NEWPORT CITY 911 CALL CENTER SPECIAL REVENUE FUND Statement of Revenues, Expenditures, and Changes in Fund Balance Revenues: Total Revenues Expenditures: Current Journal entry worksheet. For the Year Ended December 31, 2024 911 Emergency Services Record the doing entry Total Expenditures Net Change in Fund Balance Fund Balance, January 1 Fund Balance, December 31 O T C 10 NEWPORT CITY 911 CALL CENTER SPECIAL REVENUE FUND Balance Sheet As of December 31, 2024 Labilities and Fund Balances Fund Balances Tal Labs and Fund Balances 911 Emergency The following transactions relate to Newport City's special revenue fund. 1. In 2024, Newport City created a special revenue fund to help fund the 911 emergency call center. The center is to be funded through a legally restricted tax on cellular phones. No budget is recorded. 2. During the first year of operations, revenues from the newly imposed tax totaled $527,500. Of this amount, $474,750 has been received in cash and the remainder will be received within 60 days of the end of the fiscal year. 3. Expenditures (salaries) incurred through the operation of the 911 emergency call center totaled $467,000. Of this amount, $436,645 was paid before year-end. 4. During the year the state government awarded Newport City a grant to reimburse the City's costs (not to exceed $178,500) for the purpose of training new 911 operators. During the year, the City paid $169,575 (not reflected in the expenditures above) to train new operators for the 911 emergency call center and billed the state government. 5. $156,075 of the amount billed to the State had been received by year-end. Required: a. Prepare the journal entries for the above transactions. It is not necessary to use control accounts and subsidiary ledgers. Prepare closing entries for year-end. b. Prepare a Statement of Revenues, Expenditures, and Changes in Fund Balance for the special revenue fund. c. Prepare a Balance Sheet assuming there are no committed or assigned net resources. Complete this question by entering your answers in the tabs below. Req A1 Req A2 Req B Req C Prepare closing entries for year-end. Note: If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. View transaction list kaushik

NEWPORT CITY 911 CALL CENTER SPECIAL REVENUE FUND Statement of Revenues, Expenditures, and Changes in Fund Balance Revenues: Total Revenues Expenditures: Current Journal entry worksheet. For the Year Ended December 31, 2024 911 Emergency Services Record the doing entry Total Expenditures Net Change in Fund Balance Fund Balance, January 1 Fund Balance, December 31 O T C 10 NEWPORT CITY 911 CALL CENTER SPECIAL REVENUE FUND Balance Sheet As of December 31, 2024 Labilities and Fund Balances Fund Balances Tal Labs and Fund Balances 911 Emergency The following transactions relate to Newport City's special revenue fund. 1. In 2024, Newport City created a special revenue fund to help fund the 911 emergency call center. The center is to be funded through a legally restricted tax on cellular phones. No budget is recorded. 2. During the first year of operations, revenues from the newly imposed tax totaled $527,500. Of this amount, $474,750 has been received in cash and the remainder will be received within 60 days of the end of the fiscal year. 3. Expenditures (salaries) incurred through the operation of the 911 emergency call center totaled $467,000. Of this amount, $436,645 was paid before year-end. 4. During the year the state government awarded Newport City a grant to reimburse the City's costs (not to exceed $178,500) for the purpose of training new 911 operators. During the year, the City paid $169,575 (not reflected in the expenditures above) to train new operators for the 911 emergency call center and billed the state government. 5. $156,075 of the amount billed to the State had been received by year-end. Required: a. Prepare the journal entries for the above transactions. It is not necessary to use control accounts and subsidiary ledgers. Prepare closing entries for year-end. b. Prepare a Statement of Revenues, Expenditures, and Changes in Fund Balance for the special revenue fund. c. Prepare a Balance Sheet assuming there are no committed or assigned net resources. Complete this question by entering your answers in the tabs below. Req A1 Req A2 Req B Req C Prepare closing entries for year-end. Note: If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. View transaction list kaushik

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter6: Business Expenses

Section: Chapter Questions

Problem 53P

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