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- The Mosquito Abatement Commission is a newly organized federal agency with three primary programs: coordinating state government abatement functions, conducting research on mosquito abatement, and promoting abatement through public education. The following information is available at the end of the first quarter (December 31, 2020): Apportionments from OMB Allotments-first quarter Salaries paid Accrued salaries payable Supplies ordered and received Supplies used Depreciation Equipment purchases Program revenue: Charges for service Costs by Strategic Goal Coordinate State Government Abatement Programs Total Gross Cost Conduct Research on Mosquito Abatement Total Gross Cost MOSQUITO ABATEMENT COMMISSION Statement of Net Cost For the Quarter Ended December 31, 2020 Promote Abatement Through Public Education Total Gross Cost Government Coordination Research Less: Program Revenues Net Cost Total Entity Total Gross Program Cost Less: Program Revenues Net Cost (Income) from Operations…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…The Eaton School District engaged in the following transactions during its fiscal year ending August 31, 2021. • It established a purchasing department, which would be accounted for in a new internal service fund, to purchase supplies and distribute them to operating units. To provide working capital for the new department, it transferred $1.7 million from its general fund to the internal service fund. • During the year, operating departments that are accounted for in the general fund acquired supplies from the internal service fund for which they were billed $300,000. Of this amount, the government transferred $200,000 from the general fund to the internal service fund, expecting to transfer the balance in the following fiscal year. The supplies had cost the purchasing department $190,000. During 2021, the operating departments used only $220,000 of the supplies for which they were billed. They had nosupplies on hand at the start of the year. • The school district transferred…
- The Eaton School District engaged in the following transactions during its fiscal year ending August 31, 2021. • It established a purchasing department, which would be accounted for in a new internal service fund, to purchase supplies and distribute them to operating units. To provide working capital for the new department it transferred $1.7 million from its general fund to the internal service fund. • During the year, operating departments that are accounted for in the general fund acquired supplies from the internal service fund for which they were billed $300,000. Of this amount the government transferred $200,000 from the general fund to the internal service fund, expecting to transfer the balance in the following fiscal year. The supplies had cost the purchasing department $190,000. During 2021, the operating departments used only $220,000 of the supplies for which they were billed. They had no supplies on hand at the start of the year. • The school district transferred…Which of the following accounts of a government agency is closed out at the end of the fiscal year? Select the correct response: Appropriations Vouchers payable. Reserve for encumbrance Fund balanceExpenditure accruals A state whose fiscal year ends June 30, 2022, had the following transactions and events. For each item, compute how much total expenditures the state will report in the General Fund Statement of revenues, expenditures, and changes in fund balance for the year ended June 30, 2022. 1. During the year, the state paid salaries of $3,780,000. Its employees also earned $157,500 during the period June 23 to June 30, but the payroll for that period will be paid on July 12. $0 2. The state permits its employees to accumulate up to 30 days of vacation leave. The employees are entitled to be paid on termination or retirement for any unused vacation days. At the beginning of the fiscal year, the state's liability for unused vacation pay was $756,000. By the end of the fiscal year, the vacation pay liability had increased to $850,500. The latter amount includes $16,800 owed to employees who retired as of June 30, 2022 with unused vacation pay. That amount will be paid on July…
- Prepare the necessary governmental fund and government-wide journal entries, assuming a December 31, 2022 fiscal year end. A.) Salaries of $45,000 are earned between December 16 and December 31, 2022. They will be paid on January 3, 2023. B.) A city allows employees one day of sick leave a month and permits them to accumulate any sick leave that they do not take. If they terminate after at least 5 years of service, they will be paid for unused sick leave up to 60 days. In 2022, employees earned $1 million of sick leave that they did not take during the year. The city estimates that of this amount $600,000 will be paid to employees in future years as sick leave, $250,000 will be paid to five-year employees upon termination, and $150,000 will not be paid. No employees (with accrued sick leave) retired in 2022. C.) A city offers its employees participation in a defined benefit plan. The city’s actuary advised leadership that the required pension contribution for the year, based on…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"…The general principles of revenue recognition are the same for both governmental and government-wide statements. For each of the following situations, indicate the amount of revenue that the government should recognize in an appropriate governmental fund as well as in its government-wide statement of activities in its fiscal year ending December 31, 2021. Briefly justify your response, making certain that, as appropriate, you identify the key issue of concern. 1. In October 2020, a state received a federal grant of $300 million (in cash) to assist local law enforcement efforts. The federal government has established specific criteria governing how the funds should be distributed and will monitor the funds to ensure that they are used in accordance with grant provisions. The grant is intended to cover any allowable expenditure incurred in the calendar years 2021 through 2022. In 2021, the state incurred $160 million of allowable expenditures. 2. In December 2020, a city levied property…
- 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…! 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…Analyze the statement of operations for the year 2020 and compare it with the year 2019. Identify and explain 5 of the most important issues. Shawanaga First Nation Consolidated Statements of Operations and Accumulated Surplus Year Ended March 31 2020 2019 Actual Actual Revenue Government funding (Note 16) $8,669,075 $6,530,279 Sales 5,093,432 4,510,928 Rental and other 350,082 555,231 Interest 44,027 24,225 Loss on disposal of equipment -673,192 -17,344 Loss from investment in government business enterprise (note5) -117,480 -56,619 13,365,944 11,546,700 Expenses Capital 152,153 143,708 Community operations 1,116,702 1,166,556 Economic development 5,152,423 4,527,794 Education 1,223,566 1,107,489 First Nation administration 1,939,337 1,741,586 Health services 2,006,262 1,615,067 Other 358,111 420,012 Social services 300,467 342,587 Total 12,249,021 11,064,799 Annual surplus before prior year subsidy…
