Advanced Accounting
12th Edition
ISBN: 9781305084858
Author: Paul M. Fischer, William J. Tayler, Rita H. Cheng
Publisher: Cengage Learning
expand_more
expand_more
format_list_bulleted
Question
Chapter 16, Problem 16.1.6P
To determine
Introduction: Funds refers to an amount of money which is set aside or saved by individuals, government, businesses for paying unforeseen expenses or for any other purpose. Internal service fund is used for the maintenance or report the goods & services which are used by some other departments.
To choose: The correct option from given options.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solutionStudents have asked these similar questions
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…
!
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.…
Chapter 16 Solutions
Advanced Accounting
Ch. 16 - Prob. 1UTICh. 16 - If a capital projects fund has authority to...Ch. 16 - Prob. 3UTICh. 16 - The debt service fund does not use budgetary...Ch. 16 - When a debt service fund receives resources, it...Ch. 16 - Prob. 6UTICh. 16 - Prob. 7UTICh. 16 - Prob. 8UTICh. 16 - Prob. 9UTICh. 16 - Prob. 10UTI
Ch. 16 - Describe the difference between accounting for...Ch. 16 - Prob. 12UTICh. 16 - Prob. 1.1ECh. 16 - Prob. 1.2ECh. 16 - Prob. 1.3ECh. 16 - Prob. 1.4ECh. 16 - Prob. 1.5ECh. 16 - Prob. 1.6ECh. 16 - Prob. 1.7ECh. 16 - Prob. 1.8ECh. 16 - Prob. 1.10ECh. 16 - Prob. 2.1ECh. 16 - Prob. 2.2ECh. 16 - Prob. 2.3ECh. 16 - Prob. 2.4ECh. 16 - Prob. 2.5ECh. 16 - Prob. 2.6ECh. 16 - Prob. 2.7ECh. 16 - Prob. 2.8ECh. 16 - Prob. 2.9ECh. 16 - Prob. 2.10ECh. 16 - Prob. 3.1ECh. 16 - Prob. 3.2ECh. 16 - Prob. 3.3ECh. 16 - Prob. 3.4ECh. 16 - Prob. 4ECh. 16 - Special assessments levy, capital projects fund....Ch. 16 - Prob. 6ECh. 16 - Prob. 7ECh. 16 - Prob. 8ECh. 16 - Prob. 9ECh. 16 - Prob. 10ECh. 16 - Prob. 11ECh. 16 - Prob. 12ECh. 16 - Prob. 16.1.1PCh. 16 - Prob. 16.1.2PCh. 16 - Prob. 16.1.3PCh. 16 - Prob. 16.1.4PCh. 16 - Prob. 16.1.5PCh. 16 - Prob. 16.1.6PCh. 16 - Prob. 16.1.7PCh. 16 - Prob. 16.1.8PCh. 16 - Prob. 16.2.1PCh. 16 - Prob. 16.2.2PCh. 16 - Prob. 16.2.3PCh. 16 - Prob. 16.2.4PCh. 16 - Prob. 16.2.5PCh. 16 - Prob. 16.2.6PCh. 16 - Prob. 16.2.7PCh. 16 - Prob. 16.12.1PCh. 16 - Prob. 16.12.2PCh. 16 - Prob. 16.13.1PCh. 16 - Enterprise fund, general fund. In 2018, a city...Ch. 16 - Prob. 16.13.3PCh. 16 - Prob. 16.14PCh. 16 - Prob. 16.15PCh. 16 - Prob. 16.16PCh. 16 - Prob. 16.18.1PCh. 16 - Prob. 16.18.3PCh. 16 - Prob. 16.18.4PCh. 16 - Prob. 16.18.5PCh. 16 - Prob. 16.18.6PCh. 16 - Prob. 16.18.7PCh. 16 - Prob. 16.18.8PCh. 16 - Prob. 16.18.9PCh. 16 - Prob. 16.18.10PCh. 16 - Prob. 16.19.2PCh. 16 - Prob. 16.19.3PCh. 16 - Prob. 16.19.4PCh. 16 - Prob. 16.19.5PCh. 16 - Prob. 16.19.6PCh. 16 - Prob. 16.19.9PCh. 16 - Prob. 16.19.11PCh. 16 - Prob. 16.19.12PCh. 16 - Prob. 16.19.13PCh. 16 - Prob. 16.19.14PCh. 16 - Prob. 16.19.15PCh. 16 - Prob. 16.19.16PCh. 16 - Prob. 16.19.17PCh. 16 - Prob. 16.19.18PCh. 16 - Prob. 16.19.19PCh. 16 - Prob. 16.19.20PCh. 16 - Prob. 16.19.21PCh. 16 - Prob. 16.19.22P
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- 2. Arsenal City applied for and received a grant of $50,000 from the Federal government to purchase computersfor the public library. Record this transaction in the city's journals from the perspective of government - wide governmental activities and the perspective of the General Fund. For governmental activities: Date Account Name Debit Credit For the General Fund: Date Account Name Debit Creditarrow_forwardRecord the appropriate journal entries for Sturgis City for the following transactions. The city uses encumbrance accounting and maintains a provision for uncollectible accounts. Note: Each transaction may involve more than one fund. The appropriate fund must be identified to receive credit. The central motor pool billed the General Fund for $33,000 in services. The General Fund previously recorded an encumbrance for the same amount. The city owned landfill purchased two tractors for a total of $40,000. The related invoice was paid. The City entered into a contract with Maker’s Construction to build a civic center for $3 million. The General Fund paid the central motor pool invoice (item 1). The landfill issued $4 million in revenue bonds for renovations. The landfill recorded daily fee receipts of $14,000. Maker’s Construction issued a progress billing for $350,000. The contract provides for a 10% retained percentage. The landfill sold an old tractor for $5,000…arrow_forwardA city orders a new computer for its police department that is recorded within its general fund. The computer has an anticipated cost of $92,700. Its actual cost when received is $94,250. Payment is subsequently made. a. Prepare all required journal entries for both fund and government-wide financial statements. (Select the appropriate fund for each situation when required. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Transaction Fund/Activity General Journal 1. Purchase and payment made for computers in the government wide financial statements. 1 Record the receipt of computers and the accompanying liability. Record payment made. 2. Purchase and payment made for computers in the general fund. 2 Record the order placed for purchase of computer. Debit Record entry to remove encumbrance for computers that has now been received. Record the receipt of computers and the accompanying liability. Record payment made. Creditarrow_forward
- A city orders a new computer for its police department that is recorded within its general fund. The computer has an anticipated cost of $89,600. Its actual cost when received is $91,880. Payment is subsequently made. a. Prepare all required journal entries for both fund and government-wide financial statements. (Select the appropriate fund for each situation when required. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)arrow_forwardPrepare journal entries for each of the following transactions entered into by the City of Loveland. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Fund/ Governmental Activties Transaction Debit Credit General Journal 1. The city received a donation of land that is to be used by Parks and Recreation to develop a public park. At the time of the donation, the land had an acquisition value of $5,200,000 and was recorded on the donor's books at a historical cost of $4,500,000. 1 General Fund 2. The Public Works Department sold machinery with a historical cost of $35,100 and accumulated depreciation of $28,700 for $6,000. The machinery had originally been purchased with special revenue funds. 2 General Fund 3b 3. A car was leased for the mayor's use. The first payment was $1,000 and the present value of the remaining lease payments was $29,000. (Note: The initial cash payment was made by the General Fund.) 3a General Fund 4a…arrow_forwardA city orders a new computer for its police department that is recorded within its general fund. The computer has an anticipated cost of $89,600. Its actual cost when received is $91,880. Payment is subsequently made. a. Prepare all required journal entries for both fund and government-wide financial statements. (Select the appropriate fund for each situation when required. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Transaction Fund/Activity General Journal Debit 1. Purchase and payment made for computers in the government wide financial statements. 1 Record the receipt of computers and the accompanying liability. Record payment made. 2. Purchase and payment made for computers in the general fund. 2 Record the order placed for purchase of computer. Credit Record entry to remove encumbrance for computers that has now been received. Record the receipt of computers and the accompanying liability. Record payment made.arrow_forward
- For each of the following events or transactions, prepare the necessacry journal entries and identify the fund or funds that will be affected. 1. A governmental unit collects fees totaling $4,500 at the municipal pool. The fees are charged to recover costs of pool operation and maintenance 2. A county government that serves as a tax collection agency for all towns and cities located within the county collects county sales taxes totaling $125,000 for the month. 3. A $1,000,000 bond offering was issued, with a premium of $50,000, to subsidize the construction of a city visitor center. 4. A town receives a donation of $50,000 in bonds. The bonds should be held indefinitely, but bond income is to be donated to the local zoo. The zoo is associated with the town. 5. A central printing shop is established with a $150,000 nonreciprocal transfer from the general fund. 6. A $1,000,000 revenue bond offering was issued at par by a fund that provides water and sewer services to…arrow_forwardFor each of the following events or transactions, prepare the necessacry journal entries and identify the fund or funds that will be affected. 1. A governmental unit collects fees totaling $4,500 at the municipal pool. The fees are charged to recover costs of pool operation and maintenance 2. A county government that serves as a tax collection agency for all towns and cities located within the county collects county sales taxes totaling $125,000 for the month. 3. A $1,000,000 bond offering was issued, with a premium of $50,000, to subsidize the construction of a city visitor center. 4. A town receives a donation of $50,000 in bonds. The bonds should be held indefinitely, but bond income is to be donated to the local zoo. The zoo is associated with the town. 5. A central printing shop is established with a $150,000 nonreciprocal transfer from the general fund. 6. A $1,000,000 revenue bond offering was issued at par by a fund that provides water and sewer services to…arrow_forwardThe City of Barnes operates a central motor pool as an internal service fund for the benefit of the city's other funds and departments. In the current year, this fund billed the Parks Department $30,000 for vehicle rentals. If the Parks Department is a governmental fund, which account should the Parks Department use to record these billings? Interfund Transfers In.Interfund Exchanges.Expenditures.Cost of Rentals from Other Funds and Units.arrow_forward
- Fulbright County constructed a library in one of the county's high-growth areas. The construction was funded by a number of sources. Below is selected information related to the Library Capital Project Fund. All activity related to the library construction occurred within the current fiscal year. The county operates on a calendar-year basis. Required Prepare a journal entry for capital projects fund and governmental activities at the government-wide level. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Fund/ Governmental Activities General Journal 1. The county issued $6,700,000 of 6 percent bonds at par. Proceeds from the bonds were to be used for construction of the library. 1 Capital Projects Fund Transaction. 2. A $720,000 federal grant was received to help finance construction of the library. 2 Capital Projects Fund 3. The Library Special Revenue Fund transferred $320,000 for use in construction of the library.…arrow_forwardFulbright County constructed a library in one of the county's high-growth areas. The construction was funded by a number of sources. Below selected information related to the Library Capital Project Fund. All activity related to the library construction occurred within the current fiscal year. The county operates on a calendar-year basis. Required Prepare a journal entry for capital projects fund and governmental activities at the government-wide level. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Transaction General Journal 1. The county issued $6,000,000 of 4 percent bonds at par. Proceeds from the bonds were to be used for construction of the library. 1 Capital Projects Fund 2. A $650,000 federal grant was received to help finance construction of the library. 2 Capital Projects Fund 3. The Library Special Revenue Fund transferred $250,000 for use in construction of the library Capital Projects Fund 3 5b Fund/…arrow_forwardThe County of Maxnell decides to create a waste management department and offer its services to the public for a fee. As a result. county officlals plan to account for this activity as an enterprise fund. Assume the Information is gathered so that the county can prepare fund financial statements. Only entries for the waste management department are required here: January 1 Receive unrestricted funds of $162,800 from the general fund as permanent financing. Febrauary 1 Borrow an additional $120,e0 from a local bank at a 12 percent annual interest rate. March 1 Order a truck at an expected cost of $114, 5ee. April 1 Receive the truck and make full paynent. The actual cost including transportation was $115,000. The truck has a 10- year life and no residual value. The county uses straight-line depreciation. May 1 Receive a $23,800 cash grant from the state to help supplement the pay of the department workers. According to the grant, the money must be used for that purpose. June 1 Rent a…arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
- AccountingAccountingISBN:9781337272094Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.Publisher:Cengage Learning,Accounting Information SystemsAccountingISBN:9781337619202Author:Hall, James A.Publisher:Cengage Learning,
- Horngren's Cost Accounting: A Managerial Emphasis...AccountingISBN:9780134475585Author:Srikant M. Datar, Madhav V. RajanPublisher:PEARSONIntermediate AccountingAccountingISBN:9781259722660Author:J. David Spiceland, Mark W. Nelson, Wayne M ThomasPublisher:McGraw-Hill EducationFinancial and Managerial AccountingAccountingISBN:9781259726705Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting PrinciplesPublisher:McGraw-Hill Education
Accounting
Accounting
ISBN:9781337272094
Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:Cengage Learning,
Accounting Information Systems
Accounting
ISBN:9781337619202
Author:Hall, James A.
Publisher:Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis...
Accounting
ISBN:9780134475585
Author:Srikant M. Datar, Madhav V. Rajan
Publisher:PEARSON
Intermediate Accounting
Accounting
ISBN:9781259722660
Author:J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:9781259726705
Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:McGraw-Hill Education
What is Fund Accounting?; Author: Aplos;https://www.youtube.com/watch?v=W5D5Dr0j9j4;License: Standard Youtube License