Solution: proprietary funds
Explanation: In governmental accounting the proprietary fund is a business-like fund of a local or state government. The net change in fund balance would be decreased by pension contributions payable and due on the operating statement of proprietary funds
The net change in fund balance or net position amount is reduced by pension contributions due...
1) A state or local government’s change in fiduciary net position a) Must be reconciled with the change in net position of governmental activities in the government-wide statement of activities. b) Must be reconciled with the change in net position in the government-wide statement of net position. c) Must be reconciled with the change in net position of business-type activities in the government-wide statement of activities. d) Cannot be reconciled with the government-wide statements. 2) Fiduciary fund financial statements report...
8. The City of Madison, a general purpose government, reported fund balances in the amount of $19,700,000 in the governmental funds balance sheet dated December 31, 2017. In addition, the following information is relevant: A. General government capital assets amounted to $28,000,000. Accumulated depreciation of those capital assets amounted to $13,000,000. Enterprise fund capital assets amounted to $ 17,000,000 with accumulated depreciation of $ 8,400,000. B. Internal service fund's net assets amounted to $2,500,000. These were reported in the proprietary...
When governmental entities provide defined benefit pension plans to governmental employees, a pension trust fund is used by the governmental entity that is acting as a trustee on behalf of current and future retirees to manage the funds at the "plan" level. The pension trust fund reports liabilities on its Statement of Fiduciary Net Position that primarily are related to pension benefits currently due to retired employees. The statement does not report a long-term liability for an unfunded portion, if...
When governmental entities provide defined benefit pension plans to governmental employees, a pension trust fund is used by the governmental entity that is acting as a trustee on behalf of current and future retirees to manage the funds at the "plan" level. The pension trust fund reports liabilities on its Statement of Fiduciary Net Position that primarily are related to pension benefits currently due to retired employees. The statement does not report a long-term liability for an unfunded portion, if...
Reporting reconciliation between fund and government-wide financial statements Sai-Tu Village reported outstanding long-term bonds payable of $6,000,000 in the governmental activities column of its government-wide statement of net position for the year ended December 31, 2019. During 2020, Sai-Tu Village sold $500,000 of new general obligation bonds and repaid $300,000 of bonds outstanding at the beginning of the year. Based on this information, determine the reconciliation amounts reported in the two funds’ financial statements to the two government-wide financial statements....
The City of Madison, a general purpose government, reported fund balances in the amount of $24,300,000 in the governmental funds balance sheet dated December 31, 2018. In addition, the following information is relevant: A. General government fixed assets amounted to $37,000,000. Accumulated depreciation of those fixed assets amounted to $18,000,000. B. General long-term liabilities of the government amounted to $ 6,000,000. C. Property taxes, which should be recognized as receivables in the government-wide statements, amounted to $3,000,000. Property taxes recognized...
The following is information for a county (in millions): Total governmental fund balances $ 138 Bonds payable-governmental funds 690 Accrued pension liabilities-governmental funds 130 Capital assets-governmental funds 790 Accrued other liabilities-governmental funds 128 Other long-term assets-governmental funds 48 The net position of governmental activities is (in millions)
The following is information for a county (in millions): Total governmental fund balances $ 138 Bonds payable-governmental funds 690 Accrued pension liabilities-governmental funds 130 Capital assets-governmental funds 790 Accrued other liabilities-governmental funds 128 Other long-term assets-governmental funds 48 The net position of governmental activities is (in millions) $ 28 $ 248 $1,568 $ 172
QE 8-7 Statement of Net Position The following information is available for the preparation of the government.wide financial statements for the City of Southern Springs as of April 30, 2017: Cash and cash equivalents, governmental activities Cash and cash equivalents, business-type activities Receivables, governmental activities Receivables, business-type activities Inventories, business-type activities Capital assets, net, governmental activities Capital assets, net, business-type activities Accounts payable, governmental activities Accounts payable, business-type activities General obligation bonds, governmental activities Revenue bonds, business-type activities Long-term liability...
1.) Hannah Township has a General Fund, two Capital Projects Funds, one Permanent Fund, two Enterprise Funds, two Internal Service Funds, three Pension Trust Funds, and one Private-Purpose Trust Fund. Assuming all governmental and enterprise funds meet the major fund criteria, how many columns will the proprietary fund statement of net position have? Select one: a. Two (2). b. Three (3). c. Four (4). d. Five (5). 2.) In the proprietary fund statements, a government should include a separate column...