Particular |
Total expenditure (General fund) |
Total expenditure (Enterprise fund) |
Salaries and personal costs | $100,000 | $100,000 |
Office rent and utilities | $24,000 | $24,000 |
Debt: Principal | $10,000 | |
Payment of interest | $2,200 | $2,200 |
Equipment purchased | $30,000 | |
Depreciation expense | $4,000 | |
Photocopier rental | $10,500 | $10,500 |
Total | $176,700 | $140,700 |
Question 1: 1. A department of a local government began operations at the beginning of the...
3. (Comparative computations of expenditures and expenses based on the same underlying transactions) A department of a local government began operations at the beginning of the current fiscal year with $250,000 cash. During the fiscal year, the department made cash disbursements for the following: Salaries and other personnel costs, $100,000 # Office rent and utilities, $24,000 # Retirement of debt principal, $10,000; payment of interest, $2,200 # Purchased equipment at the beginning of the fiscal year for $30,000; the equipment...
Jenson City has a June 30 fiscal year end. At the beginning of the year, the city had $75,000 of supplies in inventory. During the year, the city purchased $625,000 of supplies for use by activities accounted for in the General Fund. The city used $450,000 of those supplies during the year. The city had $250,000 of supplies in inventory at year end. What are the correct balances related to supplies expenditures and inventory at June 30 in the governmental...
In Fulbright County, the Culture and Recreation Department
constructed a library in one of the county’s high-growth areas. The
construction was funded by a number of sources. Below is selected
information related to the Library Capital Project Fund. All
activity related to the library construction occurred within the
current fiscal year. The county operates on a calendar-year
basis.
Required
Prepare a journal entry for capital projects fund and governmental
activities at the government-wide level. (If no entry is
required for...
In Fulbright County, the Culture and Recreation Department constructed a library in one of the county’s high-growth areas. The construction was funded by a number of sources. Below is selected information related to the Library Capital Project Fund. All activity related to the library construction occurred within the current fiscal year. The county operates on a calendar-year basis. Required Prepare a journal entry for capital projects fund and governmental activities at the government-wide level. (If no entry is required for...
I need help with this
Just journal entry for government funds
accounts used:
No Journal Entry Required
Accumulated Depreciation
Appropriations
Budgetary Fund Balance
Buildings
Capital Lease Obligations Payable
Cash
Construction Expenditures
Construction Work in Progress
Encumbrances
Encumbrances Outstanding
Estimated Revenues
Expenditures—General Government
Expenses—General Government
Expenses—Public Safety
Fund Balance—Assigned
Fund Balance—Unassigned
Gain on Sale of Machinery
Interfund Transfers Out
Land
Loss on Sale of Machinery
Machinery and Equipment
Other Financing Sources—Capital Lease Agreements
Other Financing Sources—Proceeds of Capital Asset Sale
Other...
Slatereville Township had the following transactions during the year ending December 31, Year 20: • Municipal Land The Township owns a municipal park that is maintained with annual appropriations from the general fund. The land had a historical cost of $150,000 when acquired at the beginning of Year 1 and has been recently appraised for $589,000. • Municipal Buildings The Township maintains a City Hall complex that includes land with a cost of $50,000 and a building with a cost...
The City of Troy collects its annual property taxes late in its fiscal year. Consequently, each year it must finance part of its operating budget using tax anticipation notes. The notes are repaid upon collection of property taxes. On April 1, the city estimated that it will require $2,500,000 to finance governmental activities for the remainder of the fiscal year. On that date, it had $770,000 of cash on hand and $830,000 of current liabilities. Collections for the remainder of...
The City of Troy collects its annual property taxes late in its fiscal year. Consequently, each year it must finance part of its operating budget using tax anticipation notes. The notes are repaid upon collection of property taxes. On April 1, the city estimated that it will require $2,500,000 to finance governmental activities for the remainder of the fiscal year. On that date, it had $770,000 of cash on hand and $830,000 of current liabilities. Collections for the remainder of...
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...
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...