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 9, Problem 25EP
You have recently started working as the controller for a small county. The county is preparing its financial statements for the comprehensive annual financial report and you have been given the following statement for review. You know that in addition to the General Fund the county has three other funds.
Required
After reviewing the statement, you realize it is not in the GASB format. To help your staff correct the statement, please make a list of the modifications or corrections that should be made to the statement so it can be presented in the proper format.
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Students have asked these similar questions
Government officials of Hampstead County ordered a computer near the end of the current fiscal year for $6,400 for the police department. It did not arrive prior to the end of the year. At its final meeting of the year, the city council (the highest decision-making authority for the government) agreed to pay for the computer when it arrived in the subsequent year. In producing a set of government-wide financial statements and a set of fund financial statements for the current year, how will this purchase order be reported?
A city orders a new computer for its police department that is recorded within its general fund. The computer has an
anticipated cost of $89,600. Its actual cost when received is $91,880. Payment is subsequently made.
a. Prepare all required journal entries for both fund and government-wide financial statements. (Select the appropriate
fund for each situation when required. If no entry is required for a transaction/event, select "No journal entry
required" in the first account field.)
Transaction
Fund/Activity
General Journal
Debit
1. Purchase and payment made for computers in the government wide financial statements.
1
Record the receipt of computers and the accompanying liability.
Record payment made.
2. Purchase and payment made for computers in the general fund.
2
Record the order placed for purchase of computer.
Credit
Record entry to remove encumbrance for computers that has now
been received.
Record the receipt of computers and the accompanying liability.
Record payment made.
A city orders a new computer for its police department that is recorded within its general fund. The computer has an anticipated cost of $89,600. Its actual cost when received is $91,880. Payment is subsequently made.
a. Prepare all required journal entries for both fund and government-wide financial statements. (Select the appropriate fund for each situation when required. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
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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