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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Question
Chapter 5, Problem 2C
a)
To determine
Prepare
b)
To determine
Calculate the amount of tax revenues that should be reported by City DM during the fiscal year
ended June 30, 20X6.
c)
To determine
Calculate the deferred revenues that City DM should report at June 30, 20X6 and identify the manner in which the deferred revenues should be reported in the General Fund balance sheet.
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The preclosing trial balance of the General Fund for the City of KAYI shows the following balances at the end of its
fiscal year. Estimated revenues - property taxes 850,00 ), Estimated revenues - licenses and fees 70,000, Estimated
revenues - investment income 5,000, Appropriations - alaries 800,000, Appropriations- utilities 50,000,
Appropriations - equipment 85,000. Revenues- Property taxes $850,000, Revenue- Licenses and fees 70,000, Revenue-
Investment income 2,000. Expenditures- Salaries 795,01 10, Expenditures-Utilities 49,000, Expenditures- Equipment
82,000. Cash 65,000, Property taxes receivable 10,000. Joucher payable $29,000. Fund balance beginning $50,000.
Fund balance at the end of the period
a. $50,000
O b. 560,000
O c. $40,000
O d. $46,000
City ‘A’ issued OMR 2,750,000, 1.5 percent serial bonds, paying interest on January 1 and July 1. The bonds were sold on June 1 for 102. The city is required to use all accrued interest and premiums to service the debt. Any additional resources needed to service the debt are to come from the General Fund. The city’s year-end is December 31.
Required: Prepare in general journal form the budgetary entry the debt service fund would make to account for this serial bond issue.
Greenville has provided the following Information from its General Fund Revenues and Appropriations/Expenditure/Encumbrances
subsidiary ledgers for the fiscal year ended. Assume the beginning fund balances are $149 (in thousands) and that the budget was not
amended during the year.
City of Greenville
General Fund
Subsidiary Ledger Account Balances (in thousands)
Estimated Revenue
Taxes
For the Fiscal Year
Fines & Forfeits
Intergovernmental Revenue
Charges for Services
Revenues
Debits
6,048
303
497
370
Credits
Taxes
Fines & Forfeits
Intergovernmental Revenue
Charges for Services
Appropriations
Public Safety
General Government
6,080
308
497
368
1,636
3,375
Public Works
Culture & Recreation
Interfund Transfers Out
Expenditures
General Government
1,465
724
Estimated Other Financing Uses
48.
1,622
Public Safety
3,360
Public Works
1,443
Culture & Recreation
715
Encumbrances
General Government
12
I
Public Safety
13
Public Works
21
232
Culture & Recreation
0
Other Financing Uses
Interfund…
Chapter 5 Solutions
Governmental and Nonprofit Accounting (11th Edition)
Ch. 5 - Prob. 1QCh. 5 - Prob. 2QCh. 5 - The term deferred revenues seems out of place in...Ch. 5 - Governments often collect cash or must record...Ch. 5 - Modified accrual basis revenue recognition is...Ch. 5 - (a) Should estimated uncollectible amounts of...Ch. 5 - (a) What are expenditure-driven intergovernmental...Ch. 5 - Prob. 8QCh. 5 - Prob. 9QCh. 5 - During the course of your audit of a city, you...
Ch. 5 - Prob. 11QCh. 5 - Prob. 1.1ECh. 5 - Prob. 1.2ECh. 5 - Prob. 1.3ECh. 5 - Prob. 1.4ECh. 5 - What would the answer be to number 4 if the city...Ch. 5 - A county received 3,000,000 from the state. Of...Ch. 5 - A Special Revenue Fund expenditure of 40,000 was...Ch. 5 - A state received an unrestricted gift of 80,000 of...Ch. 5 - Prob. 1.9ECh. 5 - Prob. 1.10ECh. 5 - Prob. 2.1ECh. 5 - Prob. 2.2ECh. 5 - Prob. 2.3ECh. 5 - Prob. 2.4ECh. 5 - Prob. 2.5ECh. 5 - Prob. 2.6ECh. 5 - Prob. 2.7ECh. 5 - Prob. 2.8ECh. 5 - Prob. 2.9ECh. 5 - Prob. 2.10ECh. 5 - Prob. 3ECh. 5 - Prob. 4ECh. 5 - a. Prepare the general journal entries to record...Ch. 5 - Prob. 6ECh. 5 - Prepare general journal entries to record the...Ch. 5 - Prob. 8ECh. 5 - The City and County of PreVatte received a state...Ch. 5 - Make all required General Fund journal entries for...Ch. 5 - The city of Asher had the following transactions,...Ch. 5 - 1. The following are the estimated revenues for a...Ch. 5 - Prob. 3PCh. 5 - Prob. 4PCh. 5 - Prob. 5PCh. 5 - Prob. 6PCh. 5 - Prob. 1CCh. 5 - Prob. 2C
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