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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