What types of other financing sources and uses does the governmental entity report in the general...
What types of other financing sources and uses does the governmental entity report in the general fund? What effect do these items have on the net change in fund balance for the year?
Homework Answers
The Government entity report in the general fund has "Issuance and refunding of bonds as other financing sources". Issue of bonds only change long term liabilities in the statement of net position while it does not have any impact on statement of activities.
Apart from that Government entity report, uses of other financing sources as proceeds from sale of capital assets, bond premium, issuance of refunding bonds, payment of bond refunding escrow etc.
Add Answer to:
What types of other financing sources and uses does the
governmental entity report in the general...
Which of the following is correct with respect to the governmental fund Statement of Revenues, Expenditures...
Which of the following is correct with respect to the governmental fund Statement of Revenues, Expenditures and Changes in Fund Balance? Multiple Choice Reconciliation of the change in net position to the balance sheet is recommended but not required. The statement is prepared using the current financial resources measurement focus and the accrual basis of accounting. Revenues are reported by source, and expenditures are reported by character such as current, debt service and capital outlay. Other financing sources are reported...
Statement preparation-General Fund Using the following data, prepare a statement of revenues, expenditures, and changes in...
Statement preparation-General Fund Using the following data, prepare a statement of revenues, expenditures, and changes in fund balance for the General Fund of Jasmin City for the year ended December 31, 2019. Miscellaneous revenues $ 180,000 Licenses and permits revenues 1,000,000 Education program expenditures 2,000,000 Public safety expenditures 4,000,000 Transfers to other funds 1,500,000 Property tax revenues 7,000,000 State and federal grants 2,000,000 Parks program expenditures 750,000 Highways program expenditures 900,000 Transfers from other funds 700,000 Fund balance at beginning...
Fund Types The transactions of the authority are accounted for in the following governmental fund types:...
Fund Types The transactions of the authority are accounted for in the following governmental fund types: .General fund To account for all revenues and expenditures not required to be accounted for in other funds. Capital projects fund To account for and report financial resources that are restricted, committed, or assigned to expenditure for capital outlays. Such resources are derived principally from other municipal utility districts to which the Williamsburg Regional Sewage Treatment Authority provides certain services. 1. Recast the balance...
2-17 A city’s General Fund transfers resources to the Debt Service Fund. How should the transfer...
2-17 A city’s General Fund transfers resources to the Debt Service Fund. How should the transfer out of the General Fund and into the Debt Service Fund be reported in the governmental funds statement of revenues, expenditures and changes in fund balance? a. As expenditures of the General Fund and revenues of the Debt Service Fund b. As adjustments of the beginning of year fund balances of both funds c. They should not be reported because the transfers out and...
The following General Fund information is available for the preparation of the financial statements for the...
The following General Fund information is available for the preparation of the financial statements for the City year ended September 30, 2020: $27,300,000 13,433,000 1,442,000 1,840,000 2,485,000 771,000 Revenues: Property taxes Sales taxes Fees and fines Licenses and permits Intergovernmental Investment earnings Expenditures: Current: General government Public safety Public works Health and sanitation Culture and recreation Transfer to capital project fund Special item-proceeds from sale of land Fund balance, October 1, 2019 11,753,000 24,473,000 6,241,000 1,193,000 2,185,000 1,149,000 853,000 1,841,000...
What is wrong with my answer below? Presented below is the Governmental Funds Balance Sheet for...
What is wrong with my answer below?
Presented below is the Governmental Funds Balance Sheet for the Warrenton Library District, a special-purpose entity engaged in a single governmental activity. KARRENTON LIBRARY DISTRICT Governmental Funds Balance sheet As of December 31, 2017 General Fund Special Revenue Fund Total $ 126,699 6,150 $ 12,500 $ 138,500 6,150 96,500 7,700 29,209 96,589 7,709 248,859 228,659 $ $ Assets Cash and cash equivalents Inventories Receivables (net) Taxes receivable Due from general fund Total assets...
Please bold answer in explanation The Village of Hawksbill issued $5,200.000 in 5 percent general obligation,...
Please bold answer in explanation
The Village of Hawksbill issued $5,200.000 in 5 percent general obligation, tax-supported bonds on July 1, 2019. at 102. A fiscal agent is not used. Resources for principal and interest payments are to come from the General Fund. Interest payment dates are December 31 and June 30. The first of 20 annual principal payments is to be made June 30, 2020. Hawksbill has a calendar fiscal year. 1. A capital projects fund transferred the premium...
The general fund has the following budget: $600,000 in estimated revenues, $510,000 in appropriations, $50,000 in...
The general fund has the following budget: $600,000 in estimated revenues, $510,000 in appropriations, $50,000 in estimated other financing sources, and $75,000 in estimated other financing uses. If the general fund’s balance in fund balance–unassigned was $60,000 at the beginning of the year, before the budget entry, what is its balance after the budget entry? Please show work.
Find the 2017 Annual Report for the City of Maumee before you begin this assignment. Go...
Find the 2017 Annual Report for the City of Maumee before you begin this assignment. Go to www.maumee.org Click on the "City Departments" green button on the left side of the page. Select "Finance" from the list on the left and then “Annual Report” from the drop down box. Click on "2017 Annual Report" under the Current Reports Heading on the right. 1.The Balance Sheet--governmental funds shows a fund titled Fallen Timbers TIF". What kind of fund is this? Hint:...
When governmental entities provide defined benefit pension plans to governmental employees, a pension trust fund is...
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...
Statement preparation-General Fund Using the following data, prepare a statement of revenues, expenditures, and changes in fund balance for the General Fund of Jasmin City for the year ended December 31, 2019. Miscellaneous revenues $ 180,000 Licenses and permits revenues 1,000,000 Education program expenditures 2,000,000 Public safety expenditures 4,000,000 Transfers to other funds 1,500,000 Property tax revenues 7,000,000 State and federal grants 2,000,000 Parks program expenditures 750,000 Highways program expenditures 900,000 Transfers from other funds 700,000 Fund balance at beginning...
Fund Types The transactions of the authority are accounted for in the following governmental fund types: .General fund To account for all revenues and expenditures not required to be accounted for in other funds. Capital projects fund To account for and report financial resources that are restricted, committed, or assigned to expenditure for capital outlays. Such resources are derived principally from other municipal utility districts to which the Williamsburg Regional Sewage Treatment Authority provides certain services. 1. Recast the balance...
The following General Fund information is available for the preparation of the financial statements for the City year ended September 30, 2020: $27,300,000 13,433,000 1,442,000 1,840,000 2,485,000 771,000 Revenues: Property taxes Sales taxes Fees and fines Licenses and permits Intergovernmental Investment earnings Expenditures: Current: General government Public safety Public works Health and sanitation Culture and recreation Transfer to capital project fund Special item-proceeds from sale of land Fund balance, October 1, 2019 11,753,000 24,473,000 6,241,000 1,193,000 2,185,000 1,149,000 853,000 1,841,000...
What is wrong with my answer below?
Presented below is the Governmental Funds Balance Sheet for the Warrenton Library District, a special-purpose entity engaged in a single governmental activity. KARRENTON LIBRARY DISTRICT Governmental Funds Balance sheet As of December 31, 2017 General Fund Special Revenue Fund Total $ 126,699 6,150 $ 12,500 $ 138,500 6,150 96,500 7,700 29,209 96,589 7,709 248,859 228,659 $ $ Assets Cash and cash equivalents Inventories Receivables (net) Taxes receivable Due from general fund Total assets...
Please bold answer in explanation
The Village of Hawksbill issued $5,200.000 in 5 percent general obligation, tax-supported bonds on July 1, 2019. at 102. A fiscal agent is not used. Resources for principal and interest payments are to come from the General Fund. Interest payment dates are December 31 and June 30. The first of 20 annual principal payments is to be made June 30, 2020. Hawksbill has a calendar fiscal year. 1. A capital projects fund transferred the premium...
Most questions answered within 3 hours.
-
Discuss how Entrepreneurial leadership style differs
from traditional leadership?
asked 18 minutes ago -
A futuristic design for a car is to have a large solid
disk-shaped flywheel within the...
asked 16 minutes ago -
Solid NaOH is added to a solution of 0.50 M acetic acid until
the pH of...
asked 19 minutes ago -
Which of the following statements is not a characteristic of the
Internal Revenue Code?
A) The...
asked 27 minutes ago -
Say true or false and explain it.
A heap is represented using an array. The array...
asked 37 minutes ago -
Explain how the DNA replication enzyme complex is organized and
functions, please don't copy paste from...
asked 36 minutes ago -
how
can personality contribute to one scoring high on the need to
evaluate measurement by Jarvis?
asked 37 minutes ago -
A high jumper is attempting to jump over a crossbar that is
placed at a height...
asked 42 minutes ago -
1.
A hemophiliac male mates with a healthy female. what are the
possible genotypes for the...
asked 59 minutes ago -
You could argue that even though Rockefeller clearly had
enormous market power (90% of the market)...
asked 1 hour ago -
At the beginning of the year, Palermo Brothers, Inc., purchased
a new plastic water bottle making...
asked 1 hour ago -
Calculate the change in the Gibbs energy of the system for the
following processes: a) 6.0...
asked 1 hour ago