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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Question
Chapter 9, Problem 21EP
To determine
Prepare the reconciliation of the governmental fund balances to the net position of the governmental activities.
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Students have asked these similar questions
Which of the financial statements described below is prepared by the general fund of a state or local government?
Group of answer choices
a.) A statement of revenues, expenses, and changes in retained earnings.
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b.) An income statement.
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c.) A statement of revenues, expenditures, and changes in fund balance.
In a county's ACFR, the basic financial statements are
Select one:
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O
O
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a. the government-wide and fund statements plus notes to the financial statements.
b. the government-wide and fund statements.
c. the government-wide and fund statements plus MD&A.
d. the government-wide statements.
The following information has been provided for the City of Elizabeth for its fiscal year ended June 30. The information provided
relates to financial information reported on the city's statement of net position and its total governmental funds balance.
Deferred inflows of resources due to unavailability of resources to
pay current expenditures
Capital assets
Accumulated depreciation on capital assets
Accrued interest on bonds and long-term notes payable
Bonds and long-term notes payable
Unamortized premium on bonds payable
Compensated absences
Total governmental fund balances
Total net position of governmental activities
Required
5364,608
641,600
356,000
2,908
177,608
2,400
16,708
162,808
612,600
Prepare reconciliation of the governmental fund balances to the net position of governmental activities. (Decreases should be
indicated with a minus sign.)
CITY OF ELIZABETH
Reconciliation of the Balance Sheet-Governmental Funds to the Statement of Net Position
Total fund balances…
Chapter 9 Solutions
Accounting For Governmental & Nonprofit Entities
Ch. 9 - Prob. 1QCh. 9 - Prob. 2QCh. 9 - Prob. 3QCh. 9 - What is a component unit?Ch. 9 - Explain the difference between a blended and a...Ch. 9 - Prob. 6QCh. 9 - Prob. 7QCh. 9 - Prob. 8QCh. 9 - Give examples of items (transactions) that would...Ch. 9 - Prob. 10Q
Ch. 9 - Prob. 11QCh. 9 - Prob. 12CCh. 9 - The MDA for the 2016 City and County of Denver...Ch. 9 - Prob. 14CCh. 9 - Prob. 17.1EPCh. 9 - Prob. 17.2EPCh. 9 - Prob. 17.3EPCh. 9 - Interim government financial reports a. Are not...Ch. 9 - The comprehensive annual financial report (CAFR)...Ch. 9 - Prob. 17.6EPCh. 9 - The city council of Lake Jefferson wants to...Ch. 9 - Prob. 17.8EPCh. 9 - Prob. 17.9EPCh. 9 - Prob. 17.10EPCh. 9 - A positive unassigned fund balance can be found in...Ch. 9 - A city established a special revenue fund for gas...Ch. 9 - The county commission passed into law through an...Ch. 9 - Prob. 17.14EPCh. 9 - Prob. 17.15EPCh. 9 - Prob. 18EPCh. 9 - Prob. 19EPCh. 9 - The City of Lynnwood was recently incorporated and...Ch. 9 - Prob. 21EPCh. 9 - Prob. 22EPCh. 9 - Prob. 23EPCh. 9 - Prob. 24EPCh. 9 - You have recently started working as the...Ch. 9 - Prob. 26EPCh. 9 - Prob. 27EP
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Similar questions
- The following information has been provided by the City of Edward for its most recent December 31 fiscal year-end. The information provided relates to financial information needed to reconcile the net change in governmental fund balances to the change in net position of governmental activities. Principal payment on long-term debt Net change in total governmental fund balances Change in net position of governmental activities Capital outlay reported as expenditures Depreciation expense $ 333,791 1,062,777 638,576 111,000 Accrued expenses that do not require use of current financial resources Revenues that do not provide current financial resources 49,059 5,650 34,119 Required Prepare reconciliation of the net change in governmental fund balances to the change in net position of governmental activities for the City of Edward. (Decreases should be indicated with a minus sign.) CITY OF EDWARD Reconciliation of the Statement of Revenues, Expenditures, and Changes in Fund…arrow_forwardReconciliations required to yield government-wide financial statements from fund financial statements and preparation of financial statementsThe City of Jackson Hole is preparing its government-wide financial statements for the year. Its accountant must prepare a number of journal entries to recognize assets and liabilities previously omitted from the fund financial statements and to recognize revenues and expenses for the year under accrual accounting that were not recognized under the current financial resources measurement focus and the modified accrual basis of accounting used to prepare the Statement of Revenues, Expenditures, and Changes in Fund Balances for its funds. a. Prepare the journal entries for the required reconciliations to recognize the following in the government-wide financial statements (all amounts in $1,000s): 1. Recognize Capital Assets of $973,320 as of the beginning of the year.2. Record Depreciation Expense of $49,416 for the year and reverse Expenditures of…arrow_forwardForest City has recently implemented GAAP reporting and is attempting to determine which of the following special revenue funds should be classified as “major funds” and, therefore, be reported in separate columns on the balance sheet and statement of revenues, expenditures, and changes in fund balances for the governmental funds. As the city’s external auditor, you have been asked to provide a rationale for either including or excluding each of the following funds as a major fund. Determine which of the following funds should be reported as a major fund.arrow_forward
- Which of the following items are included in the governmental activities column of the government- wide financial statements through worksheet journal entries? A) General Capital Assets. B) General Long-Term Debt. C) Internal Service Funds servicing governmental departments. D) All of the choices are correct.arrow_forwardThe basic financial statements of a state or local government include all of the following except: a. A MD&A. b. Government-wide financial statements. c. Fund financial statements. d. Notes to the financial statements.arrow_forwardThe following information has been provided by the City of Edward for its most recent December 31 fiscal year-end. The information provided relates to financial information needed to reconcile the net change in governmental fund balances to the change in net position of governmental activities. Net change in total governmental fund balances Change in net position of governmental activities Capital outlay reported as expenditures Principal payment on long-term debt Depreciation expense Accrued expenses that do not require use of current financial resources Revenues that do not provide current financial resources $ 322,791 1,025, 377 Net change in fund balances-governmental funds Amounts reported for governmental activities in the statement of activities are different because: Governmental funds report capital outlays as expenditures. However, in the statement of activities, the cost of those assets is allocated over their estimated useful lives as depreciation expense. Some revenues…arrow_forward
- The following information has been provided by the City of Edward for its most recent December 31 fiscal year-end. The information provided relates to financial information needed to reconcile the net change in governmental fund balances to the change in net position of governmental activities. Net change in total governmental fund balances Change in net position of governmental activities Capital outlay reported as expenditures Principal payment on long-term debt Depreciation expense Accrued expenses that do not require use of current financial resources Revenues that do not provide current financial resources $ 322,791 1,025,377 627,576 100,000 43,559 4,550 23,119 Required Prepare reconciliation of the net change in governmental fund balances to the change in net position of governmental activities for the City of Edward. (Decreases should be indicated with a minus sign.) Answer is complete but not entirely correct. CITY OF EDWARD Reconciliation of the Statement of Revenues,…arrow_forwardThe billings for transportation services provided to other governmental units are recorded by the internal service fund asa. other financing sources.b. intergovernmental transfers.c. transportation appropriations.d. operating revenues.arrow_forwardWhich Statement is presented using the accrual basis of accounting? Multiple Choice A. Governmental Fund Balance Sheet B. Government-Wide Statement of Activities C. Statement of Revenues, Expenditure and changes in Fund Balances D. Both A and B choices are true.arrow_forward
- Classify and journalize the different transactions in the corresponding fundThe City maintains its books and records in a manner that facilitates the preparation of the financial statements of the fund. The city maintains a general fund, a capital projects fund, and a special revenues fund.After studying the transactions in which the city participated, record each of these based on:a) the fund financial statement and identifies the fund into which the entry is made, andb) in governmental activities (goverment-wide financial statements) 1. The city sold bonds, face value $26 million, at par to finance the construction of a new city hall.2. The city purchased two new police cars at a total cost of $50,000.3. The city collected $8,000 in taxes for the eradication of noxious weeds.4. The city spent $6,000 on pesticides for noxious weeds.5. The city purchased a new tractor for $80,000. The city paid $20,000 in cash and signed a promissory note that is due in three years. Identify Fund…arrow_forwardIdentification of activities with particular governmental-type funds Using only the governmental-type funds, indicate which would be used to record each of the following transactions and events. GF   General Fund SRF  Special Revenue Fund DSF  Debt Service Fund CPF  Capital Projects Fund PF Permanent Fund 1. Property taxes were received directly by the fund used to accumulate resources to pay bond principal and interest. 2.  The city received its share of a state sales tax that is legally required to be used solely to finance library operations. 3. The city sent property tax bills to homeowners to help pay for day-to-day operating costs. 4. The city paid for five fire engines, using resources accumulated in a fund to pay for capital assets. 5. The city received a grant from the state to build an addition to the city hall. 6. The city received the proceeds of general obligation bonds to finance the construction of a new police station. 7. The mayor was paid his monthly…arrow_forwardWhich of the following accounts of a governmental unit is debited when a purchase order is approved?a. Appropriationsb. Vouchers Payablec. Fund Balance—Assigned or Committedd. Encumbrancesarrow_forward
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