bri municipality begun a park renovation and completed it during the year 2019, sources from the proceeds of a bond issue for the renovation of park RO 200,000, Transfer from general fund RO 100,000. In its 2019 capital projects fund, how much should report as revenue? a. RO 700,000 b. None of the options c. RO 500,000 d. RO 400,000
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- Ibri township general fund acquired vehicles for the police department at the beginning of January 2018 at a total cost of RO 200,000. The vehicles are expected to last for 5 years and the residual value is nil (scrap value), Straight-line depreciation is used. On the Balance Sheet date for the governmental funds at December 2020, the police vehicles will be reported under assets in the general fund column at which of the following amounts? a. RO 160,000 b. None of the options c. RO 120,000 d. RO 90,000Group Activity 2. On January 1, 2021, Entity A received land with fair of $200,000 from the government conditioned on the construction of a building on the lot. Entity A started immediately the construction and it was completed on December 31, 2021 for a total cost of $1,000,000. The building has an estimated useful life of 10 years and zero residual value. a. How much is the income from government grant in 2021 and 2022, respectively? b. How much is the carrying amount of the building on December 31, 2022 under the gross presentation and net presentation? c. How much is the depreciation expense recognized in 2023 under the gross presentation and net presentation?Topic: Government Grants Entity A received land with fair value of P 200,000 from the government conditioned with the construction of a building on the lot. Entity A started immediately the construction and it was completed on Dec. 31, 2021 for a total cost of P 1,000,000. The building has an estimated useful life of 10 years with no residual value. How much is income from the government grant in 2021 and 2022? a. P 0 and P 200,000, respectively b. P 0 and P 20,000, respectively c. P 200,000 and P 0, respectively d. P 20,000 and P 20,000, respectively
- Nizwa township general fund acquired vehicles for the police department at the beginning of January 2018 at a total cost of RO 300,000. The vehicles are expected to last for 5 years and the residual value is RO 10,000 (scrap value), Straight-line depreciation is used. On the Balance Sheet date for the governmental funds at December 2020. How much will be reported as annual depreciation? a. R0 174,000 b. RO 58,000 c. R0 242,000 d. None of the optionsFinancing for the renovation of Mink City’s municipal park, begun and completed during 2019, came from the following sources: Grant from state government . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $400,000 Proceeds from general obligation bond . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 500,000 Transfer from Mink’s general fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100,000 What amounts should be recorded as revenue and other financing sources? Revenues Other Financing Sources a. $1,000,000 $0 b. $900,000 $100,000 c. $400,000 $600,000 d. $0 $1,000,000Miscellaneous scenarios requiring journal entries The following transactions and events pertain to Bean County’s General Fundfor the calendar year 2022:1. The entity receives invoices in early January 2023 for $25,000 for professional servicesobtained in 2022, and $32,000 for December 2022 utility services.2. The entity borrows $500,000 on August 1, 2022, in anticipation of thecollection of property taxes. The borrowed amount is due to be repaid onJanuary 31, 2023, with interest at the rate of 1.5 percent per annum.3. The entity invests $300,000 cash in a CD on November 1, 2022, at an interest rateof 1 percent per annum. The CD will mature on January 31, 2023.4. In September 2022, the entity receives and accepts supplies that had beenordered in August. The amount that had been encumbered was $40,000,but the amount of the approved invoice was $42,000.Prepare journal entries for the transactions and events listed above.Enter 0 or leave the field blank if no entry is required for calendar…
- In 2021, Garden City bought land for $50,000. Which of the following is not true? O a. The land could be reported as an asset by the business-type in the fund-based financial statements. O b. The land could be reported as an asset by the governmental funds in the fund-based financial statements. O c. The land could be reported as an asset by the governmental funds in the government-wide financial statements. O d. The land could be reported as an asset by the business-type activities in the government-wide financial statements.Please help me with this entries Journal entries for Capital Projects Fund transactions At the start of 2019, Croton’s Capital Projects Fund had no assets or liabilities. Prepare appropriate journal entries to record these transactions in the Capital Projects Fund. (We suggest you post the journal entries to general ledger T-accounts.) Croton undertook construction of a new police station, designed to house both the Croton police and the county sheriff and to serve as a detention center. To finance construction, Croton received a cash grant of $1,000 from the county as an advance pending incurrence of expenditures. It also sold $2,000 of 20-year general obligation bonds. The bonds, sold April 1, 2019, were to be redeemed in equal semiannual installments of principal, with interest on the unpaid balance at the rate of 5 percent per annum, starting October 1, 2019. Croton awarded two contracts, one for architectural and construction supervision services ($200) and one for construction…Required information [The following information applies to the questions displayed below.] The Village of Seaside Pines prepared the following enterprise fund Trial Balance as of December 31, 2024, the last day of its fiscal year. The enterprise fund was established this year through a transfer from the General Fund. Accounts payable Accounts receivable Accrued interest payable Accumulated depreciation Administrative and selling expenses Allowance for uncollectible accounts Capital assets Cash Charges for sales and services Cost of sales and services Depreciation expense Due from General Fund Interest expense Interest revenue Transfer in from General Fund Bank note payable Supplies inventory Totals Debits Adjustments: $ 29,400 53,000 VILLAGE OF SEASIDE PINES ENTERPRISE FUND Reconciliation of Operating Income to Net Cash Provided by Operating Activities For the year ended December 31, 2024 722,000 98,000 504,000 51,000 17,700 40,900 19,700 $ 1,535,700 Credits $ 112,000 32,600 51,000…
- ! Required information [The following information applies to the questions displayed below.] The Village of Seaside Pines prepared the following enterprise fund Trial Balance as of December 31, 2020, the last day of its fiscal year. The enterprise fund was established this year through a transfer from the General Fund. Accounts payable Accounts receivable Accrued interest payable Accumulated depreciation Administrative and selling expenses Allowance for uncollectible accounts Capital assets Cash Charges for sales and services Cost of sales and services Depreciation expense Due from General Fund Debits $ Credits 96,000 $ 32,000 28,000 45,000 47,000 12,000 712,000 89,000 550,000 479,000 45,000 17,000 Interest expense Interest revenue Transfer in from General Fund Bank note payable Supplies inventory Totals 40,000 18,000 4,000 119,000 625,000 $1,479,000 $1,479,000 Prepare the reconciliation of operating income to net cash provided by operating activities that would appear at the bottom of…solve both a and b Acruni Co. had the following loans in place at the beginning of 2019. 1 January 2019 GHC m10% Bank loan repayable 2020 1209.5% Bank loan repayable 2021 808.9% debenture repayable 2024 100On 1 January 2019, Acruni Co began construction of a qualifying asset, a piece of machinery for a hydroelectric plant, using existing borrowings. Expenditure drawndown for the construction was GHc30 million on 1 January 2019, and GHc20million on 1 October 2019. Surplus funds were invested temporarily at a rate of 2%. Requireda) Calculate the borrowing costs that can be capitalized for the piece ofmachinery. b) Compute the cost of the machinery that will be reported in the statementof financial position as at December ,2019Problem 5: Comparing the measurement focus and basis of accounting of governmental funds with the measurement focus and basis of accounting of proprietary funds The information below pertains to the Village of Brexitville for the year ended December 31, 2022. Purchased 10 HP printers at the beginning of 2022 for $11,000; the printers are expected to last 4 years and have a salvage value of $1,000; Paid $42,000 to the federal government representing the Village’s share of payroll taxes for FICA and Medicare; Paid $50,000 to retire bonds payable; paid interest on outstanding bonds of $1,000; Received a bill for $2,000 on January 2, 2023, from Peoples Gas for natural gas used to heat government facilities in November and December, 2022. Required: Compute total expenditures for the local government assuming transactions A, B, and D are recorded in the general fund, and transaction C is recorded in a debt service fund. Compute total expenses for the government assuming all transactions…