Advanced Accounting
14th Edition
ISBN: 9781260247824
Author: Joe Ben Hoyle, Thomas F. Schaefer, Timothy S. Doupnik
Publisher: RENT MCG
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Question
Chapter 16, Problem 6P
To determine
Identify the appropriate answer for the given statement from the given choices.
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Prepare journal entries in the general fund for the following 2018 transactions that represent inflows of financial resources to Tyler City: 1. To pay the wages of part-time city maintenance employees, the Cemetery Expendable Trust Fund transfers $45,000 to the general fund. 2. A resident donates land worth $75,000 for a park. 3. The city is notified by the state that it will receive $30,000 in road assistance grants this year. 4. A fire truck with an original cost of $36,000 is sold for $9,000. 5. Sales of license stickers for park use total $5,000. The fees cover this year and next year. Security staff are paid from these fees to check for cars in the park without stickers.
A citizen of the City of Townsend makes a donation of $22,000 in investments. The citizen has stipulated that the investments be held. Any resulting income must be used to help maintain the city’s cemetery. In which fund should this asset be reported?
Special revenue funds
Capital projects funds
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General Funds
List the appropriate fund(s) that will be affected for each of the following transactions for Sienna City. Journal entries are not required.
Bonds were issued to finance the construction of a new bridge.
Sienna received a grant from the state to assist in financing the construction of a new bridge.
Funds were set aside to pay of the principal and interest due on this year’s bonds.
Land was received from a donor to be used as a park. It was stipulated by the donor that the land can not be sold.
Proceeds were collected from the sale of lottery tickets. By ordinance, these funds must be used for education and the school system.
Construction on the new bridge was completed. The total cost was under budget and the excess funds were set aside to pay off the bonds.
A printing press was set up to service all of Sienna’s printing needs.
Sienna operates a bus transportation system and charges passengers a fee. At the end of each month, the net proceeds are remitted to Sienna’s main account…
Chapter 16 Solutions
Advanced Accounting
Ch. 16 - Prob. 1QCh. 16 - Prob. 2QCh. 16 - Prob. 3QCh. 16 - Prob. 4QCh. 16 - What measurement focus is used in fund financial...Ch. 16 - Prob. 6QCh. 16 - Prob. 7QCh. 16 - In applying the current financial resources...Ch. 16 - Prob. 9QCh. 16 - What are the five fund types within the...
Ch. 16 - Prob. 11QCh. 16 - What are the four fund types within the fiduciary...Ch. 16 - Prob. 13QCh. 16 - Fund financial statements have separate columns...Ch. 16 - The general fund of a city reports assets of...Ch. 16 - Why are budgetary entries recorded in the...Ch. 16 - How are budget results shown in the financial...Ch. 16 - Prob. 18QCh. 16 - Prob. 19QCh. 16 - Prob. 20QCh. 16 - How do governmental funds report capital outlay in...Ch. 16 - Prob. 22QCh. 16 - Prob. 23QCh. 16 - Prob. 24QCh. 16 - How is the issuance of a long-term bond reported...Ch. 16 - Prob. 26QCh. 16 - Prob. 27QCh. 16 - Prob. 28QCh. 16 - What is an internal exchange transaction, and how...Ch. 16 - Prob. 1PCh. 16 - Prob. 2PCh. 16 - Prob. 3PCh. 16 - Prob. 4PCh. 16 - Prob. 5PCh. 16 - Prob. 6PCh. 16 - Which of the following statements is correct about...Ch. 16 - Prob. 8PCh. 16 - Prob. 9PCh. 16 - The City of Bagranoff holds 90,000 in cash that...Ch. 16 - Prob. 11PCh. 16 - The general fund pays rent for two months. Which...Ch. 16 - A purchase order for 3,000 is recorded in the...Ch. 16 - At the end of the current year, a government...Ch. 16 - A government buys equipment for its police...Ch. 16 - A city acquires supplies for its fire department...Ch. 16 - Prob. 17PCh. 16 - The state government passes a law requiring...Ch. 16 - The state awards a grant of 50,000 to the Town of...Ch. 16 - A city issues a 60-day tax anticipation note to...Ch. 16 - A city issues five-year bonds payable to finance...Ch. 16 - The City of Dylan issues a 10-year bond payable of...Ch. 16 - Prob. 23PCh. 16 - A 110,000 payment is made on a long-term...Ch. 16 - A city constructs a special assessment project (a...Ch. 16 - A city constructs curbing in a new neighborhood...Ch. 16 - Which of the following is an example of an...Ch. 16 - The governmental funds of the City of Westchester...Ch. 16 - Government officials of Hampstead County ordered a...Ch. 16 - A local government has the following transactions...Ch. 16 - Prepare journal entries for the City of Puddings...Ch. 16 - Prepare journal entries for a local government to...Ch. 16 - The following unadjusted trial balances are for...
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