None !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 RichwoodTownship in an Investment pool to be managed by the city. Each of the pool participants had reported Its Investments atfair value as of the end of 2022. At the date of the creation of the pool, February 15, 2023, the fair value of theInvestments of each pool participant was as follows:City of Albertville General FundAlbertville SchoolsRichwood TownshipTotalInvestments12/31/222/15/23$ 899,000 $ 945,0004,218,0004,070,000$9,187,0004,441,5004,063,500$9,450,000Requireda. Prepare the journal entries that should be made by the City of Albertville, Albertville Schools, and Richwood Township on February15 to record their participation in the Investment pool. (If no entry is required for a transaction/event, select "No Journal EntryRequired" In the first account field. Do not round Intermediate calculations. Round your answers to the nearest whole dollaramount.)TransactionFundGeneral JournalDebitCredit1. The Albertville City Council decided to pool the investments of its General Fund with Albertville Schools and Richwood Township in an investment pool tobe managed by the city.City of Albertville General Fund1Albertville SchoolsRichwood Township

Fair value investment : Fair value is the price that would be received to sell an asset or paid to…

Township In an investment pool to be managed by the city. Each of t air value as of the end of 2022. At the date of the creation of the po nvestments of each pool participant was as follows: City of Albertville General Fund Albertville Schools Richwood Township Total Investment 12/31/22 $ 899,000 $ 2 4,218,000 4,070,000 $9,187,000 $9,

Township In an investment pool to be managed by the city. Each of t air value as of the end of 2022. At the date of the creation of the po nvestments of each pool participant was as follows: City of Albertville General Fund Albertville Schools Richwood Township Total Investment 12/31/22 $ 899,000 $ 2 4,218,000 4,070,000 $9,187,000 $9,

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 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 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
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…
! 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 Required A Required B Complete this question by entering your answers in the tabs below. Required C VILLAGE OF SEASIDE PINES ENTERPRISE FUND Statement of Net Position December 31, 2024 Net Position: Net Investment in Capital Assets Unrestricted Total Net Position Debits Required: a.…
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…
! 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 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.
During 2019, Kansas City issued bonds for financing the construction of a civic center and bonds for financing improvements in the environmental controls for its water and sewer enterprise. The latter bonds require a sinking fund for their retirement. Items (1) through (4) represent items Kansas City should report in its 2019 financial statements. Determine in which of the following funds and account groups [(a) through (f )] each item [(1) through (4)] would be included: a. General fund. b. Enterprise funds. c. Capital projects funds. d. Debt service funds. e. General fixed assets account group. f. General long-term debt account group. 1. Bonds payable. 2. Accumulated depreciation. 3. Amounts identified for the repayment of the two bond issues. 4. Fund balance—assigned for encumbrances.
In 2021, Garden City bought land for $50,000. Which of the following is not true? O a. The land could be reported as an asset by the business-type in the fund-based financial statements. O b. The land could be reported as an asset by the governmental funds in the fund-based financial statements. O c. The land could be reported as an asset by the governmental funds in the government-wide financial statements. O d. The land could be reported as an asset by the business-type activities in the government-wide financial statements.
Assume that the City of Coyote has already produced its financlal statements for December 51,2017, and the year then ended city's general fund was only for education and parks. Its capital projects funds worked wMith each of these functions at times during current year The cty also had established an enterprise fund to account for Its at museum.
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,…
On April 1, 2020, the City purchased a swimming pool from a private operator for $500,000 and created a Swimming Pool (Enterprise) Fund. The city has a calendar year as its fiscal year. During the year ended December 31, 2020, the following transactions occurred related to the City’s Swimming Pool Fund: On April 1, 2020, $300,000 was provided by a one-time contribution from the General Fund, and $200,000 was provided by a loan from a local bank (secured by a note), both of which were received in cash. The loan (Notes Payable) has an annual interest rate of 5%, payable semiannually on October 1 and April 1. The purchase of the pool was recorded (paid in cash). Based on an appraisal, it was decided to allocate $100,000 to the land, $300,000 to improvements other than buildings (the pool), and $100,000 to the building. Charges for services amounted to $270,000, all received in cash. Salaries paid to employees amounted to $172,500, all paid in cash, of which $100,000 was cost of services…