ACCT 5346:ADVANCED ACCOUNTING>CUSTOM<
13th Edition
ISBN: 9781307158120
Author: HOYLE SCHAEFE
Publisher: MCG/CREATE
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Question
Chapter 17, Problem 38P
To determine
Prepare the 2017 fund financial statements for the governmental funds and the proprietary funds.
Expert Solution & Answer
Explanation of Solution
The statement of Revenues, Expenditures, and Other Changes in Fund Balance is as follows:
P City | ||||
Statement of Revenues, Expenditures, and Other Changes in Fund Balance | ||||
Fund Financial Statements- Government Funds | ||||
For the year ending December 31, 2017 | ||||
General Fund | Special Revenue Fund | Capital Projects Fund | Total Governmental Funds | |
Revenues | ||||
Property Taxes | $560,000 | $0 | $0 | $560,000 |
Park | $8,000 | $0 | $0 | $8,000 |
Operating Grant | $0 | $37,000 | $0 | $37,000 |
School fees | $6,000 | $0 | $0 | $6,000 |
Total Revenues | $574,000 | $37,000 | $0 | $611,000 |
Expenditures: | ||||
Land | $0 | $0 | $20,000 | $20,000 |
Buildings | $0 | $0 | $80,000 | $80,000 |
Sidewalk | $0 | $0 | $10,000 | $10,000 |
School Lunches | $0 | $37,000 | $0 | $37,000 |
Supplies | $22,000 | $0 | $0 | $22,000 |
School Bus | $102,000 | $0 | $0 | $102,000 |
Salaries | $270,000 | $0 | $0 | $270,000 |
Maintenance | $9,000 | $0 | $0 | $9,000 |
Interest | $9,000 | $0 | $0 | $9,000 |
Bond Payment | $5,000 | $0 | $0 | $5,000 |
Total expenditures | $417,000 | $37,000 | $110,000 | $564,000 |
Excess of revenues over expenditures | $157,000 | $0 | ($110,000) | $47,000 |
Other Financing: | ||||
Other Financing Sources | $0 | $0 | $180,000 | $180,000 |
Other Financing Uses | ($90,000) | $0 | $0 | ($90,000) |
Total Other Financing | ($90,000) | $0 | $180,000 | $90,000 |
Change in Fund Balance | $67,000 | $0 | $70,000 | $137,000 |
Fund Balance-Beginning | $123,000 | $0 | $0 | $123,000 |
Fund Balance-Ending | $190,000 | $0 | $70,000 | $260,000 |
Table: (1)
The balance sheet is as follows:
P City | ||||
Balance Sheet | ||||
Fund Financial Statements- Government Funds | ||||
For the year ending December 31, 2017 | ||||
General Fund | Special Revenue Fund | Capital Projects Fund | Total Governmental Funds | |
Assets: | ||||
Cash | $169,400 | $63,000 | $70,000 | $302,400 |
Property Tax Receivable | $90,000 | $0 | $0 | $90,000 |
Receivable: School fees | $600 | $0 | $0 | $600 |
Supplies | $5,000 | $0 | $0 | $5,000 |
Total Assets | $265,000 | $63,000 | $70,000 | $398,000 |
Liabilities | ||||
Salary payable | $30,000 | $0 | $0 | $30,000 |
Deferred Revenue | $40,000 | $63,000 | $0 | $103,000 |
Total Liabilities | $70,000 | $63,000 | $0 | $133,000 |
Fund Balances | ||||
Non-spendable | $5,000 | $0 | $0 | $5,000 |
Committed | $0 | $0 | $70,000 | $70,000 |
Unassigned | $190,000 | $0 | $0 | $190,000 |
Total Fund Balances | $195,000 | $0 | $70,000 | $265,000 |
Total Liabilities and Fund Balances | $265,000 | $63,000 | $70,000 | $398,000 |
Table: (2)
The Statement of Revenues, Expenditures, and Other Changes in Fund Balance is as follows in enterprise fund:
P City | |
Statement of Revenues, Expenditures, and Other Changes in Fund Balance | |
Fund Financial Statements- Proprietary Funds | |
For the year ending December 31, 2017 | |
Enterprise Fund | |
Operating revenues | |
Rent Revenues | $130,000 |
Operating expenses | |
Salaries | $45,000 |
Vacations | $5,000 |
Depreciation | $25,000 |
Total Operating Expenses | $75,000 |
Operating Income | $55,000 |
Non-operating expenses | |
Interest Expense | $13,000 |
Income Before Capital Contribution | $42,000 |
Capital Contribution | $20,000 |
Change in Net Assets | $62,000 |
Total Net assets-Beginning | $662,000 |
Total Net assets-Ending | $724,000 |
Table: (3)
The statement of net assets is as follows:
P City | |
Statement of Net Assets | |
Fund Financial Statements- Proprietary Funds | |
For the year ending December 31, 2017 | |
Enterprise Fund | |
Assets | |
Current Assets | $130,000 |
Cash | |
Rent Receivable | $20,000 |
Total Current Assets | $150,000 |
Non-current assets | $25,000 |
Parking Deck | $195,000 |
Buildings | $580,000 |
Total Noncurrent Assets | $775,000 |
Total assets | $925,000 |
Liabilities | $42,000 |
Current Liabilities | |
Salary payable | $3,000 |
Vacation payable | $5,000 |
Interest payable | $13,000 |
Total Current Liabilities | $21,000 |
Noncurrent liabilities | |
Notes payable | $180,000 |
Total liabilities | $201,000 |
Net assets | |
Invested in capital assets | $582,000 |
Unrestricted | $142,000 |
Total Net assets | $724,000 |
Table: (4)
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Students have asked these similar questions
For each of the following accounts indicate in which fund type it could be found. Select your answer from the following responses:
A. Governmental funds only.
B. Proprietary funds only.
Bond Proceeds
Long Term liability for Compensated Absences
Deferred Inflows/Outflows of Resources
Taxes Receivable
Estimated Revenues
Operating Revenues
All oI toe above are
3. Which of the following accounts appears on both the interim and year-end balance
sheets of the General Fund?
a) Revenues.
b) Reserve for encumbrances.
c) Encumbrances.
d) Appropriations.
4. Which of the following would be considered a general capital asset?
a) A vehicle purchased from general fund revenues.
b) A vehicle purchased and maintained by an enterprise fund.
c) A computer purchased from revenues of an internal service fund and used by the
supplies department.
d) Real estate purchased with the assets of a pension trust fund.
5. A machine is sold for S500. It had originally been purchased for $8,000 using GF
It is fully depreciated. Gain on sale of equipment account should be
revenues.
recorded in the General fund journal as:
a) Debit in 500$.
b) Credit in 500$.
c) Credit in 7500$.
d) Gain on sale of equipment account will not recorded in general fund journal.
الولايات المتحدة الأمريكية(
hp
3. Which of the following accounts appears on both the interim and year-end balance
sheets of the General Fund?
a) Revenues.
b) Reserve for encumbrances.
c) Encumbrances.
d) Appropriations.
4. Which of the following would be considered a general capital asset?
a) A vehicle purchased from general fund revenues.
b) A vehicle purchased and maintained by an enterprise fund.
c) A computer purchased from revenues of an internal service fund and used by the
supplies department.
d) Real estate purchased with the assets of a pension trust fund.
5. A machine is sold for $500. It had originally been purchased for $8,000 using GF
It is fully depreciated. Gain on sale of equipment account
revenues.
should be
recorded in the General fund journal as:
a) Debit in 500S.
b) Credit in 500$.
c) Credit in 7500S.
d) Gain on sale of equipment account will not recorded in general fund journal.
Question Three: mini cases
Chapter 17 Solutions
ACCT 5346:ADVANCED ACCOUNTING>CUSTOM<
Ch. 17 - Prob. 1QCh. 17 - Prob. 2QCh. 17 - Prob. 3QCh. 17 - Prob. 4QCh. 17 - A landfill is scheduled to be filled to capacity...Ch. 17 - The City of VanStone operates a solid waste...Ch. 17 - Prob. 7QCh. 17 - Prob. 8QCh. 17 - Prob. 9QCh. 17 - Prob. 10Q
Ch. 17 - Prob. 11QCh. 17 - Prob. 12QCh. 17 - Prob. 13QCh. 17 - What does a comprehensive annual financial report...Ch. 17 - Prob. 15QCh. 17 - Prob. 16QCh. 17 - What is the difference between a blended component...Ch. 17 - Prob. 18QCh. 17 - Prob. 19QCh. 17 - Prob. 20QCh. 17 - Prob. 21QCh. 17 - How are internal service funds reported on...Ch. 17 - Prob. 23QCh. 17 - A general purpose government takes over a special...Ch. 17 - Prob. 25QCh. 17 - Prob. 26QCh. 17 - Prob. 1PCh. 17 - Prob. 2PCh. 17 - Prob. 3PCh. 17 - A city agrees to allow the Jones Company to...Ch. 17 - Prob. 5PCh. 17 - A city creates a solid waste landfill. It assesses...Ch. 17 - Prob. 7PCh. 17 - If this landfill is judged to be a proprietary...Ch. 17 - If this landfill is judged to be a governmental...Ch. 17 - The City of Nomanchester has a defined benefit...Ch. 17 - Prob. 11PCh. 17 - Prob. 12PCh. 17 - Prob. 13PCh. 17 - Prob. 14PCh. 17 - A city builds sidewalks throughout its various...Ch. 17 - Prob. 16PCh. 17 - Prob. 17PCh. 17 - Prob. 18PCh. 17 - Prob. 19PCh. 17 - Prob. 20PCh. 17 - Prob. 21PCh. 17 - Prob. 22PCh. 17 - Prob. 23PCh. 17 - Prob. 24PCh. 17 - Prob. 25PCh. 17 - Prob. 26PCh. 17 - On January 1, 2017, the City of Hastings created a...Ch. 17 - Prob. 28PCh. 17 - Prob. 29PCh. 17 - Prob. 30PCh. 17 - Prob. 31PCh. 17 - Prob. 32PCh. 17 - The City of Francois, Texas, has begun the process...Ch. 17 - The County of Maxnell decides to create a...Ch. 17 - The following information pertains to the City of...Ch. 17 - Prob. 36PCh. 17 - Prob. 37PCh. 17 - Prob. 38PCh. 17 - For each of the following, indicate whether the...Ch. 17 - For problems 40 through 43, use the following...Ch. 17 - Prob. 41PCh. 17 - Prob. 42PCh. 17 - On the first day of the year, the City of Wolfe...Ch. 17 - A city has a solid waste landfill that was filled...Ch. 17 - Use the same information as in problem 44 except...Ch. 17 - Prob. 46PCh. 17 - Prob. 47PCh. 17 - Prob. 48PCh. 17 - Prob. 2DYSCh. 17 - Read the following journal article: 25 Years of...Ch. 17 - Prob. 4DYSCh. 17 - Prob. 5DYSCh. 17 - The City of Larissa recently opened a solid waste...
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