Governmental and Nonprofit Accounting (11th Edition)
11th Edition
ISBN: 9780133799569
Author: Robert J. Freeman, Craig D. Shoulders, Dwayne N. McSwain, Robert B. Scott
Publisher: PEARSON
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Textbook Question
Chapter 2, Problem 2C
- a. Analyze the effects of the following transactions on the
accounting equations of the various funds and nonfund accounts of the Humble (Texas) Independent School District. (Reflect any necessary year-end interest accruals in your responses.) - b. Indicate how the school district should report each transaction in the operating statement for each fund affected. Be sure to identify the fund and the operating statement.
- 1. Salaries paid to teachers and other instructional staff during the year ended 20X6 totaled $67,000,000. Salaries payable increased $1,240,000 during the fiscal year.
- 2. Property taxes of $135,000,000 were levied by the school district for the fiscal year: $1,890,000 of the levy is expected to be uncollectible; $130,500,000 of the 20X6 levy was collected by the end of the fiscal year. There were no collections of 20X6 or earlier years’ taxes during the first 60 days of the next fiscal year.
- 3. The school district issued $121,750,000 of construction bonds in 20X6 to provide the financing for general government capital projects.
- 4. The school district was billed $81,218,000 by contractors for work performed on the district’s capital projects. All but $12,400,000 was paid by year end.
- 5. The school district incurred and paid maintenance costs of $17,600,000 during the year.
- 6. The school district incurred expenditures for regional day school programs and private residential placements for children who are deaf or hearing impaired. These costs were paid from money received from federal grants restricted to finance such programs. The total costs incurred and the grant collections from the federal government were $690,000.
- 7. The school district transferred $6,077,000 of General Fund resources to the fund used to service the district’s general obligation bonds.
- 8. Bond principal of $1,400,000 and interest of $6,000,000 were paid on general government bonds.
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Chapter 2 Solutions
Governmental and Nonprofit Accounting (11th Edition)
Ch. 2 - Governmental accounting systems are different from...Ch. 2 - Funds used in state and local government...Ch. 2 - Prob. 3QCh. 2 - Why are a municipalitys general capital assets and...Ch. 2 - Prob. 5QCh. 2 - Under what circumstances should a government use a...Ch. 2 - Identify the fund types that are classified as...Ch. 2 - Prob. 8QCh. 2 - Prob. 9QCh. 2 - Prob. 10Q
Ch. 2 - Define interfund loans and interfund transfers,...Ch. 2 - Prob. 12QCh. 2 - Prob. 13QCh. 2 - What is the accounting equation for a governmental...Ch. 2 - Prob. 15QCh. 2 - Prob. 16QCh. 2 - Prob. 17QCh. 2 - Prob. 18QCh. 2 - Prob. 1.1ECh. 2 - Financial assets include a. capital assets that...Ch. 2 - All of the following are considered governmental...Ch. 2 - Each of the following is a fiduciary fund except...Ch. 2 - Prob. 1.5ECh. 2 - Which of the following transactions would not be...Ch. 2 - The transactions associated with a Community...Ch. 2 - The city of Hannah has established a trust to...Ch. 2 - A transaction in which a municipal electric...Ch. 2 - Prob. 1.10ECh. 2 - The operations of a municipal governments public...Ch. 2 - The proceeds of a federal grant made to assist in...Ch. 2 - The receipts from a special tax levy to retire and...Ch. 2 - The operations of a municipal swimming pool with...Ch. 2 - Prob. 2.5ECh. 2 - A municipalitys issuance of general obligation...Ch. 2 - Expenditures of 200,000 were made during the year...Ch. 2 - The activities of a central motor pool that...Ch. 2 - A city collects property taxes on behalf of the...Ch. 2 - A transaction in which a municipal electric...Ch. 2 - (Fund and Nonfund Accounts Identification)...Ch. 2 - Prob. 4ECh. 2 - Prob. 5ECh. 2 - Prob. 6ECh. 2 - Prob. 7ECh. 2 - Prob. 8ECh. 2 - Prob. 9ECh. 2 - Prob. 10ECh. 2 - a. Analyze the effects of each of the following...Ch. 2 - a. Analyze the effects of the following...Ch. 2 - Prob. 3PCh. 2 - Prob. 4PCh. 2 - Prob. 5PCh. 2 - Prob. 6PCh. 2 - (State of CaliforniaFund Identification) The...Ch. 2 - a. Analyze the effects of the following...
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