SCh16
19
Student Name: Instructor Class: McGraw-Hill/Irwin Problem 16-32 FUND-BASED FINANCIAL STATEMENTS General Journal a. General Fund DebitsCredits Estimated Revenue Control Estimated Other Financing Sources Control (Budgetary) Fund Balance Appropriations Control b. Capital Projects Fund DebitsCredits Cash Other Financing Sources-Bond Proceeds c. General Fund DebitsCredits Encumbrances Fund Balance-Reserved for Encumbrances d. General Fund DebitsCredits Fund Balance-Reserved for Encumbrances Encumbrances Expenditures Control Vouchers Payable e. General Fund DebitsCredits Vouchers Payable Cash f. General Fund DebitsCredits Other Financing Uses-Transfer Out-Capital Proje Due to Capital Projects Fund (Special Assessm Capital Projects Fund Due from General Fund Other Financing Sources-Transfer In-General F g. General Fund DebitsCredits Other Financing Uses-Transfers Out-Motor Pool Cash Internal Service Fund Cash Contributed Capital h. General Fund DebitsCredits Property Taxes Receivable Revenues-Property Taxes Allowance for Uncollectible Taxes I. Special Revenue Fund DebitsCredits Cash Deferred Revenue j. DebitsCredits Expenditures-Salaries Cash Deferred Revenue Revenues-Grant
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Transcript of SCh16
Student Name: InstructorClass: McGraw-Hill/Irwin
Problem 16-32
FUND-BASED FINANCIAL STATEMENTSGeneral Journal
a. General Fund Debits CreditsEstimated Revenue ControlEstimated Other Financing Sources Control(Budgetary) Fund Balance
Appropriations Control
b. Capital Projects Fund Debits CreditsCash
Other Financing Sources-Bond Proceeds
c. General Fund Debits CreditsEncumbrances
Fund Balance-Reserved for Encumbrances
d. General Fund Debits CreditsFund Balance-Reserved for Encumbrances
EncumbrancesExpenditures Control
Vouchers Payable
e. General Fund Debits CreditsVouchers Payable
Cash
f. General Fund Debits CreditsOther Financing Uses-Transfer Out-Capital Projects
Due to Capital Projects Fund (Special Assessment)
Capital Projects FundDue from General Fund
Other Financing Sources-Transfer In-General Fund
g. General Fund Debits CreditsOther Financing Uses-Transfers Out-Motor Pool
Cash
Internal Service FundCash
Contributed Capital
h. General Fund Debits CreditsProperty Taxes Receivable
Revenues-Property TaxesAllowance for Uncollectible Taxes
I. Special Revenue Fund Debits CreditsCash
Deferred Revenue
j. Debits CreditsExpenditures-Salaries
Cash
Deferred RevenueRevenues-Grant
B8
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B9
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B14
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B15
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B18
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B19
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B22
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B23
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B28
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B29
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B32
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B33
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B40
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B41
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B48
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B49
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B53
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B54
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B58
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Student Name: InstructorClass: McGraw-Hill/Irwin
Problem 16-32
GOVERNMENT-WIDE FINANCIAL STATEMENTSGeneral Journal
a. No entry Debits Credits
b. Governmental Activities Debits CreditsCash
Bonds Payable
c. No entry Debits Credits
d. Governmental Activities Debits CreditsEquipment
Vouchers Payable
e. Governmental Activities Debits CreditsVouchers Payable
Cash
f. No entry Debits Credits
g. No entry Debits Credits
h. Governmental Activities Debits CreditsProperty Taxes Receivable
Revenues-Property TaxesAllowance for Uncollectible Taxes
I. Governmental Activities Debits CreditsCash
Deferred Revenue
j. Governmental Activities Debits CreditsExpense-Public Safety
Cash
Deferred RevenuesRevenues
B68
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B69
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B74
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B75
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B78
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B79
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B82
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B83
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B86
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B87
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B90
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B91
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B94
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B95
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B98
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B99
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B103
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B104
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B107
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B108
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Given P16-32:
Fund based financial statements:
a. Budget is passed for police, ambulance and other activitiesFunding is from property taxes, transfers and bond proceedsAll monetary outflows are for expenses and fixed assetsDeficit is projected
b. Bond issued at face value to fund building constructionc. Computer is ordered for tax departmentd. Computer is receivede. Invoice for computer is paidf. Agreement reached to transfer money from General Fund as
partial payment for special assessments projectThis money is not yet transferredCity will be secondarily liable for money borrowed for this work
g. Motor pool created to service government vehiclesMoney is transferred from General fund to permanently finance this facility
h. Property taxes are leviedMost will be collected during current periodA small percentage is estimated to be uncollectible
i. Grant money is collected from state to supplement police salariesNo entry has previously been recorded
j. A portion of the grant money in (i.) is properly spent
Student Name: InstructorClass: McGraw-Hill/Irwin
Problem 16-33
CITY OF PUDDINGFund-Based Financial Statements
General Journal
a. General Fund Debits Credits Encumbrance Control 94,000
Fund Balance-Reserved for Encumbrances 94,000 «- Correct!
b. General Fund Debits Credits Expenditures 1,200
Due to Internal Service Fund 1,200 «- Correct!
c. Capital Projects Fund Debits Credits Cash 11,000,000
Other Financing Sources-Bonds Proceeds 11,000,000 «- Correct!
d. General Fund Debits Credits Other Financing Uses-Transfer Out 140,000
Cash 140,000 «- Correct!
e. General Fund Debits Credits Fund Balance-Reserved for Encumbrances 94,000
Encumbrance Control 94,000 «- Correct!
Expenditures 96,000 Vouchers Payable 96,000 «- Correct!
f. General Fund Debits Credits Other Financing Uses-Transfer Out 32,000
Cash 32,000 «- Correct!
Capital Projects FundCash 32,000
Other Financing Sources-Transfers In 32,000 «- Correct!
g. Special Revenue Fund Debits Credits Cash 30,000
Deferred Revenues 30,000 «- Correct!
h. Special Revenue Fund Debits Credits Deferred Revenues 5,000
Revenues 5,000 «- Correct!
Expenditures 5,000 Cash 5,000 «- Correct!
B9
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B10
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H10
Enter appropriate debits and credits in yellow cells. Your entries will not be verified.
B13
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B14
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B17
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B18
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B21
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B22
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B25
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B26
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B32
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B33
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B40
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B41
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B44
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B45
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Student Name: InstructorClass: McGraw-Hill/Irwin
Problem 16-33
CITY OF PUDDINGGovernment-Wide Financial Statements
General Journal
a. No entry Debits Credits
-
b. No Entry Debits Credits
-
c. Governmental Activities Debits Credits Cash 11,000,000
Bonds Payable 11,000,000 «- Correct!
d. Governmental Activities Debits Credits Transfers Out-Swimming Pool 140,000
Cash 140,000 «- Correct!
Business Type Activities Debits Credits Cash 140,000
Transfers In-General Fund 140,000 «- Correct!
e. Governmental Activities Debits Credits Equipment-Trucks 96,000
Vouchers or Accounts Payable 96,000 «- Correct!
f. No entry Debits Credits
-
g. Governmental Activities Debits Credits Cash 30,000
Deferred Revenues 30,000 «- Correct!
h. Governmental Activities Debits Credits Expense-Public Service 5,000
Cash 5,000 «- Correct!
Deferred Revenues 5,000 Revenues 5,000 «- Correct!
B56
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B57
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B60
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B61
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B64
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B65
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B68
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B69
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B72
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B73
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B76
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B77
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B80
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B81
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B84
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B85
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B88
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B89
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Given P16-33:
CITY OF PUDDING
a. Ordered new truck for sanitation department-cost $ 94,000 b. Printing work charged by city print shop for school system $ 1,200 c. Bond issued to build new road $ 11,000,000 d. Cash transferred from General Fund to Enterprise Fund for pool $ 140,000 e. Truck ordered in (a.) received at actual cost (not yet paid) $ 96,000 f. Cash transferred from General Fund to Capital Projects fund $ 32,000 g. State grant received to be spent to promote recycling $ 30,000 h. Cash received from State (g.) is expended appropriately $ 5,000
Student Name: InstructorClass: McGraw-Hill/Irwin
Problem 16-34
Fund-Based Financial StatementsGeneral Journal
a. Capital Projects Fund Debits CreditsCash 900,000
Other Financing Sources-Bonds Proceeds 900,000 «- Correct!
b. Capital Projects Fund Debits Credits Encumbrances 1,100,000
Fund Balance-Reserved for Encumbrances 1,100,000 «- Correct!
c. General Fund Debits Credits Other Financing Uses-Transfer Out 130,000
Cash 130,000 «- Correct!
Debt Service Fund Debits Credits Cash 130,000
Other Financing Sources-Transfers In 130,000 «- Correct!
d. General Fund Debits Credits Fund Balance-Reserved for Encumbrances 11,800
Encumbrances 11,800 «- Correct!
Expenditures Control-Machinery and Equipment 12,000 Vouchers or Accounts Payable 12,000 «- Correct!
e. General Fund Debits Credits Inventory of Supplies 2,000
Cash 2,000 «- Correct!
f. Special Revenue Fund Debits Credits Cash 90,000
Deferred Revenues 90,000 «- Correct!
g. General Fund Debits Credits Taxes Receivable 600,000
Revenues Control 576,000 «- Correct!
Allowance for Uncollectible Current Taxes 24,000 «- Correct!
B8
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B9
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H9
Enter appropriate debits and credits in yellow cells. Your entries will not be verified.
B12
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B13
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B16
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B17
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B24
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B25
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B31
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B32
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B35
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B36
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B39
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B40
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Student Name: InstructorClass: McGraw-Hill/Irwin
Problem 16-34
Government-Wide Financial StatementsGeneral Journal
a. Governmental Activities Debits Credits Cash 900,000
Bonds Payable 900,000 «- Correct!
b. No Entry Debits Credits
-
c. No Entry Debits Credits
-
d. Governmental Activities Debits Credits Machinery and Equipment 12,000
Vouchers or Accounts Payable 12,000 «- Correct!
e. Governmental Activities Debits Credits Inventory of Supplies 2,000
Cash 2,000 «- Correct!
f. Governmental Activities Debits Credits Cash 90,000
Deferred Revenues 90,000 «- Correct!
g. Governmental Activities Debits Credits Taxes Receivable 600,000
Revenues 576,000 «- Correct!
Allowance for Uncollectible Current Taxes 24,000 «- Correct!
B48
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B49
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B52
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B53
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B56
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B57
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B60
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B61
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B64
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B65
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B68
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B69
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B72
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B73
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Given P16-34:
Local government transactions:
a. Bond sold at face value to finance warehouse construction $ 900,000 b. Contract signed for warehouse construction $ 1,100,000 c. Transfer of unrestricted funds made to pay debt in (a.) $ 130,000 d. Equipment for fire department received (cost) $ 12,000
Equipment for fire department when ordered (anticipated cost) $ 11,800 e. Supplies for school purchased for cash $ 2,000 f. State grant awarded to supplement police salaries $ 90,000 g. Property tax assessment mailed $ 600,000
Portion anticipated as uncollectible 4%
Student Name: InstructorClass: McGraw-Hill/Irwin
Problem 16-37
CHESTERFIELD COUNTYFund-Based Financial Statements
General Journal
a. General Fund Debits CreditsEstimated Revenues Control 834,000
Appropriations Control 540,000 «- Correct!
Estimated Other Financing Uses-Operating Transfers 242,000 «- Correct!
Budgetary Fund Balance 52,000 «- Correct!
b. Capital Projects Fund Debits Credits Encumbrances Control 8,000,000
Fund Balance-Reserved for Encumbrances 8,000,000 «- Correct!
c. Capital Projects Fund Debits Credits Cash 8,000,000
Other Financing Sources Control 8,000,000 «- Correct!
d. Capital Projects Fund Debits Credits Fund Balance-Reserved for Encumbrances 8,000,000
Encumbrances Control 8,000,000 «- Correct!
Expenditures Control 8,000,000 Contracts Payable 8,000,000 «- Correct!
Contracts Payable 8,000,000 Cash 8,000,000 «- Correct!
e. General Fund Debits Credits Other Financing Uses Control 1,000,000
Cash 1,000,000 «- Correct!
Debt Service Fund Debits Credits Cash 1,000,000
Other Financing Resources 1,000,000 «- Correct!
f. Debt Service Fund Debits Credits Expenditures Control-Bonds 900,000 Expenditures Control-Interest 100,000
Cash 1,000,000 «- Correct!
g. General Fund Debits Credits Property Taxes Receivable 800,000
Revenues Control 768,000 «- Correct!
Allowance for Uncollectible Current Taxes 32,000 «- Correct!
h. Special Revenue Fund Debits Credits Cash 120,000
Revenues Control 120,000 «- Correct!
i. Permanent Fund Debits Credits Investments 300,000
Contribution Revenue 300,000 «- Correct!
B9
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B10
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H10
Enter appropriate debits and credits in yellow cells. Your entries will not be verified.
B15
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B16
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B19
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B20
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B23
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B24
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B33
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B34
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B41
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B42
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B46
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B47
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B51
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B52
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B55
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B56
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Student Name: InstructorClass: McGraw-Hill/Irwin
Problem 16-37
CHESTERFIELD COUNTYGovernment-Wide Financial Statements
General Journal
a. No Entry Debits Credits
-
b. No Entry Debits Credits
-
c. Governmental Activities Debits Credits Cash 8,000,000
Bonds Payable 8,000,000 «- Correct!
d. Governmental Activities Debits Credits Buildings 8,000,000
Cash 8,000,000 «- Correct!
e. No Entry Debits Credits
-
f. Governmental Activities Debits Credits Bonds Payable 900,000 Interest Expense 100,000
Cash 1,000,000 «- Correct!
g. Governmental Activities Debits Credits Property Taxes Receivable 800,000
Revenues Control 768,000 «- Correct!
Allowance for Uncollectible Taxes 32,000 «- Correct!
h. Governmental Activities Debits Credits Cash 120,000
Revenues-Reserved for Highway Maintenance 120,000 «- Correct!
i. Governmental Activities Debits Credits Investments 300,000
Revenues-Donations 300,000 «- Correct!
B64
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B65
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B68
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B69
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B72
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B73
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B76
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B77
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B80
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B81
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B84
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B85
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B86
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B89
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B90
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B94
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B95
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B98
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B99
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Given P16-37:
CHESTERFIELD COUNTY
a. Anticipated revenue $ 834,000 Approved spending $ 540,000 Operating transfers out $ 242,000
b. Contract signed for central office construction $ 8,000,000 c. Bonds sold at face value for construction of central office $ 8,000,000 d. Invoice received and paid when building completed $ 8,000,000 e. Previously unrestricted funds set aside to pay bonds from (c.) $ 1,000,000 f. Portion of bonds comes due and is paid $ 1,000,000
Portion of payment representing interest $ 100,000 g. Property tax assessment assessed $ 800,000
Portion assumed collectible in this period 90%Portion assumed collectible in subsequent periods 6%Remainder expected to be uncollectible
h. Cash received from toll road $ 120,000 i. Investments are received by county as donation $ 300,000
Student Name: InstructorClass: McGraw-Hill/Irwin
Problem 16-38
CITY OF JENNINGSGENERAL FUND
Statement of Revenues, Expenditures, and Other Changes in Fund Balance(Condensed)
Year Ending December 31, 2010
Revenues $ 740,000 Expenditures (510,000) Excess (deficiency) of revenues over expenditures $ 230,000 Other financing sources (uses): Bond proceeds $ 300,000 Transfers in 50,000 Transfers out (470,000)Total Other Financing Sources and Uses (120,000)Change in Fund Balance $ 110,000 Fund Balance, Beginning 170,000 Fund Balance, Ending $ 280,000
Correct!
CITY OF JENNINGSGENERAL FUNDBalance Sheet(Condensed)
December 31, 2010
AssetsCash $ 30,000 Investments 410,000 Taxes receivable 220,000 Due from Capital Projects Fund 60,000 Total Assets $ 720,000
LiabilitiesAccounts payable $ 90,000 Vouchers payable 180,000 Contracts payable 90,000 Due to Debt Service Fund 40,000 Deferred revenues 40,000 Total Liabilities $ 440,000
Fund balances
Unassigned $ 280,000 Total Fund Balance 280,000
Total Liabilities and Fund Balances $ 720,000
C11
Enter appropriate data in yellow cells. Your answer for "Fund Balance, Ending" will be verified.
C31
Enter appropriate data in yellow cells. Your answer for "Total Liabilities and Fund Equity" will be verified.
Correct!
Given P16-38:
CITY OF JENNINGSTrial Balance
December 31, 2010
Debit CreditAccounts Payable $ 90,000 Cash $ 30,000 Contracts Payable 90,000 Deferred Revenues 40,000 Due from Capital Projects Funds 60,000 Due to Debt Service Funds 40,000 Expenditures 510,000 Fund Balance-Unassigned 170,000 Investments 410,000 Revenues 740,000 Other Financing Sources-Bonds Proceeds 300,000 Other Financing Sources-Transfers In 50,000 Other Financing Uses-Transfers Out 470,000 Taxes Receivable 220,000 Vouchers Payable 180,000 Totals $1,700,000 $1,700,000
