Prepare the journal entries for the following transactions to consolidate financial statements from fund-level statements to government-wide statements. Deferred property taxes at the end of the year was $92.
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- Prepare the journal entries for the following transactions to consolidate financial statements from fund-level statements to government-wide statements. 1....Beginning accumulated depreciation was $500. 2....Depreciation during the year was $169 3....Beginning compensated absences was 500.Prepare the journal entries for the following transactions to consolidate financial statements from fund-level statements to government-wide statements. 1...Compensated absences earned during the year was $225. 2....At the beginning of the year, long term liabilities was $2,200. 3....During the year, new long-term liabilities were incurred for $275.When preparing government-wide financial statements, the modified accrual based governments funds are adjusted. Please show the adjustments (in journal entry form with debits and credits) that would be made for the following General Fund transactions when converting to the government-wide statements: 3. $10,000 in interest was due and paid on that revenue bond during the fiscal year ($5,000 due every six months).
- The following adjusted trial balance is taken from the General Fund of Avon City for the year ended June 30. Prepare a (post-closing) Balance sheet. Allowance for uncollectible taxes Cash Due from capital projects fund Due to debt service fund Encumbrances Encumbrances outstanding Expenditures Fund Balance, nonspendable Fund Balance, unassigned Inventory of supplies Other financing sources -- bond proceeds Other financing uses -- transfers out Revenues Taxes receivable Unearned (unavailable) grant revenues Vouchers payable 5,000 121,000 32,000 19,000 23,000 23,000 57,000 9,000 14,000 9,000 18,000 12,000 130,000 25,000 38,000 23,000 DO NOT GIVE SOLUTION IN IMAGEFor the following event, prepare journal entries under a governmental fund (using modified accrual), necessary worksheet entries, and government-wide financial statements (using accrual basis of accounting). The modified accrual statement reflected debt service expenditures in the amount of $500,000 for interest and $612,000 for principal. No adjustment was necessary for interest accruals at year-end. J/E under Modified Accrual Account Debited [ Select] [Select] > > Account Credited [Select] Amount Debited 612,000 500,000 Amount Credited 1,112,000Under the modified accrual basis of accounting, property taxes are recorded as deferred inflows if expected to be collected: Multiple Choice More than 30 days after fiscal year end. More than 60 days after fiscal year end. More than 90 days after fiscal year end. After fiscal year end..
- Revenue accruals and other adjustmentsMonroe County is preparing financial statements for the year ended December 31, 2022. Based on the following facts, prepare journal entries to record the appropriate year-end revenue accruals and other adjustments in the county’s General Fund.1. At year-end, Monroe’s delinquent property tax receivables were $66,000. The county estimated that $38,500 of those delinquencies would be collected by March 1, 2023, and the balance would trickle in during the rest of 2023. 2. Sales taxes are collected by the state on behalf of the county. On January 20, 2023, the state advised the county that (a) it would send the county a check for $165,000 before February 29, 2023, for taxes collected by merchants for the fourth quarter of 2022; and (b) based on past experience, it anticipated sending an additional check for approximately $49,500 during March or April for taxes received from late filers. Monroe's policy regarding sales taxes is to consider as "available"…At the beginning of the fiscal year 20X1-20X2, a governmental unit recorded property tax revenues of $600,000. By fiscal year end (June 30, 20X2), taxpayers had paid a total of $570,000. The remaining $30,000 is considered delinquent. Based upon previous experience, the governmental unit expects that it will collect the delinquent taxes in fiscal year 20X2-20X3 in the following manner: July and August, $15,000; September and October, $10,000; and November, $5,000. How much should the governmental unit normally report as property tax revenue for fiscal year 20X1-20X2? $600,000. $595,000. $585,000. $570,000.The general fund pays rent for two months. Which of the following is not correct? Rent expense should be reported in the government-wide financial statements. Rent expense should be reported in the general fund. An expenditure should be reported in the fund financial statements. If one month of rent is in the first year with the other month in the next year, either the purchases method or the consumption method can be used in fund statements.
- On September 30, Cody Companys selected account balances are as follows: In general journal form, prepare the entries to record the following: Oct. 15Payment of liabilities for FICA taxes and the federal income tax. 31Payment of liability for state unemployment tax. 31Payment of liability for federal unemployment tax.For the year ended December 31, 2021, Fidelity Engineering reported pretax accounting Income of $992,000. Selected Information for 2021 from Fidelity's records follows: Interest income on municipal governmental bonds Depreciation claimed on the 2021 tax return in excess of depreciation on the income statement Carrying amount of depreciable assets in excess of their tax basis at year-end Warranty expense reported on the income statement Actual warranty expenditures in 2021 Fidelity's Income tax rate is 25%. At January 1, 2021, Fidelity's records indicated balances of zero and $12,000 in Its deferred tax asset and deferred tax liability accounts, respectively. Required: 1. Determine the amounts necessary to record income taxes for 2021, and prepare the appropriate journal entry. 2. What is Fidelity's 2021 net income? Complete this question by entering your answers in the tabs below. Required 1 Calculation Required 1 GJ Required 2 Pretax accounting income Permanent difference Determine…For the year ended December 31, 2021, Fidelity Engineering reported pretax accounting income of $1,020,000. Selected information for 2021 from Fidelity's records follows: Interest income on municipal governmental bonds Depreciation claimed on the 2021 tax return in excenn of depreciation on the income statement Carrying amount of depreciable anseta in excess of their tax basis at year-end Warranty expense reported on the income statement Actual warranty expenditures in 2021 $ 76,000 100,000 176,000 48,000 38,000 Fidelity's income tax rate is 25%. At January 1, 2021, Fidelity's records indicated balances of zero and $19,000 in its deferred tax asset and deferred tax liability accounts, respectively. Required: 1. Determine the amounts necessary to record income taxes for 2021, and prepare the appropriate journal entry. 2. What is Fidelity's 2021 net income?
