Accounting For Governmental & Nonprofit Entities
18th Edition
ISBN: 9781259917059
Author: RECK, Jacqueline L., Lowensohn, Suzanne L., NEELY, Daniel G.
Publisher: Mcgraw-hill Education,
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Question
Chapter 3, Problem 27EP
To determine
Prepare (partial) statement of activities by assuming that net position is $1,643 (in thousands) and there were no changes in net position during the year other than those reflected in the selected account balances.
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The City of Havisham has a fiscal year ending December 31, Year 5. If the city were to produce financial statements right now, the following figures would be included:– Governmental activities: Assets = $800,000, Liabilities = $300,000, and Change in Net Position for the period = increase of $100,000– Business-type activities: Assets = $500,000, Liabilities = $200,000, and Change in Net Position for the period = increase of $60,000– Governmental funds: Assets = $300,000, Liabilities = $100,000, and Change in Fund Balances = increase of $40,000– Proprietary funds: Assets = $700,000, Liabilities = $300,000, and Change in Net Assets for the period = increase of $70,000Other information: The city council is considered the highest level of decision-making authority for the government. Where applicable, current financial resources are viewed by the government as available if collected within 75 days of the end of a fiscal year.For each of the following, indicate whether the overall statement…
The following information has been provided for the City of Elizabeth for its fiscal year ended June 30. The information provided
relates to financial information reported on the city's statement of net position and its total governmental funds balance.
Deferred inflows of resources due to unavailability of resources to
pay current expenditures
Capital assets
Accumulated depreciation on capital assets
Accrued interest on bonds and long-term notes payable
Bonds and long-term notes payable
Unamortized premium on bonds payable
Compensated absences
Total governmental fund balances
Total net position of governmental activities
Required
5364,608
641,600
356,000
2,908
177,608
2,400
16,708
162,808
612,600
Prepare reconciliation of the governmental fund balances to the net position of governmental activities. (Decreases should be
indicated with a minus sign.)
CITY OF ELIZABETH
Reconciliation of the Balance Sheet-Governmental Funds to the Statement of Net Position
Total fund balances…
Effect of different measurement focuses and bases of accounting
Following are some of Vista Village’s events during calendar year 2021. For each event, state (a) the amount the Village would report as expenditures if the event occurred in a governmental-type fund and (b) the amount it would report as expenses if the eventoccurred in an Enterprise Fund.1. The amount owed to employees for vacation and sick leave increased from $720,000to $765,000 during the year. Employees are permitted to receive payment for unusedvacation and sick leave days when they retire; at year-end, however, none of the employees had retired.2. At December 31, 2021 interest accrued on outstanding long-term debt amounted to $63,000. The interest was due to be paid on May 1, 2022.
Chapter 3 Solutions
Accounting For Governmental & Nonprofit Entities
Ch. 3 - Prob. 1QCh. 3 - Discuss the different ways in which depreciation...Ch. 3 - Prob. 3QCh. 3 - Prob. 4QCh. 3 - Explain the essential differences between revenues...Ch. 3 - Prob. 6QCh. 3 - How do Budgetary Fund Balance and Fund Balances...Ch. 3 - Prob. 8QCh. 3 - Prob. 9QCh. 3 - Prob. 10Q
Ch. 3 - The city manager of University City is finalizing...Ch. 3 - Prob. 16.1EPCh. 3 - Prob. 16.2EPCh. 3 - Which of the following accounts neither increases...Ch. 3 - Prob. 16.4EPCh. 3 - Which of the following statements is true for...Ch. 3 - An internal allocation of funds on a periodic...Ch. 3 - Prob. 16.7EPCh. 3 - Prob. 16.8EPCh. 3 - Before placing a purchase order, a department...Ch. 3 - Prob. 16.10EPCh. 3 - Which of the following is correct concerning the...Ch. 3 - Prob. 16.12EPCh. 3 - Prob. 16.13EPCh. 3 - Prob. 16.14EPCh. 3 - Supplies ordered by the Public Works function of...Ch. 3 - Prob. 17EPCh. 3 - Prob. 18EPCh. 3 - Prob. 19EPCh. 3 - The following information is provided about the...Ch. 3 - On February 15, the Town of Evergreen police...Ch. 3 - The Town of Willingdon adopted the following...Ch. 3 - During July, the first month of the fiscal year,...Ch. 3 - The Town of Bedford Falls approved a General Fund...Ch. 3 - The printout of the Revenues and Appropriations...Ch. 3 - Review the computer-generated budgetary comparison...Ch. 3 - Prob. 27EPCh. 3 - Greenville has provided the following information...
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