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Presented below is the preclosing trial balance for the Scholarship Fund, a private-purpose trust fund of...
7–C. Part 1. Private Purpose Trust Fund Transactions The City of Monroe Scholarship Foundation private-purpose trust...
7–C. Part 1. Private Purpose Trust Fund Transactions The City of Monroe Scholarship Foundation private-purpose trust fund had the following account balances on January 1, 2017: Debits Credits Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 50,500 Accrued Interest Receivable . . . . . . . . . . . ....
Baird County maintains an investment trust fund for the School District and the Town of Bairdville...
Baird County maintains an investment trust fund for the School District and the Town of Bairdville (separate governments). Presented below is the preclosing trial balance for the investment trust fund. Trial Balance—December 31, 2017 Debits Credits Accrued Interest Receivable $ 22,000 Cash 36,600 Deposits—School District $ 439,200 Deposits—Town of Bairdville 320,400 Decrease in Fair Value of Investments (bonds) 14,600 Interest Income 87,600 Investments—Corporate Bonds 1,504,000 Investments—U.S. Treasury Securities 1,460,000 Net Position held in trust—School District (Jan. 1) 1,460,000 Net Position...
The City of St. John operates an investment trust fund for neighboring governments
The City of St. John operates an investment trust fund for neighboring governments, including St. John County and the independent school district. Assume the investment trust fund began the year 2020 with investments in US government securities totaling $1,200,000, no liabilities, and Restricted Net Position of $1,200,000.The county and school district deposited $3,200,000 in the investment pool.The investment trust fund invested $1,000,000 in corporate bonds and $2,200,000 in US government securities.Interest received by the investment trust fund totaled $50,000 for...
The City of St. John operates an investment trust fund for neighboring governments, including St. John...
The City of St. John operates an investment trust fund for neighboring governments, including St. John County and the independent school district. Assume the investment trust fund began the year 2020 with investments in US government securities totaling $1,300,000, no liabilities, and Restricted Net Position of $1,300,000. The county and school district deposited $3,300,000 in the investment pool. The investment trust fund invested $1,300,000 in corporate bonds and $2,000,000 in US government securities. Interest received by the investment trust fund...
(Journal entries and financial statements for an Investment Trust Fund) Pinnacle County operates an Investment Trust...
(Journal entries and financial statements for an Investment Trust Fund) Pinnacle County operates an Investment Trust Fund for cities located in the county. The following en- tries are associated with the fund during 2019. Prepare (a) journal entries to record these transactions, (b) a statement of changes in fiduciary net position for the fund for the year ending December 31, 2019 (assume that the Investment Trust Fund began this year), and (c) a statement of fiduciary net position for the...
PREPARE FINANCIAL STATEMENTS ONLY - DO NOT SHOW THE JOURNAL ENTRIES... The city of Mothell has...
PREPARE FINANCIAL STATEMENTS ONLY - DO NOT SHOW THE JOURNAL ENTRIES... The city of Mothell has a Private Purpose Trust Fund that it is used to account for resources donated to provide the payment of tuition and fees necessary for the college education of the children of police or fire personnel who are disabled or killed. The fund is used to collect and invest deposits made by contributors for the purpose of financing tuition on behalf of particular children in...
The Village of Seaside Pines prepared the following enterprise fund Trial Balance as of December 31,...
The Village of Seaside Pines prepared the following enterprise
fund Trial Balance as of December 31, 2020, the last day of its
fiscal year. The enterprise fund was established this year through
a transfer from the General Fund.
Debits
Credits
Accounts payable
$
119,000
Accounts receivable
$
32,900
Accrued interest payable
36,100
Accumulated depreciation
54,500
Administrative and selling expenses
56,500
Allowance for uncollectible accounts
14,100
Capital assets
736,000
Cash
100,100
Charges for sales and services
583,000
Cost of sales and...
1.) A government establishes an Investment Trust Fund. During the year, it receives $500,000 from other...
1.) A government establishes an Investment Trust Fund. During the year, it receives $500,000 from other separate legal entities to invest. The Investment Trust Fund should report this activity in the statement of changes in net assets as Select one: a. Revenues b. Other financing sources c. Additions d. Should not be reported 2.) A government receives a bequest of $300,000 to establish an endowment fund whose income is to be used to support scholarships for local high school students....
The December 31, 2021, adjusted trial balance for the Blueboy Cheese Corporation is presented below. Credits...
The December 31, 2021, adjusted trial balance for the Blueboy Cheese Corporation is presented below. Credits Debits 68,500 250,000 5,000 35,000 450,000 Account Title Cash Accounts receivable Prepaid rent Inventory office equipment Accumulated depreciation Accounts payable Notes payable (due in six months) Salaries payable Interest payable Common stock Retained earnings Sales revenue Cost of goods sold Salaries expense Rent expense Depreciation expense Interest expense. Advertising expense Totals 190,000 40,000 15,000 6,000 500 400,000 70,000 600,eee 360,000 90,000 15,000 45,000 1,000...
he Village of Seaside Pines prepared the following enterprise fund Trial Balance as of December 31,...
he Village of Seaside Pines prepared the following enterprise fund Trial Balance as of December 31, 2017, the last day of its fiscal year. The enterprise fund was established this year through a transfer from the General Fund. Debits Credits Accounts payable $ 104,000 Accounts receivable $ 26,100 Accrued interest payable 29,200 Accumulated depreciation 47,000 Administrative and selling expenses 49,000 Allowance for uncollectible accounts 12,500 Capital assets 709,000 Cash 90,500 Charges for sales and services 555,000 Cost of sales and...
(Journal entries and financial statements for an Investment Trust Fund) Pinnacle County operates an Investment Trust Fund for cities located in the county. The following en- tries are associated with the fund during 2019. Prepare (a) journal entries to record these transactions, (b) a statement of changes in fiduciary net position for the fund for the year ending December 31, 2019 (assume that the Investment Trust Fund began this year), and (c) a statement of fiduciary net position for the...
PREPARE FINANCIAL STATEMENTS ONLY - DO NOT SHOW THE JOURNAL ENTRIES... The city of Mothell has a Private Purpose Trust Fund that it is used to account for resources donated to provide the payment of tuition and fees necessary for the college education of the children of police or fire personnel who are disabled or killed. The fund is used to collect and invest deposits made by contributors for the purpose of financing tuition on behalf of particular children in...
The Village of Seaside Pines prepared the following enterprise
fund Trial Balance as of December 31, 2020, the last day of its
fiscal year. The enterprise fund was established this year through
a transfer from the General Fund.
Debits
Credits
Accounts payable
$
119,000
Accounts receivable
$
32,900
Accrued interest payable
36,100
Accumulated depreciation
54,500
Administrative and selling expenses
56,500
Allowance for uncollectible accounts
14,100
Capital assets
736,000
Cash
100,100
Charges for sales and services
583,000
Cost of sales and...
The December 31, 2021, adjusted trial balance for the Blueboy Cheese Corporation is presented below. Credits Debits 68,500 250,000 5,000 35,000 450,000 Account Title Cash Accounts receivable Prepaid rent Inventory office equipment Accumulated depreciation Accounts payable Notes payable (due in six months) Salaries payable Interest payable Common stock Retained earnings Sales revenue Cost of goods sold Salaries expense Rent expense Depreciation expense Interest expense. Advertising expense Totals 190,000 40,000 15,000 6,000 500 400,000 70,000 600,eee 360,000 90,000 15,000 45,000 1,000...
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