Problem

1. The following information pertains to Walnut Corners: 2014 governmental fund revenues...

1. The following information pertains to Walnut Corners:

2014 governmental fund revenues that became measurable and available in time to be used for payment of 2014 liabilities

$16,000,000

Revenues earned in 2012 and 2013 and included in the $16,000,000 indicated

2,000,000

Sales taxes collected by merchants in 2014 but not required to be remitted to Walnut Corners until January 2015

3,000,000

For the year ended December 31, 2014, Walnut Corners should recognize revenues of:

a $14,000,000

b $16,000,000

c $17,000,000

d $19,000,000


2. Capital City was awarded a $3,000,000 grant from the state. Of this grant, $1,500,000 was sent to the city and recorded in a special revenue fund. Qualified expenditures of that fund totaled $900,000 in the year that the grant was received. What amount of revenues should the city recognize with respect to the grant?

a $0

b $900,000

c $1,500,000

d $3,000,000


3. The following information pertains to property taxes levied by Coral City for the calendar year 2014:

Collections during 2014

$500,000

Expected collections during the first 60 days of 2015

100,000

Expected collections during the balance of 2015

60,000

Expected collections during January 2016

30,000

Estimated to be uncollectible

10,000

Total levy

$700,000

What amount should Coral City report for 2014 net property tax revenues?

a $700,000

b $690,000

c $600,000

d $500,000


4. The following information pertains to Tedfred’s general fund for 2015:

Appropriations

$6,500,000

Expenditures

5,000,000

Other financing sources

1,500,000

Other financing uses

2,000,000

Revenues

8,000,000

In 2015, Tedfred’s total fund balance increased by:

a $3,000,000

b $2,500,000

c $1,500,000

d $1,000,000


5. The following information pertains to Amber Township’s general fund at December 31, 2014:

Total assets, including $200,000 of cash

$1,000,000

Total liabilities

600,000

Fund balance—restricted

100,000

Appropriations do not lapse at year-end. At December 31, 2014, what amount should Amber report as fund balance—unassigned in its general fund balance sheet?

a $800,000

b $400,000

c $300,000

d $100,000

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Solutions For Problems in Chapter 20