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 9, Problem 24EP
To determine
Prepare the reconciliation of the net change in governmental fund balances to the change in net position of the governmental activities.
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The City of Jonesboro engaged in the following transactions during the fiscal year ended September 30, 2018. Record the following transactions related to interfund transfers. Be sure to indicate in which fund the entry is being made.
a. The city transferred $400,000 from the general fund to a debt service fund to make the interest payments due during the fiscal year. The payments due during the fiscal year were paid. The city also transferred $200,000 from the general fund to a debt service fund to advance-fund the $200,000 interest payment due October 15, 2019.
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A County had the following transactions. The county's fiscal year end is December 31. Analyze the effects of each transaction on the accounting equations of each fund or nonfund accounts affected by the transaction.
1. County issued $10 million of general obligation, 10%, 10-year bonds at 105 on October 1, 20X8. Bond interest is payable semiannually on March 31 and September 30. The bonds were issued to finance construction of a new county office building.
2. The county board of supervisors voted to use the premium on the bonds to pay principal and interest charges on the debt when it matures. Resources were transferred to the appropriate fund.
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Following is the information concerning operating activity for Annette County. For the year ended June 30, the net change in total
governmental fund balances was $(289,200), and the change in net position of governmental activities was $(376,600). During the
year, Annette issued $2,000,000 in general obligation bonds at a premium of 101. The bonds are to be used for a construction project.
The county acquired $2,750,000 in capital assets and sold capital assets with a book value of $563,000 for $570,900. At the
beginning of the period, accrued liabilities were $470,000 and at the end of the period, they totaled $494,000. Depreciation on capital
assets totaled $595,000. Revenue accrued for the period but not available for use totaled $364,600.
Required
Prepare a reconciliation of the change in governmental fund balance to the change in net position of governmental activities.
(Decreases should be indicated with a minus sign.)
ANNETTE COUNTY
Reconciliation of the Statement of Revenues,…
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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