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 17.4EP
To determine
Identify the correct answer by solving the amount of net transfers.
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The City of Wolfe issues its financial statements for Year 4 (assume that the city uses a calendar year). The city's general fund is
composed of two functions: (1) education and (2) parks. The city also utilizes capital projects funds for ongoing construction and an
enterprise fund to account for an art museum. The city also has one discretely presented component unit.
The government-wide financial statements indicate the following Year 4 totals.
Education had net expenses of $636,000.
Parks had net expenses of $150,000.
Art museum had net revenues of $64,500.
General revenues were $873,500. The overall increase in net position for the city was $152,000.
The fund financial statements for Year 4 indicate the following:
The general fund had an increase of $43,250 in its fund balance.
The capital projects fund had an increase of $51,750 in its fund balance.
The enterprise fund had an increase of $79,250 in its net position balance.
Officials for the City of Wolfe define "available" as…
The City of Wolfe issues its financial statements for Year 4 (assume that the city uses a calendar year). The city's general fund is
composed of two functions: (1) education and (2) parks. The city also utilizes capital projects funds for ongoing construction and an
enterprise fund to account for an art museum. The city also has one discretely presented component unit.
The government-wide financial statements indicate the following Year 4 totals.
Education had net expenses of $792,000.
Parks had net expenses of $125,000.
Art museum had net revenues of $52,750.
General revenues were $1,108,250. The overall increase in net position for the city was $244,000.
The fund financial statements for Year 4 indicate the following:
The general fund had an increase of $32,750 in its fund balance.
The capital projects fund had an increase of $61,750 in its fund balance.
The enterprise fund had an increase of $61,250 in its net position balance.
Officials for the City of Wolfe define "available" as…
The City of Wolfe issues its financial statements for Year 4 (assume that the city uses a calendar year). The city's general fund is
composed of two functions: (1) education and (2) parks. The city also utilizes capital projects funds for ongoing construction and an
enterprise fund to account for an art museum. The city also has one discretely presented component unit.
The government-wide financial statements indicate the following Year 4 totals.
Education had net expenses of $792,000.
Parks had net expenses of $125,000.
Art museum had net revenues of $52,750.
General revenues were $1,108,250. The overall increase in net position for the city was $244,000.
The fund financial statements for Year 4 indicate the following:
The general fund had an increase of $32,750 in its fund balance.
The capital projects fund had an increase of $61,750 in its fund balance.
The enterprise fund had an increase of $120,000 in its net position balance.
Officials for the City of Wolfe define "available" as…
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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- The City of Wolfe issues its financial statements for Year 4 (assume that the city uses a calendar year). The city’s general fund is composed of two functions: (1) education and (2) parks. The city also utilizes capital projects funds for ongoing construction and an enterprise fund to account for an art museum. The city also has one discretely presented component unit. The government-wide financial statements indicate the following Year 4 totals. Education had net expenses of $698,000. Parks had net expenses of $113,000. Art museum had net revenues of $59,250. General revenues were $977,750. The overall increase in net position for the city was $226,000. The fund financial statements for Year 4 indicate the following: The general fund had an increase of $47,750 in its fund balance. The capital projects fund had an increase of $45,500 in its fund balance. The enterprise fund had an increase of $90,000 in its net position balance. Officials for the City of…arrow_forwardThe City of Wolfe issues its financial statements for Year 4 (assume that the city uses a calendar year). The city's general fund is composed of two functions: (1) education and (2) parks. The city also utilizes capital projects funds for ongoing construction and an enterprise fund to account for an art museum. The city also has one discretely presented component unit. The government-wide financial statements indicate the following Year 4 totals. Education had net expenses of $792,000. Parks had net expenses of $125,000. Art museum had net revenues of $52,750. General revenues were $1,108,250. The overall increase in net position for the city was $244,000. The fund financial statements for Year 4 indicate the following: The general fund had an increase of $32,750 in its fund balance. The capital projects fund had an increase of $61,750 in its fund balance. The enterprise fund had an increase of $61,250 in its net position balance. Officials for the City of Wolfe define "available" as…arrow_forwardAssociated with its governmental funds, the City of Hogsmeade has (1) beginning long-term debt of $100, (2) current year debt issuances (borrowing) of $20, and (3) current year debt retirement (repayment) of $10. Show the three journal entries to convert the governmental funds to government-wide governmental activities.arrow_forward
- The City of Wolfe issues its financial statements for Year 4 (assume that the city uses a calendar year). The city’s general fund is composed of two functions: (1) education and (2) parks. The city also utilizes capital projects funds for ongoing construction and an enterprise fund to account for an art museum. The city also has one discretely presented component unit. The government-wide financial statements indicate the following Year 4 totals. Education had net expenses of $622,000. Parks had net expenses of $105,000. Art museum had net revenues of $54,750. General revenues were $881,250. The overall increase in net position for the city was $209,000. The fund financial statements for Year 4 indicate the following: The general fund had an increase of $51,750 in its fund balance. The capital projects fund had an increase of $60,250 in its fund balance. The enterprise fund had an increase of $62,500 in its net position balance. Officials for the City of…arrow_forwardThe City of Wolfe issues its financial statements for Year 4 (assume that the city uses a calendar year). The city's general fund is composed of two functions: (1) education and (2) parks. The city also utilizes capital projects funds for ongoing construction and an enterprise fund to account for an art museum. The city also has one discretely presented component unit. The government-wide financial statements indicate the following Year 4 totals. Education had net expenses of $668,000. Parks had net expenses of $147,000. Art museum had net revenues of $59,500. General revenues were $972,500. The overall increase in net position for the city was $217,000. The fund financial statements for Year 4 indicate the following: The general fund had an increase of $32,500 in its fund balance. The capital projects fund had an increase of $62,250 in its fund balance. The enterprise fund had an increase of $63,250 in its net position balance. Officials for the City of Wolfe define "available" as…arrow_forwardDuring the fiscal year ended 6/30/18, the Harriscity engaged in the following transactions. REQUIRED: Assume that the city maintains its books and records in a manner that facilitates the preparation of its governmental fund financial statements. Prepare all necessary journal entries that the city should make for each transaction. Clearly indicate in which fund the entry is being made. If no entry is required, write “No entry required.” a)In July 2017, the city issued $30 million in 6% general obligation term bonds to finance construction of a new building to house city offices. The bonds were issued at a premium of $300,000. b)In September 2017, the city transferred $1.5 million from the general fund to cover the $0.9 million principal and $0.6 million interest payments due that month on debt issued in previous years. c)In September 2017, the city paid the principal and interest due from (b). d)In June 2018, the city transferred $3 million from the general fund to cover the $1.8…arrow_forward
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- The City of Wolfe has issued its financial statements for Year 4 (assume that the city uses a calendar year). The city’s general fund is made up of two functions: (1) education and (2) parks. The city also utilizes capital projects funds for ongoing construction and an enterprise fund to account for an art museum. It also has one discretely presented component unit.The government-wide financial statements indicated the following Year 4 totals:Education had net expenses of $710,000.Parks had net expenses of $130,000.Art museum had net revenues of $80,000.General revenues were $900,000; the overall increase in net position was $140,000.The fund financial statements issued for Year 4 indicated the following:The general fund had an increase of $30,000 in its fund balance.The capital projects fund had an increase of $40,000 in its fund balance.The enterprise fund had an increase of $60,000 in its net position.Officials for Wolfe define “available” as current financial resources to be paid…arrow_forwardThe City of Wolfe has issued its financial statements for Year 4 (assume that the city uses a calendar year). The city’s general fund is made up of two functions: (1) education and (2) parks. The city also utilizes capital projects funds for ongoing construction and an enterprise fund to account for an art museum. It also has one discretely presented component unit.The government-wide financial statements indicated the following Year 4 totals:Education had net expenses of $710,000.Parks had net expenses of $130,000.Art museum had net revenues of $80,000.General revenues were $900,000; the overall increase in net position was $140,000.The fund financial statements issued for Year 4 indicated the following:The general fund had an increase of $30,000 in its fund balance.The capital projects fund had an increase of $40,000 in its fund balance.The enterprise fund had an increase of $60,000 in its net position.Officials for Wolfe define “available” as current financial resources to be paid…arrow_forwardThe following transactions relate to the general fund of the city of Lost Angels for the year ending December 31, 2020. Prepare a statement of revenues, expenditures, and other changes in fund balance for the general fund for the period to be included in the fund financial statements. Assume that the fund balance at the beginning of the year was $180,000. Assume also that the city applies the purchases method to supplies. Receipt within 60 days serves as the definition of available resources. Collects property tax revenue of $700,000. A remaining assessment of $100,000 will be collected in the subsequent period. Half of that amount should be received within 30 days, and the remainder approximately five months after the end of the year. Spends $200,000 on three new police cars with 10-year lives. The anticipated price was $207,000 when the cars were ordered. The city calculates all depreciation using the straight-line method with no expected residual value. The city applies the…arrow_forward
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