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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Textbook Question
Chapter 8, Problem 17.7EP
The city has installed sidewalks using special assessment debt. Special assessments paid over the next 10 years will be used to retire the debt. If property owners fail to pay the assessments, the city is under no obligation to pay the assessments. Debt service related to the special assessment debt used to install the sidewalks should be recorded in what fund type?
- a. Private-purpose trust fund.
- b. Debt service fund.
- c. Custodial fund.
- d. Capital projects fund.
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List the Appropriate Fund
List the appropriate fund(s) that will be affected for each of the following transactions for Sienna City. Journal entries are not required.
Bonds were issued to finance the construction of a new bridge.
Sienna received a grant from the state to assist in financing the construction of a new bridge.
Funds were set aside to pay of the principal and interest due on this year’s bonds.
Land was received from a donor to be used as a park. It was stipulated by the donor that the land cannot be sold.
Proceeds were collected from the sale of lottery tickets. By ordinance, these funds must be used for education and the school system.
Construction on the new bridge was completed. The total cost was under budget and the excess funds were set aside to pay…
List the appropriate fund(s) that will be affected for each of the following transactions for Sienna City. Journal entries are not required.
Bonds were issued to finance the construction of a new bridge.
Sienna received a grant from the state to assist in financing the construction of a new bridge.
Funds were set aside to pay of the principal and interest due on this year’s bonds.
Land was received from a donor to be used as a park. It was stipulated by the donor that the land can not be sold.
Proceeds were collected from the sale of lottery tickets. By ordinance, these funds must be used for education and the school system.
Construction on the new bridge was completed. The total cost was under budget and the excess funds were set aside to pay off the bonds.
A printing press was set up to service all of Sienna’s printing needs.
Sienna operates a bus transportation system and charges passengers a fee. At the end of each month, the net proceeds are remitted to Sienna’s main account…
Using the information below, what amount should be accounted for in a special revenue fund or funds? Warehouse equipment used to store supplies for delivery to all city departments and agencies on a cost-reimbursement basis $ 300,000 Equipment used for supplying electric power to residents $ 1,750,000 Receivables for completed sidewalks to be paid for in installments by affected property owners. Construction was financed by special assessment bonds for which the town has no liability $ 1,500,000 Cash received from federal government, dedicated to highway maintenance, that must be accounted for in a separate fund $ 1,800,000 Multiple Choice A. $1,800,000. B. $2,100,000. C. $5,350,000. D. $3,300,000.
Chapter 8 Solutions
Accounting For Governmental & Nonprofit Entities
Ch. 8 - What are the criteria for determining if a...Ch. 8 - Prob. 2QCh. 8 - Identify the different types of trust funds and...Ch. 8 - Describe the basic activities conducted by a tax...Ch. 8 - Explain how the financial reporting of fiduciary...Ch. 8 - Prob. 6QCh. 8 - How are external investment pool activities...Ch. 8 - What is a private-purpose trust fund? There are...Ch. 8 - Prob. 9QCh. 8 - Prob. 10Q
Ch. 8 - What is OPEB and how is OPEB reported by...Ch. 8 - Prob. 12CCh. 8 - Prob. 13CCh. 8 - Prob. 14CCh. 8 - Prob. 15CCh. 8 - Prob. 17.1EPCh. 8 - Which of the following is not a fiduciary fund? a....Ch. 8 - Prob. 17.3EPCh. 8 - Fiduciary fund activities are not included in the...Ch. 8 - Prob. 17.5EPCh. 8 - Prob. 17.6EPCh. 8 - The city has installed sidewalks using special...Ch. 8 - Prob. 17.8EPCh. 8 - Fiduciary funds a. Are accounted for using the...Ch. 8 - Prob. 17.10EPCh. 8 - Prob. 17.11EPCh. 8 - An investment trust fund would report in the...Ch. 8 - Prob. 17.13EPCh. 8 - Which pension fund financial statement or schedule...Ch. 8 - Prob. 17.15EPCh. 8 - Prob. 18.1EPCh. 8 - Prob. 18.2EPCh. 8 - The county collects taxes on behalf of the county,...Ch. 8 - Prob. 18.4EPCh. 8 - Prob. 18.5EPCh. 8 - At the date of the creation of the investment...Ch. 8 - The city council of the City of Great Falls...Ch. 8 - The city council of the City of Great Falls...Ch. 8 - Prob. 18.9EPCh. 8 - Prob. 18.10EPCh. 8 - Tax Custodial Fund. (LO8-2) The county collector...Ch. 8 - Special Assessment Debt. (LO8-2) Residents of...Ch. 8 - Identification of Fiduciary Funds. (LO8-2, LO8-3,...Ch. 8 - Investment Trust Fund. (LO8-3) The Albertville...Ch. 8 - Pass-through Custodial Funds. (LO8-2) Evergreen...Ch. 8 - Fiduciary Financial Statements. (LO8-4) Ray County...Ch. 8 - Fiduciary Fund Financial Statements. (LO8-4)...Ch. 8 - Prob. 26EPCh. 8 - Prob. 27EP
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