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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Chapter 7, Problem 17.10EP
To determine
Identify the correct answer by solving the amount of long-term liabilities.
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1. For the year 2020, the permanent fund requirement of DICE Co. has been estimated as P 70,000. The total fund requirements are given as follows:                            Current Assets.     Fixed AssetsFirst Quarter.                   20,000             60,000Second quarter.                27,500.             60,000Third quarter                   30,000.             60,000Fourth quarter                  19,000.             60,000  a). Compute for the seasonal fund requirements
1. For the year 2020, the permanent fund requirement of DICE Co. has been estimated as P 70,000. The total fund requirements are given as follows:                            Current Assets.     Fixed AssetsFirst Quarter.                   20,000             60,000Second quarter.                27,500.             60,000Third quarter                   30,000.             60,000Fourth quarter                  19,000.             60,000  a). Compute for the seasonal fund requirements  b) Compute for the following under aggressive and conservative strategies:         1. short-term funds        2. working capital excess
Chapter 7 Solutions
Accounting For Governmental & Nonprofit Entities
Ch. 7 - Prob. 1QCh. 7 - Explain the reporting requirements for internal...Ch. 7 - A member of the city commission insists that the...Ch. 7 - Prob. 4QCh. 7 - What is the purpose of the Restricted Assets...Ch. 7 - Prob. 6QCh. 7 - Prob. 7QCh. 7 - When do GASB standards require interfund...Ch. 7 - Prob. 9QCh. 7 - What is meant by segment information for...
Ch. 7 - Prob. 11QCh. 7 - Internal Service Fund Reporting. (LO7-2) Financial...Ch. 7 - Proprietary Fund Operating Statement. (LO7-1)...Ch. 7 - Enterprise Fund Golf Course Management. (LO7-1)...Ch. 7 - Prob. 17.1EPCh. 7 - Which of the following would most likely be...Ch. 7 - Under GASB standards, the City of Parkview is...Ch. 7 - Prob. 17.4EPCh. 7 - Which of the following events would generally be...Ch. 7 - Proprietary funds a. Are permitted to integrate...Ch. 7 - Prob. 17.7EPCh. 7 - Prob. 17.8EPCh. 7 - Prob. 17.9EPCh. 7 - Prob. 17.10EPCh. 7 - The City of Tutland issued 10 million, 6 percent,...Ch. 7 - The City of Tutland issued 10 million, 6 percent,...Ch. 7 - Prob. 18EPCh. 7 - Prob. 19EPCh. 7 - Central Garage Internal Service Fund. (LO7-2) The...Ch. 7 - Internal Service Fund Statement of Cash Flows....Ch. 7 - Tribute Aquatic Center Enterprise Fund. (LO7-5)...Ch. 7 - Net Position Classifications. (LO7-5) During the...Ch. 7 - Central Station Enterprise Fund. (LO7-5) The Town...Ch. 7 - Enterprise Fund Journal Entries and Financial...Ch. 7 - Net Position Classifications. (LO7-5) The Village...Ch. 7 - Enterprise Fund Statement of Cash Flows. (LO7-5)...Ch. 7 - AppendixSolid Waste Enterprise Fund. (LO7-6) Brown...
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- 12) The life insurance fund at the beginning of the year is OMR 2,300,000. During the year outstanding interest on investment is OMR 10,000, bonus in reduction of premium is OMR 8,000 and reinsurance claim recoverable is OMR 7,000. Find the closing balance of life insurance fund after making the adjustments.arrow_forward1. For the year 2020, the permanent fund requirement of DICE Co. has been estimated as P 70,000. The total fund requirements are given as follows:                            Current Assets.     Fixed AssetsFirst Quarter.                   20,000             60,000Second quarter.                27,500.             60,000Third quarter                   30,000.             60,000Fourth quarter                  19,000.             60,000  a). Compute for the seasonal fund requirements  b) Compute for the following under aggressive and conservative strategies:        1. Total fund requirements         2. long-term fund         3. short-term funds         4. working capital excessarrow_forwardThe file MutualFunds contains a data set with information for 45 mutual funds that are part of the Morningstar Funds 500. The data set includes the following five variables: Fund Type: The type of fund, labeled DE (Domestic Equity), IE (International Equity), and FI (Fixed Income) Net Asset Value (): The closing price per share Five-Year Average Return (%): The average annual return for the fund over the past five years Expense Ratio (%): The percentage of assets deducted each fiscal year for fund expenses Morningstar Rank: The risk adjusted star rating for each fund; Morningstar ranks go from a low of 1 Star to a high of 5 Stars. a. Prepare a PivotTable that gives the frequency count of the data by Fund Type (rows) and the five-year average annual return (columns). Use classes of 09.99, 1019.99, 2029.99, 3039.99, 4049.99, and 5059.99 for the Five-Year Average Return (%). b. What conclusions can you draw about the fund type and the average return over the past five years?arrow_forward
- 4. The Village of Seaside Pines prepared the following enterprise fund Trial Balance as of December 31, 2020, the last day of its fiscal year. The enterprise fund was established this year through a transfer from the General Fund. Accounts payable Accounts receivable Accrued interest payable Accumulated depreciation Administrative and selling expenses Allowance for uncollectible accounts Capital assets Cash Charges for sales and services Cost of sales and services Depreciation expense Due from General Fund Interest expense Interest revenue Transfer in from General Fund Bank note payable Supplies inventory Totals Debits $32,000 47,000 712,000 89,000 479,000 45,000 17,000 40,000 18,000 $1,479,000 Credits $ 96,000 28,000 45,000 12,000 550,000 4,000 119,000 625,000 $1,479,000 Required: a. Prepare the closing entries for December 31. b. Prepare the Statement of Revenues, Expenses, and Changes in Fund Net Position for the year ended December 31. c. Prepare the Net Position section of the…arrow_forwardABC Co. has some assets of $50,000 and total assets of $150,000. ABC has some liabilities of $30,000 and total liabilities of $80,000. What is the amount of capital fund?Select one:a. $30,000b. $20,000c. $120,000d. $70,000arrow_forwardA municipality's general fund shows the total fund assets RO 15,000 and total fund liabilities RO 12,000. Which one of the following is the difference between the total of fund assets and liabilities? a. Owners fund equity RO 3,000 b. None of the options c. Accounting equity RO 3,000 d. General expenditure equity RO 3,000arrow_forward
- Prepare the journal entries for the following transactions to consolidate financial statements from fund-level statements to government-wide statements. 1...Compensated absences earned during the year was $225. 2....At the beginning of the year, long term liabilities was $2,200. 3....During the year, new long-term liabilities were incurred for $275.arrow_forwardThe preclosing, year-end trial balance for a capital projects fund of the city of Clark as of December 31, 2019, follows:                                            Debit      CreditCash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .75,000Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .2,00,000Contracts Payable—Retained Percentage. . . . . . . . . . .            60,000Revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .           16,600Other Financing Sources . . . . . . . . . . . . . . . . . . . . . . . . . .            900,000Expenditures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 686,600Other Financing Uses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,000Encumbrances . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .…arrow_forwardThe following transactions relate to Al-Zafra MunicipalityGeneral Fund for the year ended December 31, 2020: (All figures are in 000 AED) The balance sheet as at 31/12/2019 was as follows: Assets: Liabilities & Fund Balances: Cash      200000 Accounts payable 70000 License receivable 150000 Wages payable 10000 Supplies    5000  Fund Balance: Reserved   275000 Total Assets    355000 Total Liabilities & FB.    355000  1. The budget was passed. Estimated revenues amounted to 1,450,000 and appropriations totaled 1,680,000, and estimated other uses $300,000. 2. Contracts were issued for contracted services in the amount of 20,000. 3. Collected 1,250,000 cash including last year license receivables and issued a bill of 100,000 for new license revenues. 4. Collected 200,000 for fines revenues. 5. Issued a contract of 300,000 to complete security and residency services in the West zone. 6. Contracted services of 200,000 were performed and supplies of 280,000 have been purchased on…arrow_forward
- In year 1, a fund increases from $179mm to $186mm (gross asset value). The fund has a 3/15 structure with a hurdle rate of 8%. How much are the performance fees for this year, assuming they are charged after management fees are first deducted from the gross asset value? 4 $1.935mm There are no performance fees for this year $0.065mm $0.1217mmarrow_forwardDoes a credit balance in the fund balance account(s) at the end of the year necessarily mean the fund has sufficient cash to pay its liabilities in a timely manner? Explain.arrow_forwardUnder the extended fund facility, credits are drawn over a maximum period of _____ years, and are repayable over a maximum of _______ years.   Three, Ten   Three, Eight   Two, Ten  Two, Fivearrow_forward
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