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 4, Problem 1P
(Interfund Transactions and Errors) (a) Prepare general
- 1. $100,000 of General Fund cash was contributed to establish a new Internal Service Fund.
- 2. A truck—acquired 2 years ago with General Fund revenues for $19,000—with a fair value of $10,000 was contributed to a department financed by an Enterprise Fund. (Record the contribution of the asset to the Enterprise Fund—not the purchase.)
- 3. The Sanitation Department, accounted for in the General Fund, billed the Municipal Airport, accounted for in an Enterprise Fund, $800 for garbage collection.
- 4. General Fund cash of $50,000—to be repaid in 90 days—was provided to enable construction to begin on a new courthouse before a bond issue was sold.
- 5. A $9,000,000 bond issue to finance construction of a major addition to the civic center was sold at par. The civic center is accounted for as part of general government activities.
- 6. General Fund disbursements during May included a contribution of $35,000 to a Capital Projects Fund to help finance a major capital project.
- 7. After retirement of the related debt, the balance of the net assets (all cash) of a Debt Service Fund, $8,500, was transferred to the General Fund.
- 8. General Fund cash of $70,000 was loaned to an Enterprise Fund from resources that have been assigned to a specific future purpose. The loan is to be repaid in three years.
- 9. An accounting error made during the preceding accounting period caused the General Fund cash balance at the beginning of the current year to be understated by $6,500.
- 10. Another accounting error was discovered. Expenditures of $4,000, properly chargeable to a Capital Projects Fund, were inadvertently charged to a Special Revenue Fund during the current year.
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Chapter 4 Solutions
Governmental and Nonprofit Accounting (11th Edition)
Ch. 4 - Prob. 1QCh. 4 - What characteristics of expenditures distinguish...Ch. 4 - How does the purchase of a capital asset affect...Ch. 4 - Prob. 4QCh. 4 - Explain what is meant by General Ledger control...Ch. 4 - List and explain the five fund balance reporting...Ch. 4 - Prob. 7QCh. 4 - Prob. 8QCh. 4 - Prob. 9QCh. 4 - Prob. 11Q
Ch. 4 - Prob. 12QCh. 4 - Define the following interfund transaction terms...Ch. 4 - What are the most likely circumstances to cause...Ch. 4 - Explain the purpose, nature, and effect of the...Ch. 4 - Which of the following is a characteristic of a...Ch. 4 - Prob. 1.2ECh. 4 - Assume that Nathan County has levied its...Ch. 4 - Refer to the previous question. What amount of tax...Ch. 4 - Assume the following transactions that affected...Ch. 4 - Prob. 1.6ECh. 4 - The GAAP-based statements that are required to be...Ch. 4 - A city levies property taxes of 500,000 for its...Ch. 4 - At year end a school district purchases...Ch. 4 - A state borrowed 10,000,000 on a 9-month, 9% note...Ch. 4 - Charges for services rendered by a countys General...Ch. 4 - Prob. 2.5ECh. 4 - In the Statement of Revenues, Expenditures, and...Ch. 4 - The minimum expenditure classifications required...Ch. 4 - Which fund balance category is affected by having...Ch. 4 - Prob. 3.2ECh. 4 - Prob. 3.3ECh. 4 - The GAAP fund balance classifications are...Ch. 4 - The fund balance category that can have either a...Ch. 4 - The fund balance category used to reflect a...Ch. 4 - The fund balance category that must be zero if...Ch. 4 - Enabling legislation requiring that resources be...Ch. 4 - Prob. 4.3ECh. 4 - Prob. 4.4ECh. 4 - Prob. 4.5ECh. 4 - Prob. 5ECh. 4 - (Expenditure Accounting Entries) Record the...Ch. 4 - (Statement of Revenues, Expenditures, and Changes...Ch. 4 - (Fund Balance Classification) Your firm is...Ch. 4 - (Interfund Transactions and Errors) (a) Prepare...Ch. 4 - (General FundTypical Transactions) Prepare all...Ch. 4 - Prob. 3PCh. 4 - Prob. 4PCh. 4 - (GL and SL Entries) Prepare in proper form the...Ch. 4 - (Debt-Related Transactions) Prepare the general...Ch. 4 - (Closing Entries and Financial Statements) The...Ch. 4 - (Statement of Revenues, Expenditures, and Changes...Ch. 4 - Statement of Revenues, Expenditures, and Changes...Ch. 4 - Fund Balance Reporting (Fund Balance Reporting)...Ch. 4 - Prob. 1CCh. 4 - (Financial Statement PreparationCity of Savannah,...
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