Required information [The following information applies to the questions displayed below.] The Albertville City Council decided to pool the investments of its General Fund with Albertville Schools and Richwood Township in an investment pool to be managed by the city. Each of the pool participants had reported its investments at fair value as of the end of 2019. At the date of the creation of the pool, February 15, 2020, the fair value of the investments of each pool participant was as follows: City of Albertville General Fund Albertville Schools. Richwood Township Total Investments 12/31/19 $ 899,500 4,219,000 4,080,000 $9,198,500 2/15/20 $ 947,500 4,453,250 4,074,250 $9,475,000 Prepare the journal entries to be made in the accounts of the investment pool trust fund to record the following transactions for the first year of operations: (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations. Round your answers to the nearest whole dollar amount.)

Required information [The following information applies to the questions displayed below.] The Albertville City Council decided to pool the investments of its General Fund with Albertville Schools and Richwood Township in an investment pool to be managed by the city. Each of the pool participants had reported its investments at fair value as of the end of 2019. At the date of the creation of the pool, February 15, 2020, the fair value of the investments of each pool participant was as follows: City of Albertville General Fund Albertville Schools. Richwood Township Total Investments 12/31/19 $ 899,500 4,219,000 4,080,000 $9,198,500 2/15/20 $ 947,500 4,453,250 4,074,250 $9,475,000 Prepare the journal entries to be made in the accounts of the investment pool trust fund to record the following transactions for the first year of operations: (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations. Round your answers to the nearest whole dollar amount.)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Required Information [The following information applies to the questions displayed below.] The Albertville City Council decided to pool the investments of its General Fund with Albertville Schools and Richwood Township in an investment pool to be managed by the city. Each of the pool participants had reported Its Investments at fair value as of the end of 2022. At the date of the creation of the pool, February 15, 2023, the fair value of the Investments of each pool participant was as follows: City of Albertville General Fund Albertville Schools. Richwood Township Total Fund Investments d. On June 15, Richwood Township decided to withdraw $3,010,000 for a capital projects payment. At the date of the withdrawal, the fair value of the Treasury notes had increased by $30,000. Assume that the trust fund was able to redeem the CDs necessary to complete the withdrawal without a penalty but did not receive Interest on the funds. On September 15, Interest on Treasury notes in the amount of…
Required Information [The following information applies to the questions displayed below.] The Albertville City Council decided to pool the investments of its General Fund with Albertville Schools and Richwood Township in an Investment pool to be managed by the city. Each of the pool participants had reported its Investments at fair value as of the end of 2022. At the date of the creation of the pool, February 15, 2023, the fair value of the Investments of each pool participant was as follows: City of Albertville General Fund Albertville Schools Richwood Township Total Investments Albertville Schools 12/31/22 2/15/23 $ 890,000 $ 900,000 4,200,000 3,890,000 $8,980,000 Required a. Prepare the journal entries that should be made by the City of Albertville, Albertville Schools, and Richwood Township on February 15 to record their participation in the investment pool. (If no entry is required for a transaction/event, select "No Journal Entry Required" In the first account field.) Richwood…
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 Albertville City Council decided to pool the investments of its General Fund with Albertville Schools and Richwood Township in an investment pool to be managed by the city. Each of the pool participants had reported its investments at fair value as of the end of 2022. At the date of the creation of the pool, February 15, 2023, the fair value of the investments of each pool participant was as follows: City of Albertville General Fund Albertville Schools Richwood Township Total Investments 12/31/22 900,000 4,220,000 4,090,000 $9,210,000 2/15/23 $ 950,000 4,465,000 4,085,000 $9,500,000
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…
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…
Assume that the City of Coyote has already produced Its financlal statements for December 31, 2017, and the year then ended. The city's general fund was only for education and parks. Its capital projects funds worked wth each of these functlons at times during the current year. The city also had established an enterprise fund to account for Its art museum.
! 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…
Assume that the City of Coyote has produced its financial statements for December 31, 2020, and the year then ended. The city’s general fund was only used to monitor education and parks. Its capital projects funds worked in connection with each of these functions at times during the current year. The city also maintained an enterprise fund to account for its art museum. The government-wide financial statements provide the following figures: Education reports net expenses of $766,000. Parks reports net expenses of $163,000. Art museum reports net revenues of $58,250. General government revenues for the year were $1,069,750 with an overall increase in the city's net position of $199,000. The fund financial statements provide the following for the entire year: The general fund reports a $35,750 increase in its fund balance. The capital projects fund reports a $45,750 increase in its fund balance. The enterprise fund reports a $72,750 increase in its net position. The city asks…
Assume that the City of Coyote has produced its financial statements for December 31, 2020, and the year then ended. The city’s general fund was only used to monitor education and parks. Its capital projects funds worked in connection with each of these functions at times during the current year. The city also maintained an enterprise fund to account for its art museum. The government-wide financial statements provide the following figures: Education reports net expenses of $766,000. Parks reports net expenses of $163,000. Art museum reports net revenues of $58,250. General government revenues for the year were $1,069,750 with an overall increase in the city's net position of $199,000. The fund financial statements provide the following for the entire year: The general fund reports a $35,750 increase in its fund balance. The capital projects fund reports a $45,750 increase in its fund balance. The enterprise fund reports a $72,750 increase in its net position. The city asks…
The following General Fund information is available for the preparation of the financial statements for the City of Eastern Shores for the year ended September 30, 2024: Inflow of Financial Resources: Property taxes Sales taxes Fees and fines Licenses and permits Intergovernmental Investment earnings Proceeds from sale of land Outflows of Financial Resources: Current: General government Public safety Public works Health and sanitation Culture and recreation Transfer to capital project fund Fund balance, October 1, 2023 Revenues: Taxes: Total Revenues Required: From the information given above, prepare a General Fund Statement of Revenues, Expenditures, and Changes in Fund Balance for the city of Eastern Shores General Fund for the year ended September 30, 2024. Note: Negative entries should be entered with a minus sign and will appear in parenthesis. CITY OF EASTERN SHORES Statement of Revenues, Expenditures, and Changes in Fund Balance General fund For the Year Ended September 30,…