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.
Required:
Prepare the journal form, worksheet adjustments for each of the above situations (If no entry is required for a transaction/event, select “No Journal Entry Required” in the first account field).
The City of South Pittsburgh maintains its books so as to prepare fund accounting statements and...
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...
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...
9. The City of Henderson reported a change in fund balances of $2,20 governmental funds Statement of Revenues, Expenditures ted a change in fund balances of $2,267,000 in its Balances for the year ended December 31, 2017. In a of Revenues, Expenditures, and Changes in Fund information is relevant: the year ended December 31, 2017. In addition, the following A. Capital outlay expenditures amounted to $8,755,000 statement. General government capital assets amoun enditures amounted to $8,755,000 in the modified accrual...
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...
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...
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,...
$614,400 $614,400 Assigned fund balance consists of outstanding encumbrances. Required Prepare the budget entry that was made at January 1,2020. b. Calculate the balance in fund balance-unassigned on December 31, 2019. Prepare the required closing entries at year-end d. Prepare the general fund statement of revenues, expenditures, and changes in fund balances for 2020. Prepare the general fund balance sheet at December 31, 2020. C. e P10.12 General Fund-Entries and Financial Statements Below are the July 1, 2019 balances for...
1. On June 1, 2020, a school district levies the property taxes for its fiscal year that will end on June 30, 2021. The total amount of the levy is $1,000,000, and 1% is expected to be uncollectible. On levy, $250,000 is collected in June 2020 and another $500,000 is collected in July and August 2010 What is the maximum amount of property tax revenue associated with the June 1, 2020, levy that the school district might report as revenue...
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...
Journal entries for General Fund financial transactions for Croton City Prepare journal entries, as appropriate, to record these transactions. (We suggest you post the journal entries to general ledger T-accounts.) Note: The Croton City continuing problem is introduced in Chapter 3 on page 3-32. You should review the scenario in Chapter 3 before preparing the journal entries for the General Fund in this chapter. 1. Of the $800 in property taxes receivable at January 1, $780 was collected in cash....