Computation of a village’s operating margin
The following information is extracted from a village’s governmental funds statement of revenues, expenditures, and changes in fund balances (amounts in thousands). Compute the village’s operating margin (a) for the General Fund and (b) for the General, Debt Service, and Library Funds aggregated. (Hint: The transfers out are routine transfers to the other two funds, so the entire net change in fund balance is the numerator in calculating the General Fund’s operating margin. Because the transfers in are from the aggregated funds, they should be ignored in calculating the denominator for the aggregated funds operating margin.)
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Computation of a village’s operating margin The following information is extracted from a village’s governmental funds...
Chapter 2 The Use of Funds in Governmental Accounting LO 2 MC2-15. Under the modified accrual...
Chapter 2 The Use of Funds in Governmental Accounting LO 2 MC2-15. Under the modified accrual basis of counting for a government property tax revenues show be recognized in the accounting period in which they G are levied b are collected in cash c are levied, subject to a provision for collectible receivables d/ are levied and become measurable wil available LO 3 MC3-16. A city-owned electric utility, which serves primarily the city's residents, sends a bill to the city...
The following data comes from the 2020 financial statements of the Village of Matthews. Although presented...
The following data comes from the 2020 financial statements of the Village of Matthews. Although presented in summarized format, the balance sheet debits and credits are equal and the operating statement information is complete. General Fund - Balance Sheet Elements Cash $1,200,000 Short-term Investments 405,000 Property taxes receivable - delinquent 282,000 Due from other funds 58,000 Accounts payable and other accrued liabilities 920,000 Assigned fund balance 90,000 Unassigned fund balance 935,000 General Fund - Operating Statement Elements Revenues, including property...
Which of the following statements regarding debt service funds is true? Question 66 options: A) A...
Which of the following statements regarding debt service funds is true? Question 66 options: A) A debt service fund is used only for debt service activities related to general long-term liabilities. B) GASB standards require a separate debt service fund to be established for each issuance of tax-supported or special assessment debt. C) Annual budgets must be prepared for debt service funds and reported in the statement of revenues, expenditures, and changes in fund balances-budget and actual. D) Given the...
Following is the information concerning operating activity for Annette County. For the year ended June 30, 2017, the ne...
Following is the information concerning operating activity for Annette County. For the year ended June 30, 2017, the net change in total governmental fund balances was $(290,800), and the change in net position of governmental activities was S(403,800). During the year, Annette issued $2,160,000 in general obligation bonds at a premium of 101. The bonds are to be used for a construction project. The county acquired $2,910,000 in capital assets and sold capital assets with a book value of $571,000...
Following is the information concerning operating activity for Annette County. For the year ended June 30,...
Following is the information concerning operating activity for Annette County. For the year ended June 30, 2017, the net change in total governmental fund balances was $(290,700), and the change in net position of governmental activities was $(423,600). During the year, Annette issued $2,150,000 in general obligation bonds at a premium of 102. The bonds are to be used for a construction project. The county acquired $2,900,000 in capital assets and sold capital assets with a book value of $570,500...
9. The City of Henderson reported a change in fund balances of $2,20 governmental funds Statement...
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...
Following is the information concerning operating activity for Annette County. For the year ended June 30,...
Following is the information concerning operating activity for Annette County. For the year ended June 30, the net change in total governmental fund balances was $(290 200), and the change in net position of governmental activities was $(393,600). During the year, Annette issued $2,100,000 in general obligation bonds at a premium of 101. The bonds are to be used for a construction project. The county acquired $2,850,000 in capital assets and sold capital assets with a book value of $568,000...
Greenville has provided the following information from its General Fund Revenues and Appropriations/Expenditure/Encumbrances subsidiary ledgers for...
Greenville has provided the following information from its General Fund Revenues and Appropriations/Expenditure/Encumbrances subsidiary ledgers for the fiscal year ended. Assume the beginning fund balances are $156 (in thousands) and that the budget was not amended during the year. City of Greenville General Fund Subsidiary Ledger Account Balances (in thousands) For the Fiscal Year Debits Credits Estimated Revenue Taxes 6,048 Fines & Forfeits 303 Intergovernmental Revenue 504 Charges for Services 370 Revenues Taxes 6,056 Fines & Forfeits 308 Intergovernmental Revenue...
Greenville has provided the following information from its General Fund Revenues and Appropriations/Expenditure/Encumbrances subsidiary ledgers for...
Greenville has provided the following information from its
General Fund Revenues and Appropriations/Expenditure/Encumbrances
subsidiary ledgers for the fiscal year ended. Assume the beginning
fund balances are $167 (in thousands) and that the budget was not
amended during the year.
Required
Prepare a General Fund statement of revenues, expenditures, and
changes in fund balance.
Prepare a General Fund schedule of revenues, expenditures, and
changes in fund balance—budget and actual (assume the budget is
prepared on a GAAP basis).
514 308 367...
W e LUL Chapter 5 respect to Debt Service Funds, which of the following is not...
W e LUL Chapter 5 respect to Debt Service Funds, which of the following is not con A) Typically, resources are provided through transfers from the General of the funds B) Encumbrances are recorded to reflect principal payments that are expected to come due within the current accounting period. C) There are two types of debt service expenditures: interest and principal D) In most cases, interest and principal payments are not recorded until payment is due cases, inpes of debt...
Chapter 2 The Use of Funds in Governmental Accounting LO 2 MC2-15. Under the modified accrual basis of counting for a government property tax revenues show be recognized in the accounting period in which they G are levied b are collected in cash c are levied, subject to a provision for collectible receivables d/ are levied and become measurable wil available LO 3 MC3-16. A city-owned electric utility, which serves primarily the city's residents, sends a bill to the city...
Following is the information concerning operating activity for Annette County. For the year ended June 30, 2017, the net change in total governmental fund balances was $(290,800), and the change in net position of governmental activities was S(403,800). During the year, Annette issued $2,160,000 in general obligation bonds at a premium of 101. The bonds are to be used for a construction project. The county acquired $2,910,000 in capital assets and sold capital assets with a book value of $571,000...
Following is the information concerning operating activity for Annette County. For the year ended June 30, 2017, the net change in total governmental fund balances was $(290,700), and the change in net position of governmental activities was $(423,600). During the year, Annette issued $2,150,000 in general obligation bonds at a premium of 102. The bonds are to be used for a construction project. The county acquired $2,900,000 in capital assets and sold capital assets with a book value of $570,500...
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...
Following is the information concerning operating activity for Annette County. For the year ended June 30, the net change in total governmental fund balances was $(290 200), and the change in net position of governmental activities was $(393,600). During the year, Annette issued $2,100,000 in general obligation bonds at a premium of 101. The bonds are to be used for a construction project. The county acquired $2,850,000 in capital assets and sold capital assets with a book value of $568,000...
Greenville has provided the following information from its
General Fund Revenues and Appropriations/Expenditure/Encumbrances
subsidiary ledgers for the fiscal year ended. Assume the beginning
fund balances are $167 (in thousands) and that the budget was not
amended during the year.
Required
Prepare a General Fund statement of revenues, expenditures, and
changes in fund balance.
Prepare a General Fund schedule of revenues, expenditures, and
changes in fund balance—budget and actual (assume the budget is
prepared on a GAAP basis).
514 308 367...
W e LUL Chapter 5 respect to Debt Service Funds, which of the following is not con A) Typically, resources are provided through transfers from the General of the funds B) Encumbrances are recorded to reflect principal payments that are expected to come due within the current accounting period. C) There are two types of debt service expenditures: interest and principal D) In most cases, interest and principal payments are not recorded until payment is due cases, inpes of debt...
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