The board of commissioners of the City of Hartmoore adopted a General Fund budget for the year ending June 30, 2017, that included revenues of $1,292,500, bond proceeds of $575,000, appropriations of $1,060,000, and operating transfers out of $420,000. a. If this budget is formally integrated into the accounting records, what journal entry is required at the beginning of the year? b. If this budget is formally integrated into the accounting records, what later entry is required?

The City of Algonquin maintains its books to prepare fund accounting statements and records worksheet adjustments in order to prepare government-wide statements. You are to prepare, in journal form, worksheet adjustments for each of the following situations: Deferred inflows of resources—property taxes of $73,500 at the end of the previous fiscal year were recognized as property tax revenue in the current year's Statement of Revenues, Expenditures, and Changes in Fund Balance. The City levied property taxes for the current fiscal year in the amount of $13,789,400. When making the entries, it was estimated that 2 percent of the taxes would not be collected. At year-end, $309,200 is thought to be uncollectible, $365,000 would likely be collected during the 60-day period after the end of the fiscal year, and $52,800 would be collected after that time. The City had recognized the maximum of property taxes allowable under modified accrual accounting. In addition to the expenditures…

Assume that the City of Coyote has already produced its financial 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 with each of these functions at times during the current year. The city also had established an enterprise fund to account for its art museum.   The government-wide financial statements indicated the following figures: Education reported net expenses of $796,000. Parks reported net expenses of $124,000. Art museum reported net revenues of $61,500. General government revenues for the year were $1,070,500 with an overall increase in the city's net position of $212,000.   The fund financial statements indicated the following for the entire year: The general fund reported a $50,500 increase in its fund balance. The capital projects fund reported a $43,000 increase in its fund balance. The enterprise fund reported a $67,250 increase in its net position.   The CPA firm of…

During 2019, a county debt service fund receives $5,000,000 from the general fund for budgeted payment of principal and interest on general obligation bonds. The debt service fund makes $4,000,000 in interest and $1,000,000 in principal payments.    How is this reported on the debt service fund’s 2019 operating statement?   a. Expenditures, $4,000,000; revenues, $5,000,000   b. Expenditures, $4,000,000; other financing sources, $5,000,000   c. Expenditures, $5,000,000; other financing sources, $5,000,000   d. Expenditures, $5,000,000; revenues $5,000,000