The following is a Statement of Cash Flows for the risk management internal service fund of the City of Wrightville. An inexperienced accountant prepared the statement using the FASB format rather than the format required by GASB. All long-term debt was issued to burchase capital assets. The transfer from the General Fund was to establish the internal service fund and provide the initial working capital necessary for operations. CITY OF WRIGHTVILLE Risk Management Internal Service Fund Statement of Cash Flows For the Year Ended June 30, 2024 Cash flows from operating activities: Cash received from other departments Cash paid for suppliers and employees. Cash paid on insurance claims Transfer from General Fund Investment income received Interest paid on long-term debt Cash flows from operating activities Cash flows from investing activities: Acquisition of property, plant, and equipment Purchase of investments Sale of property, plant, and equipment Cash flows from investing activities Cash flows from financing activities: Proceeds from issuance of long-term debt Payments on long-term debt Cash flows from financing activities Net increase in cash and cash equivalents Cash and cash equivalents, July 1, 2023 Cash and cash equivalents, June 30, 2024 CITY OF WRIGHTVILLE RISK MANAGEMENT INTERNAL SERVICE FUND Statement of Cash Flows For the Year Ended June 30, 2024 Cash Flows From Operating Activities: Cash Received from Other Departments Cash Paid for Claims Cash Paid for Supplies and Employees Cash Flows From Noncapital Financing Activities: Transfer In from General Fund Required Prepare a statement of cash flows using the appropriate format as required by GASB. You do not need to prepare the reconciliation of operating income to cash flow from operations. Note: Amounts to be deducted should be indicated by a minus sign. Cash Flows From Capital Related Financing Activities: Proceeds from Long-term Debt Payments on Long-term Debt Principal Payments on Long-Term Debt Interest Cash Received on Sale of Capital Assets Cash Flows From Investing Activities: Collection of Investment Income Purchase of Investment $ 876,000 (111,000) (700,000) 250,000 7,500 (12,000) 310,500 Net Cash Used for Investing Activities Net Increase in Cash and Cash Equivalents Cash and Cash Equivalents, July 1, 2023 Cash and Cash Equivalents, June 30, 2024 275,000 182,500 118,000 $ 300,500 $ (275,000) (170,000) 42,000 (403,000) $ 300,000 (25,000) $ 0 0 0 0 0 0

Prepare journal entries for all the funds AND IDENTIFY THEM and the General Capital Assets and General Long-Term Liabilities accounts affected by the following transactions The government paid $605,000 from the General Fund to the fund used to service its general government bonds.   The government issued bonds of $13,000,000 at par. The bonds are to be used to finance construction of a major public park.   The government paid $400,000 of principal and $300,000 of interest on general government bonds.   The government entered a capital lease for equipment with a capitalizable cost of $700,000. A $150,000 initial рауment was made   The govern ment pui chased new computer equipment for the police department at a cost of $43,000. please avoid handwritten solution thanks

The following transactions relate to the General Fund of the City of Buffalo Falls for the year ended December 31, 2020: 1. Beginning balances were: Cash, $110,000; Taxes Receivable, $215,000; Accounts Payable, $65,000; and Fund Balance, $260,000. 2. The budget was passed. Estimated revenues amounted to $1,400,000 and appropriations totaled $1,394,000. All expenditures are classified as General Government. 3. Property taxes were levied in the amount of $1,000,000. All of the taxes are expected to be collected before February 2021. 4. Cash receipts totaled $970,000 for property taxes and $340,000 from other revenue. 5. Contracts were issued for contracted services in the amount of $125,000. 6. Contracted services were performed relating to $111,000 of the contracts with invoices amounting to $106,000. 7. Other expenditures amounted to $1,040,000. 8. Accounts payable were paid in the amount of $1,204,000. 9. The books were closed. Required: a. Prepare journal entries for the above…

Activities of a county recreation center are reported in an enterprise fund. During 2019, $5,000,000 is spent on equipment and bonds are issued for $3,000,000.   How are these two transactions reported on the enterprise fund’s operating statement?   a. No effect   b. Revenues, $3,000,000; expenditures, $5,000,000   c. Other financing sources, $3,000,000   d. Other financing sources, $3,000,000; expenditures, $5,000,000

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The City of Southern Pines maintains its books so as to prepare fund accounting statements and records worksheet adjustments in order to prepare government-wide statements. As such, the City’s internal service fund, a motor pool fund, is included in the proprietary funds statements. Balance sheet asset accounts include: Cash, $87,000; Investments, $127,900; Due from the General Fund, $15,300; Inventories, $331,500; and Capital Assets (net), $979,200. Liability accounts include: Accounts Payable, $51,000; Long-Term Advance from Enterprise Fund, $612,000. The only transaction in the internal service fund that is external to the government is interest revenue in the amount of $2,900. Exclusive of the interest revenue, the internal service fund reported net income in the amount of $39,000. An examination of the records indicates that services were provided as follows: one-third to general government, one-third to public safety, and one-third to public works. Prepare necessary adjustments…

The Principal City prepared the Trial Balance of the corporate-type fund as of December 31, 20X1. The enterprise fund was established this year through a transfer from the general fund. After having studied the Trial Balance of the company and the required resources of this module: 1.Prepare the fund's closing entries as of December 31, 20X1.2.Prepare the Statement of Revenues, Expenses, and Changes in Fund Net Position for the year ending December 31.

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,…

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.