The City of Williamsport maintains its books in order to prepare fund accounting statements and prepares worksheet adjustments in order to prepare government-wide financial statements.
General fixed assets, as of the beginning of the year, which had not been recorded, were as follows:
Land | $45,500,000 |
Buildings | 540,000,000 |
Improvements other than buildings | 107,500,000 |
Equipment | 175,000,000 |
Accumulated depreciation: capital assets | 175,300,000 |
During the year, expenditures for capital outlays amounted to $12,350,000. Of that amount, $8,100,000 was for buildings; $1,500,000 was for improvements other than buildings; and the remainder was for land.
The capital outlay expenditures outlined in (B) were completed at the end of the year (no depreciation until next year). For purposes of financial-statement presentation, all capital assets are depreciated using the straight-line method, with no estimated salvage value. Estimated lives are as follows: buildings, 50 years; improvements other than buildings, 20 years; and equipment, 10 years.
Equipment with a cost of $70,000 and accumulated depreciation at the time of sale of $17,000 was sold for $45,000.
In the governmental funds statement of revenues, expenditures, and changes in fund balances, the city reported proceeds from the sale of land in the amount of $600,000. The land originally cost $535,000.
The City of Williamsport maintains its books in order to prepare fund accounting statements and prepares...
CHAPTER 8- PROBLEMS: 1. The City of San Juan maintains its books so as to prepare fund accounting statements and prepares worksheet adjustments in order to prepare government-wide financial statements. Required: You are to prepare, in journal form, worksheet adjustments for each of the following situations. A. General fixed assets, as of the beginning of the year, which had not been recorded, were as follows: Land $ 60,000,000 542,000,000 245,000,000 85,000,000 248,400,000 Buildings Improvements other than buildings Equipment Accumulated depreciation,...
The City of Milltown maintains its books so as to prepare fund accounting statements and records worksheet adjustments in order to prepare government-wide statements. You are to prepare, in journal form, worksheet adjustments for each of the following situations. General fixed assets as of the beginning of the year, which had not been recorded, were as follows: Land $ 7,820,000 Buildings 32,355,000 Improvements Other Than Buildings 14,690,000 Equipment 11,554,000 Accumulated Depreciation, Capital Assets 24,300,000 During...
12/31 and the bona premum is a 5. The City of Thomasville maintains its books so as to prepare fund accounting statements and prepares worksheet adjustments in order to prepare government wide financial statements. Required: You are to prepare, in journal form, worksheet adjustments for each of the following situations. A. General fixed assets, as of the beginning of the year, which had not been recorded, were as follows: Land Buildings Improvements other than buildings Equipment Accumulated depreciation, capital assets...
Required: Part A. What is the worksheet entry required to adjust beginning (or Position in the 12/31/2017 government-wide financial statements for long term debt? Part B. What are the worksheet entries to adjust for current year activity in long- debt for the year ended 12/31/2017? Assume interest for the year is due on 12/31 and the bond premium is amortized on the straight line basis. 5. The City of Thomasville maintains its books so as to prepare fund accounting statements...
Check my workCheck My Work button is now enabled10 Item 2 Item 2 10 points Item Skipped The City of Grinders Switch maintains its books in a manner that facilitates the preparation of fund accounting statements and uses worksheet adjustments to prepare government-wide statements. General fixed assets as of the beginning of the year, which had not been recorded, were as follows: Land $ 7,700,000 Buildings 33,398,400 Improvements Other Than Buildings 14,839,400 Equipment 11,569,000 Accumulated Depreciation, Capital Assets 25,333,000 During...
The City of South Pittsburgh maintains its books so as to prepare fund accounting statements and records worksheet adjustments in order to prepare government-wide statements. Deferred inflows of resources-property taxes of $57,500 at the end of the previous fiscal year were recognized as property tax revenue in the current year’s Statement of Revenues, Expenditures, and Changes in Fund Balance. The City levied property taxes for the current fiscal year in the amount of $12,105,400. When making the entries, it was...
The City of Southern Pines maintains its books so as to prepare fund accounting statements and records worksheet adjustments in order to prepare government-wide statements. As such, the City's internal service fund, a motor pool fund, is included in the proprietary funds statements. 1. Balance sheet asset accounts include: Cash. $92.000; Investments, $135,400; Due from the General Fund, $16,300; Inventories. $353,000; and Capital Assets (net). $1,042,700. Liability accounts include: Accounts Payable, $54,500; Long-Term Advance from Enterprise Fund. $654.000. 2. The...
The City of Southern Pines maintains its books so as to prepare fund accounting statements and records worksheet adjustments in order to prepare government-wide statements. As such, the City’s internal service fund, a motor pool fund, is included in the proprietary funds statements. Balance sheet asset accounts include: Cash, $92,000; Investments, $135,400; Due from the General Fund, $16,300; Inventories, $353,000; and Capital Assets (net), $1,042,700. Liability accounts include: Accounts Payable, $54,500; Long-Term Advance from Enterprise Fund, $654,000. The only transaction...
P10-4 Webb Corporation prepares financial statements in accordance with IFRS. Selected accounts included in the property, plant, and equipment section of the company's statement of financial position at December 31, 2016, had the following balances: Land $ 300,000 Land Improvements 140,000 Buildings 1,100,000 Equipment 960,000 During 2017, the following transactions occurred: 1.A tract of land was acquired for $150,000 as a potential future building site. 2.A plant facility consisting of land and a building was acquired from Knorman Corp. for...
The following information is extracted from the City of Lucas’ government-wide statement of net position at December 31, 2019: Capital assets $2,000,000 Accumulated depreciation, capital assets $1,600,000 Annual depreciation rate on capital assets 10% Bonds payable -0- The following information is extracted from the city's governmental funds statement of revenues, expenditures, and changes in fund balances for the year ended December 31, 2020. Expenditures—capital outlay (General Fund) $40,000 Expenditures—capital outlay (Capital Projects Fund) ...