Homework Answers
64. Option B. When budgeted expenditures are enacted into law, they are referred to as Appropriations.
65. Option D. $1600000. The Amount of Expenditure related to cancer project is $1600000. This specific amount is received from alumni and is for restricted purposes. Thus the same is reported under temporary restricted column of its statement of activities for Year ended June 30 2017
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64. When budgeted expenditures are enacted into law, they are referred to as: A) expenditures. B)...
18. The term used to describe the application of accounting to expendable fund entities is the:...
18. The term used to describe the application of accounting to expendable fund entities is the: A) modified accrual method. B) accrual method. C) cash method. D) modified cash method. 19. It is proper to recognize revenues or expenditures resulting from which of the following classifications of interfund activity? A) Interfund services provided/used and interfund transfers B) Interfund loans and interfund transfers C) Interfund services provided/used and interfund reimbursements D) Interfund reimbursements and interfund loans 20. Which of the following...
excel file not actually provided 3-15. The City of Grafton's records reflected the following budget and...
excel file not actually provided
3-15. The City of Grafton's records reflected the following budget and actual data for the General Fund for the fiscal year ended June 30, 2017. 1. Estimated revenues: Taxes (Property) $3,213,000 Licenses and permits 790,000 Intergovernmental revenues 310,000 Miscellaneous revenues 200,000 2. Revenues: Taxes (Property) $3,216,000 Licenses and permits 792,000 Intergovernmental revenues 299,000 Miscellaneous revenues 195,000 3. Appropriations: General government $ 920,000 Public safety 2,090,000 Health and welfare 1,400,000 4. Expenditures: General government $ 880,000...
. me following transactions occurred during the fiscal year ended June 30, 20X3: Received a gift...
. me following transactions occurred during the fiscal year ended June 30, 20X3: Received a gift of $100,000 on July 7, 20X2, from an alumnus who stipulated that half the gift be restricted to purchase books for the university library and the remainder be used to establish an endowed scholarship fund. The alumnus further requested that the income generated by the scholarship fund be used annually to award a scholarship to a qualified disadvantaged student. On July 20, 20X2, the...
In a nonprofit, nongovernmental hospital, courtesy allowances are charity care services. revenue deductions. expenses. revenues earned...
In a nonprofit, nongovernmental hospital, courtesy allowances are charity care services. revenue deductions. expenses. revenues earned even if the standard charge is above or below the allowance. 3.75 points QUESTION 3 The key focus of government fund accounting concerns the current ability to provide and fund services and goods. capital expenditures. income measurement. intergovernmental transfers from the general fund. 3.75 points QUESTION 4 Voluntary health and welfare organizations are supported by, and provide voluntary services to, the public....
please explain this to me. I am thoroughly confused 3-15. The City of Grafton's records reflected...
please explain this to me. I am thoroughly confused
3-15. The City of Grafton's records reflected the following budget and actual data for the General Fund for the fiscal year ended June 30, 2017. 1. Estimated revenues: Taxes (Property) $3,213,000 Licenses and permits 790,000 Intergovernmental revenues 310,000 Miscellaneous revenues 200,000 2. Revenues: Taxes (Property) $3,216,000 Licenses and permits 792,000 Intergovernmental revenues 299,000 Miscellaneous revenues 195,000 3. Appropriations: General government $ 920,000 Public safety 2,090,000 Health and welfare 1,400,000 4. Expenditures:...
Roberta College is a not-for-profit entity. Record the following transactions for the fiscal year ended June...
Roberta College is a not-for-profit entity. Record the following transactions for the fiscal year ended June 30, 2017. That year... a.Tuition revenue for the fall semester 2016 (August - December) was $4 million; tuition for the Spring semester 2017 (January - May) was $3.8 million; tuition for the summer semester 2017 (June 1-August 15) was $2 million. All tuition was received in cash. b.Faculty salaries for the fall semester were $3 million; for the spring semester, $2.9 million; and for...
The Statement of Net Position of South State University, a governmentally owned university, as of the...
The Statement of Net Position of South State University, a
governmentally owned university, as of the end of its fiscal year
June 30, 2016, follows.
SOUTH STATE UNIVERSITY
Statement of Net Position
June 30, 2016
Assets
Cash
$
341,000
Accounts receivable (net of doubtful accounts of
$16,000)
395,000
Investments
267,000
Capital assets
$
1,869,000
Accumulated depreciation
294,000
1,575,000
Total assets
2,578,000
Liabilities
Accounts payable
111,000
Accrued liabilities
42,000
Unearned revenue
26,000
Bonds payable
624,000
Total liabilities
803,000
Net Position
Net...
Journal entries, financial statements, and closing entries for a Capital Projects Fund The following transactions occurred...
Journal entries, financial statements, and closing entries for a Capital Projects Fund The following transactions occurred during the fiscal year July 1, 2018 to June 30, 2019: 1. The City of Spainville approved the construction of a city hall complex for a total cost of $120,000,000. A few days later, a contract with a 5 percent retainage clause was signed with Paltrow Construction for the complex. The buildings will be financed by a federal expenditure driven grant of $25,000,000 and...
Laserwords Inc. is a book distributor that had been operating in its original facility since 1987....
Laserwords Inc. is a book distributor that had been operating in its original facility since 1987. The increase in certification programs and continuing education requirements in several professions has contributed to an annual growth rate of 15% for Laserwords since 2012. Laserwords' original facility became obsolete by early 2017 because of the increased sales volume and the fact that Laserwords now carries CDs in addition to books. On June 1, 2017, Laserwords contracted with Black Construction to have a new...
Use the following to answer the next six questions: During the fiscal year ended December 31,...
Use the following to answer the next six questions: During the fiscal year ended December 31, 2017. the City of Johnstown issued 6% genera obligation serial bonds in the amount of $2.000.000 at 102 ($2.040,000) and used $1,980,000 of the proceeds to construct a fire station. The $40,000 premium was transferred to a debt service fund. The $20.000 left in the capital projects fund at the end of the project was later transferred to the debt service fund. The bonds...
18. The term used to describe the application of accounting to expendable fund entities is the: A) modified accrual method. B) accrual method. C) cash method. D) modified cash method. 19. It is proper to recognize revenues or expenditures resulting from which of the following classifications of interfund activity? A) Interfund services provided/used and interfund transfers B) Interfund loans and interfund transfers C) Interfund services provided/used and interfund reimbursements D) Interfund reimbursements and interfund loans 20. Which of the following...
excel file not actually provided
3-15. The City of Grafton's records reflected the following budget and actual data for the General Fund for the fiscal year ended June 30, 2017. 1. Estimated revenues: Taxes (Property) $3,213,000 Licenses and permits 790,000 Intergovernmental revenues 310,000 Miscellaneous revenues 200,000 2. Revenues: Taxes (Property) $3,216,000 Licenses and permits 792,000 Intergovernmental revenues 299,000 Miscellaneous revenues 195,000 3. Appropriations: General government $ 920,000 Public safety 2,090,000 Health and welfare 1,400,000 4. Expenditures: General government $ 880,000...
. me following transactions occurred during the fiscal year ended June 30, 20X3: Received a gift of $100,000 on July 7, 20X2, from an alumnus who stipulated that half the gift be restricted to purchase books for the university library and the remainder be used to establish an endowed scholarship fund. The alumnus further requested that the income generated by the scholarship fund be used annually to award a scholarship to a qualified disadvantaged student. On July 20, 20X2, the...
please explain this to me. I am thoroughly confused
3-15. The City of Grafton's records reflected the following budget and actual data for the General Fund for the fiscal year ended June 30, 2017. 1. Estimated revenues: Taxes (Property) $3,213,000 Licenses and permits 790,000 Intergovernmental revenues 310,000 Miscellaneous revenues 200,000 2. Revenues: Taxes (Property) $3,216,000 Licenses and permits 792,000 Intergovernmental revenues 299,000 Miscellaneous revenues 195,000 3. Appropriations: General government $ 920,000 Public safety 2,090,000 Health and welfare 1,400,000 4. Expenditures:...
The Statement of Net Position of South State University, a
governmentally owned university, as of the end of its fiscal year
June 30, 2016, follows.
SOUTH STATE UNIVERSITY
Statement of Net Position
June 30, 2016
Assets
Cash
$
341,000
Accounts receivable (net of doubtful accounts of
$16,000)
395,000
Investments
267,000
Capital assets
$
1,869,000
Accumulated depreciation
294,000
1,575,000
Total assets
2,578,000
Liabilities
Accounts payable
111,000
Accrued liabilities
42,000
Unearned revenue
26,000
Bonds payable
624,000
Total liabilities
803,000
Net Position
Net...
Journal entries, financial statements, and closing entries for a Capital Projects Fund The following transactions occurred during the fiscal year July 1, 2018 to June 30, 2019: 1. The City of Spainville approved the construction of a city hall complex for a total cost of $120,000,000. A few days later, a contract with a 5 percent retainage clause was signed with Paltrow Construction for the complex. The buildings will be financed by a federal expenditure driven grant of $25,000,000 and...
Use the following to answer the next six questions: During the fiscal year ended December 31, 2017. the City of Johnstown issued 6% genera obligation serial bonds in the amount of $2.000.000 at 102 ($2.040,000) and used $1,980,000 of the proceeds to construct a fire station. The $40,000 premium was transferred to a debt service fund. The $20.000 left in the capital projects fund at the end of the project was later transferred to the debt service fund. The bonds...
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