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Prepare the
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.
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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..At the beginning of the year, capital assets were $3,500. 2..During the year, capital assets were purchased for $2,000 3....During the year, capital assets with a book value of $250 were sold for $500Prepare the journal entries for the following transactions to consolidate financial statements from fund-level statements to government-wide statements. 1....An internal service fund had a loss of $50 2.....An internal service fund had interest expense of $30Prepare 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.
- 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).4. 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 Interest expense Interest revenue Transfer in from General Fund Bank note payable Supplies inventory Totals Debits $32,000 47,000 712,000 89,000 479,000 45,000 17,000 40,000 18,000 $1,479,000 Credits $ 96,000 28,000 45,000 12,000 550,000 4,000 119,000 625,000 $1,479,000 Required: a. Prepare the closing entries for December 31. b. Prepare the Statement of Revenues, Expenses, and Changes in Fund Net Position for the year ended December 31. c. Prepare the Net Position section of the…For 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 1,112,000
- Match the appropriate letter indicating the recording of the following transactions:1. General obligation bonds were issued at par.2. Approved purchase orders were issued for supplies. The purchases method for supplies is followed.3. The above-mentioned supplies were received, and the related invoices were approved.4. General fund salaries and wages were incurred.5. The internal service fund had interfund billings.6. Revenues were earned from a previously awarded grant restricted to be used in the current period.7. Property taxes were collected in advance.8. Appropriations were recorded on adoption of the budget.9. Short-term financing was received from a bank and secured by the city’s taxing power.10. There was an excess of estimated inflows over estimated outflows. Recording of transactions:a. Credit Appropriations.b. Credit Budgetary Fund Balance—Unassigned.c. Credit Expenditures.d. Credit Deferred Inflows of Resources.e. Credit Interfund Revenues.f. Credit Tax Anticipation Notes…Prepare the journal entries of the following independent transactions. 1. Record the collection of corporate income taxes by the BIR in its Agency books in the amount of P123,540. 2. Agency XYZ issued check to Nongovernment organizations (NGO's) for fund assistance in the amount of P24,000,000. 3. The agency received the following allotment for the year 2022: Capital Outlay 40,000,000 Maintenance and other operating expenses 42,000,000 Personal Services 90,000,000 Financial Expenses 6,000,000 4. The officer of the agency was granted a cash advance of P50,000 for his official travel to Manila. The cash was subject for liquidation to release him from the accountability and avoid disallowance. 5. Agency ZXC had an unused NCA of P145,050 which was considered as lapsed NCA for the year 2021. The agency could not use all funds due to time constraint and returned documents due to some lacking attachments. 6. Record the liquidation of schools that was granted to accountable officer for payment…For 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). At year end, additional general obligation bonds were issued at 102 with a face value of $1,000,000. J/E under Modified Accrual Account Debited [Select) Worksheet Entries Account Debited [Select] [Select] Account Credited [Select] [Select] Account Credited [Select [Select] Amount Debited [Select] Amount Debited 1.000.000 [Select) Amount Credited 1,000,000 [Select] Amount Credited 1.000.000 [Select]
- The financial performance of the Consolidated Fund for the past three years is produced below. Statements of financial performance of the year ended 31st December Revenue Direct tax Indirect tax Non-tax revenue Grants Total revenue Expenses Compensation of employees Goods and services Consumption of fixed assets Interest Subsidies cost Grants Social benefits Other expenses Total expenses Surplus (deficit) 2020 GH¢ m 45,000 36,450 19,250 4,380 105,080 40,000 16,540 7,500 35,730 1100 3,590 500 2,500 107,460 (2,380) 2019 GH¢ m 42,350 26,500 12,490 9,840 91,180 30,000 13,400 7,500 23,540 950 1,590 890 1,890 79,760 11,420 2018 GHe m 28,900 23,500 11,400 10,500 74,300 21,500 11,400 6,000 19,000 500 1,400 320 950 61,070 13,230 Required: a) b) In a report to the CEO the Chairman of the Finance Committee of Parliament, discuss and analyse the financial performance of the Consolidated Fund for the periods given, using the financial statement produced in question (a). Prepare a common size…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 IMAGEThe preclosing, year-end trial balance for a capital projects fund of the city of Rochester as of December 31, 2019, follows: Debit CreditCash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .110,000Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .250,000Contracts Payable—Retained Percentage. . . . . . . . . . . 110,000Revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41,600Other Financing Sources . . . . . . . . . . . . . . . . . . . . . . . . . . 800,000Expenditures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .586,600Other Financing Uses . . . . . . . . . . . . . . . . . . . . . . . . . . . . .5,000Encumbrances . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .…