- Education reports net expenses of $618,000. -Parks reports net expenses of $115,000. Art museum reports net revenues of $65,250. General government revenues for the year were $832,750 with an ove

The City of Upper Falls accounts for its inventory using the purchases method. During the year the City bought $400,000 of supplies, for which it owed $100,000 at year-end. The City will pay for the supplies from available expendable financial resources. The entry that should be recorded in the City s General Fund is a. Debit Expenditures $400,000; Credit Cash $300,000 and Accounts Payable $100,000. b. Debit Expenditures $300,000; Credit Cash $300,000. c. Debit Supplies Inventory $400,000; Credit Cash $300,000 and Accounts Payable $100,000. d. Debit Supplies Inventory $300,000; Credit Cash $300,000.

Accounting

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Following is the information concerning operating activity for Annette County. For the year ended June 30, the net change in total governmental fund balances was $(289,200), and the change in net position of governmental activities was $(376,600). During the year, Annette issued $2,000,000 in general obligation bonds at a premium of 101. The bonds are to be used for a construction project. The county acquired $2,750,000 in capital assets and sold capital assets with a book value of $563,000 for $570,900. At the beginning of the period, accrued liabilities were $470,000 and at the end of the period, they totaled $494,000. Depreciation on capital assets totaled $595,000. Revenue accrued for the period but not available for use totaled $364,600. Required Prepare a reconciliation of the change in governmental fund balance to the change in net position of governmental activities. (Decreases should be indicated with a minus sign.) ANNETTE COUNTY Reconciliation of the Statement of Revenues,…

-The City of Havisham has a fiscal year ending December 31, Year 5. If the city were to produce financial statements right now, the following figures would be included: -Governmental activities: Assets = $800,000, Liabilities = $300,000, and Change in Net Position for the period = increase of $100,000 - Business-type activities: Assets = $500,000, Liabilities = $200,000, and Change in Net Position for the period = increase of $60,000 - Governmental funds: Assets = $300,000, Liabilities = $100,000, and Change in Fund Balances = increase of $40,000 -Proprietary funds: Assets = $700,000, Liabilities = $300,000, and Change in Net Assets for the period = increase of $70,000 Other information: The city council is considered the highest level of decision-making authority for the government. Where applicable, current financial resources are viewed by the government as available if collected within 75 days of the end of a fiscal year. For each of the following, indicate whether the overall…

General City's general fund reported a supplies inventory costing $200,000 at the beginning of the fiscal year. During the year, General City purchased materials and supplies on account for $15,000,000; $900,000 remains unpaid at year-end. Materials and supplies costing $125,000 are on hand at the end of the fiscal year. Prepare the journal entries made this year using the consumption method and purchases method.

Chesterfield County had the following transactions.   A budget is passed for all ongoing activities. Revenue is anticipated to be $939,750, with approved spending of $594,000 and operating transfers out of $275,000. A contract is signed with a construction company to build a new central office building for the government at a cost of $6,000,000. The county previously recorded the budget for this project. Bonds are issued for $6,000,000 (face value) to finance construction of the new office building. The new building is completed. An invoice for $6,000,000 is received by the county and paid. Previously unrestricted cash of $1,350,000 is set aside by county officials to begin paying the bonds issued in (c). A portion of the bonds comes due, and $1,350,000 is paid. Of this total, $235,000 represents interest. The interest had not been previously accrued. Property tax levies are assessed. Total billing for this tax is $885,000. On this date, the assessment is a legally enforceable claim…

At the beginning of the year, the Baker Fund,a nongovernmental not-for-profit corporation,received a $125,000 contribution restrictedto youth activity programs. During the year,youth activities generated revenues of$89,000 and had program expenses of$95,000. What amount should Baker reportas net assets released from restrictions forthe current year?