,000 on three new police cars with 10-year lives. The anticipated price was $207,000 when the cars were ordered. The city calculates all depreciation using the straight-line method with no expected residual value. The city applies the…