Description

Chapter: 11 -Problem: 8 >> Southeastern College began the year with endowment investments of $1,200,000 and $700,000 of restricted cash designated by a donor for capital additions.1. During the year an additional $950,000 donation was received for capital additions. These funds, together with those contributed in the prior year, were used to purchase 150 acres of land adjacent to the university.2. An alum contributed $200,0
Answer Preview: a. Southeastern College is a public university Receipt of additional donation for capital additions: Cash (Capital Additions Fund) 950,000 Revenue (Ca…

, Chapter: 12 -Problem: 9 >> As of January 1, 2020, the trial balance for Haven Hospital was as follows (these have been entered into Excel template provided):During the fiscal year ended December 31, 2020, the following transactions occurred:1. Patient service revenue amounted to $19,990,000, all recorded on account. Contractual adjustments were recorded in the amount of $3,200,000. Uncollectible accounts are estimated to be
Answer Preview: a. Journal Entries: Date Account Debit Credit Entry 1 12/31/20 Accounts Receivable $19,990,000 Patient Service Revenue $19,990,000 12/31/20 Contractual Adjustments $3,200,000 Patient Service Revenue $…

, Chapter: 5 -Problem: 5 >> The citizens of Spencer County approved the issuance of $2,000,000 in 6 percent general obligation bonds to finance the construction of a courthouse annex. A capital projects fund was established for that purpose. The preclosing trial balance of the courthouse annex capital project fund follows:a. Prepare any closing entries necessary at year-end.b. Prepare a Statement of Revenues, Expenditures, a
Answer Preview: a. Closing Entries: Account Debit Credit Expenditures - Capital 2,160,000 OFS: Premium on Bonds …

, Chapter: 4 -Problem: 10 >> Assume at the beginning of 2020 the Village of Ashlawn Street and Highway Fund (a special revenue fund) has cash of $336,000 offset by assigned fund balance in the same amount.1. During the year, the State notified the Village that $500,000 for the Street and Highway Fund will be awarded for work performed on several bridges over the next two years. The grant is a cost reimbursement arrangement (n
Answer Preview: a. Journal entries for the above transactions: State award for bridge repairs: Debit: Cash (Street a…

, Chapter: 6 -Problem: 6 >> The Town of Weston has a Water Utility Fund with the following trial balance as of July 1, 2019, the first day of the fiscal year: During the year ended June 30, 2020, the following transactions and events occurred in the Town of Weston Water Utility Fund:1. Accrued expenses at July 1 were paid in cash.2. Billings to nongovernmental customers for water usage for the year amounted to $1,380,000; bi
Answer Preview: ANSWER: Required a) Journal Entries: Sno Particulars Debit Credit 1 Accrued Expenses 99,000 To Cash 99,000 2 Customer Accounts Receivable 1,467,000 Due from other funds 126,000 To Operatin Revenues - …

, Chapter: 12 -Problem: 8 >> St. Joseph’s Hospital began operations in December 2019 and had patient service revenues totaling $1,000,000 (based on customary rates) for the month. Of this, $120,000 is billed to patients, representing their insurance deductibles and co-payments. The balance is billed to third-party payers, including insurance companies and government health care agencies. St. Joseph estimates that 20 percent o
Answer Preview: 1. December 2019 Journal Entries: Patient Service Revenue: Debit: Patient Service Revenue $1,000,000 …

, Chapter: 5 -Problem: 9 >> The Village of Burksville, which has a fiscal year July 1 to June 30, sold $2,500,000 in 5 percent tax-supported bonds at par to construct an addition to its police station. The bonds were dated and issued on July 1, 2019. Interest is payable semiannually on January 1 and July 1, and the first of 10 equal annual principal payments will be made on July 1, 2020. The Village used a capital projects f
Answer Preview: a. Journal entries for the capital projects fund: July 1, 2019: Bonds Payable (Liab) 2,500,000, Cash (Asset) 2,500,000 June 15, 2020: Cash (Asset) 2,4…

, Chapter: 6 -Problem: 9 >> The following is a Statement of Cash Flows for the risk management internal service fund of the City of Wrightville. An inexperienced accountant prepared the statement using the FASB format rather than the format required by GASB. All long-term debt was issued to purchase capital assets. The transfer from the General Fund was to establish the internal service fund and provide the initial working c
Answer Preview: Amount Cash flows from operating activities: Cash received from other departme…

, Chapter: 11 -Problem: 9 >> The Great Lakes Maritime Institute is a public institution preparing cadets for careers in commercial shipping and includes instruction in piloting, navigation, maritime law, and other fields.1. The Institute began the year with the following account balances:2. The Institute received a state appropriation of $75,000 and unrestricted gifts of $10,000.3. The deferred revenue appearing on the beginn
Answer Preview: a. Journal Entries: To record state appropriation and unrestricted gifts: Debit: Cash $75,000 Debit: Unrestricted Gifts $10,000 Credit: Restricted Cash $75,000 Credit: Unrestricted Net Position $10,00…

, Chapter: 3 -Problem: 5 >> For each of the summarized transactions for the Village of Sycamore General Fund, prepare the general ledger journal entries.a. The budget was formally adopted, providing for estimated revenues of $1,120,000 and appropriations of $987,000.b. Revenues were received, all in cash, in the amount of $1,105,000.c. Purchase orders were issued in the amount of $479,000.d. Of the $479,000 in (c), purchase
Answer Preview: a. The budget was formally adopted, providing for estimated revenues of $1,120,000 and appropriation…

, Chapter: 8 -Problem: 1 >> Using the annual financial report obtained for Exercise 1–1, answer the following questions:a. Examine the reconciliation between the governmental fund balances and the governmental-type activities net position. This might be on the governmental fund Balance Sheet or in a separate schedule in the basic financial statements. List the major differences. What is the amount shown for capital assets? H
Answer Preview: a. The major differences between the governmental fund balances and the governmental-type activities net position are due to the inclusion of capital …

, Chapter: 9 -Problem: 8 >> On July 1, 2019, a five-year agreement is signed between the City of Genoa and the Computer Leasing Corporation for the use of computer equipment not associated with proprietary funds activity. The cost of the lease, excluding executory costs, is $7,500 per year. The first payment is to be made by a capital projects fund at the inception of the lease. Subsequent payments, beginning July 1, 2020, a
Answer Preview: Assuming the agreement meets the criteria for a capital lease, the entries required in the capital p…

, Chapter: 4 -Problem: 12 >> The state government administers a special revenue fund, the Fish and Game Fund. By legislation, revenue in this fund can be used only for the purpose of protection, propagation, and restoration of sport fish and game resources and the expenses of administering sport fish and wildlife programs. Revenues are received from the sale of State sport fishing and hunting licenses and special permits as w
Answer Preview: a. Journal Entries: To record the budget: Debit Estimated Revenues Control - Fish and Game Fund: $1,450,000 Credit Appropriations Control - Wildlife Management: $1,680,000 Debit Due from General Fund: …

, Chapter: 5 -Problem: 1 >> Using the annual financial report obtained for Exercise 1–1, answer the following questions: a. Examine the governmental fund financial statements. Are any major capital projects funds included? If so, list them. Attempt to find out the nature and purpose of the projects from the letter of transmittal, the notes, or MD&A. What are the major sources of funding, such as bond sales, intergovernmental
Answer Preview: Answer: a. The governmental fund financial statements include capital projects funds for the construction of a new community center and an addition to …

, Chapter: 13 -Problem: 6 >> Presented below are financial statements (except cash flows) for two not-for-profit organizations.a. Calculate the following ratios:? Program expense.? Fund-raising efficiency.? Days cash on hand.? Working capital (expressed in days).b. For each ratio, explain which of the two organizations has the stronger ratio. Transcri
Answer Preview: a. Program Expense Ratio = (Total program service expenses / Total revenues) x 100 For XYZ Not-for-Profit, Program Expense Ratio = (5,621,000 / 9,390,…

, Chapter: 6 -Problem: 4 >> The Village of Seaside Pines prepared the following enterprise fund Trial Balance as of December 31, 2020, the last day of its fiscal year. The enterprise fund was established this year through a transfer from the General Fund. a. Prepare the closing entries for December 31.b. Prepare the Statement of Revenues, Expenses, and Changes in Fund Net Position for the year ended December 31.c. Prepare th
Answer Preview: Closing entries for December 3…

, Chapter: 3 -Problem: 1 >> Using the annual report obtained for Exercise 1–1, answer the following questions.a. Review the Statement of Revenues, Expenditures, and Changes in Fund Balances for the governmental funds. List the revenue source classes. Are expenditures reported by character? List the functional classifications under the current character classification. Are Other Financing Sources and Uses presented separately
Answer Preview: a. The revenue source classes reported in the Statement of Revenues, Expenditures, and Changes in Fu…

, Chapter: 12 -Problem: 7 >> Record the following transactions on the books of Hope Hospital, which follows FASB (not-for-profit) and AICPA standards. The year is 2020.1. Hope received $15,000 in cash from pledges made in the previous year that were unrestricted as to purpose but intended to be expended in 2020.2. Hope received $31,000 in pledges that indicated the money would be be received in 2021. The donors imposed no res
Answer Preview: 1. Hope Hospital would record the $15,000 of unrestricted pledges received in 2020 as an …

, Chapter: 5 -Problem: 10 >> The Town of McHenry has $10,000,000 in general obligation bonds outstanding and maintains a single debt service fund for all debt service transactions. On July 1, 2020, a current refunding took place in which $10,000,000 in new general obligation bonds were issued. Record the transaction on the books of the debt service fund.
Answer Preview: The Town of McHenry has $10,000,000 in general obligation bonds outstanding and mainta…

, Chapter: 7 -Problem: 6 >> On July 1, 2019, the City of Belvedere accepted a gift of cash in the amount of $3,500,000 from a number of individuals and foundations and signed an agreement to establish a private-purpose trust. The $3,500,000 and any additional gifts are to be invested and retained as principal. Income from the trust is to be distributed to community nonprofit groups as directed by a Board consisting of city o
Answer Preview: A) Date Account Titles Debit ( $ ) Credit ( $ ) 1-Jul Cash 3,500,000 Additions-Contribution 3,500,000 1-Aug Investment in XYZ company bond 2,500,000 A…

, Chapter: 10 -Problem: 13 >> The Ombudsman Foundation is a private not-for-profit organization providing training in dispute resolution and conflict management. The Foundation had the following preclosing trial balance at December 31, 2020, the end of its fiscal year: a. Prepare closing entries for the year-end, using separate entries for each net asset classification.b. Prepare a Statement of Activities for the year ended De
Answer Preview: a. Account Debit Credit Fund-raising expenses $250,000 Program service revenue-no restrictions $250,000 Education program expenses $1,555,000 Contribu…

, Chapter: 9 -Problem: 2 >> Presented below is the Governmental Funds Balance Sheet for the Warrenton Library District, a special-purpose entity engaged in a single governmental activity. Prepare a combined Governmental Funds Balance Sheet/Statement of Net Position in the format presented in Illustration 9-1.Additional information:a. Capital assets (net of accumulated depreciation) amounted to $335,000 at year-end.b. The lia
Answer Preview: WARRENTON LIBRARY DISTRICT Combined Governmental Funds Balance Sheet/Statement of Net Posit…

, Chapter: 13 -Problem: 1 >> Using the annual financial report obtained for Exercise 1–1, answer the following questions:a. Examine the auditor’s report. Is the auditor identified as an independent CPA firm? A state audit agency? Other? Is the wording of the auditor’s report the same as illustrated in this chapter? Does the scope paragraph indicate exactly what is covered by the auditor’s opinion? If the auditor is expressing
Answer Preview: a. The auditor is identified as an independent CPA firm. The wording of the auditor's report is the …

, Chapter: 14 -Problem: 5 >> The 2018 financial statements of the Internal Revenue Service are available at: http://www.gao.gov/products/GAO-19-150 Use these to answer the following questions:a. Statement of Net Cost1. What are the IRS’s two largest programs based on net cost? (Identify $amount)b. Statement of Changes in Net Position2. What is the largest source of financing for the activities of the IRS? (Identify $amount)c.
Answer Preview: ANSWER 1. a. The largest programs based on net cost for the IRS are the Taxpayer Services and Enforc…

, Chapter: 7 -Problem: 13 >> The City of Sweetwater maintains an Employees’ Retirement Fund, a singleemployer defined benefit plan that provides annuity and disability benefits. The fund is financed by actuarially determined contributions from the city’s General Fund and by contributions from employees. Administration of the retirement fund is handled by General Fund employees, and the retirement fund does not bear any admini
Answer Preview: (A). CITY OF SWEETWATER EMPLOYEES' RETIREMENT FUND GENERAL JOURNAL FY ENDED 6/30/2020 Debits Credits 1. Cash 55,000 Accrued Interest Receivable 55,00…

, Chapter: 6 -Problem: 8 >> The Village of Parry reported the following for its Print Shop Fund for the year ended April 30, 2020. The Print Shop Fund records also revealed the following: The following balances were observed in current asset and current liability accounts. ( ) denote credit balances: Prepare a Statement of Cash Flows for the Village of Parry Print Shop Fund for the year ended April 30, 2020. Include the reco
Answer Preview: Answers for the questions: Statement of cashflows for the ended year april 30, 2020. Cashflows from …

, Chapter: 3 -Problem: 14 >> The Budgetary Comparison Schedule for the City of Salem appears in Illustration 2-16. Assume the general and subsidiary ledgers for the General Fund were lost after a water pipe burst. You are charged with reproducing the journal entries that took place during the year ended December 31, 2020. Use the Excel file provided to prepare summary journal entries, including subsidiary ledger entries, for
Answer Preview: a. Original Budget Journal Entry DebitCredit Unreser…

, Chapter: 6 -Problem: 10 >> The Town of Frostbite self-insures for some of its liability claims and purchases insurance for others. In an effort to consolidate its risk management activities, the Town recently decided to establish an internal service fund, the Risk Management Fund. The Risk Management Fund’s purpose is to obtain liability coverage for the Town, to pay claims not covered by the insurance, and to charge indivi
Answer Preview: answers e The intent of the Town is for the Risk Managem…

, Chapter: 13 -Problem: 12 >> With regard to filing requirements for 501(c)(3) organizations: List the three types of Form 990 and indicate the size of the tax-exempt organization to use for each.
Answer Preview: The 3 types of Form 990 are: 1. Form 990 Tax-exempt organizations wi…

,

, Chapter: 5 -Problem: 1 >> Using the annual financial report obtained for Exercise 1–1, answer the following questions:a. Examine the governmental fund financial statements. Are any major capital projects funds included? If so, list them. Attempt to find out the nature and purpose of the projects from the letter of transmittal, the notes, or MD&A. What are the major sources of funding, such as bond sales, intergovernmental
Answer Preview: a. According to the governmental fund financial statements, there are two major capital projects funds included: the Capital Projects Fund and the Wat…

, Chapter: 12 -Problem: 10 >> Presented below are account balances for Monterey Hospital. In addition, cash transactions for the year ended December 31, 2020, are summarized in the T-account.The hospital issued $600,000 of long-term debt during the year and purchased $307,000 of equipment. No fixed assets were sold. Required: Using the information above and the Excel template provided, prepare:a. A Statement of Operations and
Answer Preview: ANSWER a. Statement of Operations and Statement of Changes in Net Assets: Monterey Hospital Statement of Operations For the Year Ended December 31, 2020 Patient Service Revenue (patient portion) Unres…

, Chapter: 10 -Problem: 9 >> Youth Empowerment, a private not-for-profit organization with a fiscal year ending on June 30, was Awarded a cost-reimbursement grant form U.S. Department of Labor to provide job training to at-risk youth, Such a young offenders and youth living in high-poverty areas. Part A. Prepare journal entries for the following events:1. On May 1, 2020, Youth Empowerment is awarded a Department of Labor gran
Answer Preview: Part A: Journal Entry for Grant Award: Debit: Grant Revenue - $400,000 Credit: Cash - …

, Chapter: 6 -Problem: 1 >> Using the annual financial report obtained for Exercise 1–1, answer the following questions:a. Review the Statement of Net Position for the proprietary funds. Is the Net Position or the Balance Sheet format used? List the major enterprise funds from that statement. Is the statement classified between current and noncurrent assets and liabilities? Is net position broken down into the three classifi
Answer Preview: a. The Net Position format is used for the Statement of Net Position for the proprietary funds. The major enterprise funds from that statement are the Hospital Fund, the Solid Waste Management Fund, t…

, Chapter: 3 -Problem: 15 >> The City of Grafton’s records reflected the following budget and actual data for the General Fund for the fiscal year ended June 30, 2020. Required: Use the Excel file provided to prepare a budgetary comparison schedule for the City of Grafton for the fiscal year ended June 30, 2017. Include outstanding encumbrances with expenditures.
Answer Preview: Budgeted Amounts REVENUES Original Final Actual Amounts Budgetary Basis Variance with Final Budget P…

, Chapter: 7 -Problem: 2 >> Answer the following question regarding custodial funds:a. When is it appropriate to account for any activity in a custodial fund?b. What are required financial statements of a custodiaal fund?c. What are common example of activity reported in custodial funds?
Answer Preview: A). A custodial fund will report fiduciary activity resources that are not held in a trust agreement …

, Chapter: 3 -Problem: 11 >> The Budgetary Comparison Schedule for the City of Vienna appears below. Several items of information are missing (denoted with “?”).Required:a. Determine the missing amounts.b. During the year, the City made a single budget revision. Prepare the journal entry to record that revision. Transcribed Image Text:
Answer Preview: Based on the provided table, the missing amounts are: Health and Welfare expenditures: $1,198,000 Mi…

,

, Chapter: 13 -Problem: 2 >> Go to the Better Business Bureau’s Wise Giving Alliance website (http://www.give.org). Select a charity, and open the financial tab. Be sure to select a charity that provides financial information.a. State the name of the organization and its mission.b. What are the two largest programs in terms of expenses?c. What are the two largest sources of funds?d. Calculate the program expense ratio.e. Calc
Answer Preview: a. The organization selected is the American Red Cross, and its mission is to preve…

, Chapter: 11 -Problem: 7 >> Eastern University had the following transactions at the beginning of its academic year:1. Student tuition and fees were billed in the amount of $8,100,000. Of that amount, $5,500,000 was collected in cash.2. Pell Grants in the amount of $2,250,000 were received by the university.3. The Pell Grants were applied to student accounts.4. Student scholarships, for which no services were required, amoun
Answer Preview: a. Eastern University is a public university. Student tuition and fees were billed in the amount of …

, Chapter: 10 -Problem: 16 >> The Association of Women in Government established an Educational Foundation to raise money to support scholarship and other education initiatives. The Educational Foundation is a private not-for-profit. Members of the Association of Women in Government periodically make donations to the Educational Foundation. With the exception of the gift described below, these are unrestricted. In December 201
Answer Preview: a. Journal Entries: 1. Supplies inventory (Asset) 1,900 Accounts payable (Liability) 1,900 To record purchase of supplies on account Supplies expense …

, Chapter: 12 -Problem: 6 >> During 2020, the following transactions were recorded by the Port Hudson Community Hospital, a private sector not-for-profit institution.1. Gross charges for patient services, all charged to Patient Accounts Receivable, amounted to $1,800,000. Contractual adjustments with third-party payers amounted to $465,000. and the hospital estimated implicit price concession would total 10,000.2. Charity ser
Answer Preview: Prepare journal entries as follows: Trn. General Journal Debit Credit 1 Patient Accounts Receivables $1,950,000 Revenues-Unrestricted-Patient Service …

, Chapter: 6 -Problem: 13 >> Jefferson County operates a centralized motor pool to service county vehicles. At the end of 2019, the Motor Pool Internal Service Fund had the following account balances:The following events took place during 2020:1. Additional supplies were purchased on account in the amount of $37,500.2. Services provided to other departments on account totaled $96,000. A total of $66,000 was for departments in
Answer Preview: PART A. SOLUTIONS TO THE EXCEL BASED EXERCISES ARE ALSO AVAILABLE IN EXCEL ON THE INSTRUCTORS WEBSITE JEFFERSON COUNTY INTERNAL SERVICE FUND JOURNAL ENTRIES ACCOUNT TITLE DEBITS CREDITS 1 SUPPLIES 35,…

, Chapter: 4 -Problem: 7 >> The following transactions relate to the General Fund of the City of Buffalo Falls for the year ended December 31, 2020: 1. Beginning balances were: Cash, $80,000; Taxes Receivable, $185,000; Accounts Payable, $50,000; and Fund Balance, $225,000.2. The budget was passed. Estimated revenues amounted to $1,200,000 and appropriations totaled $1,196,000. All expenditures are classified as General Gove
Answer Preview: Journal entry: Journal is a book of prime entry or a book o…

,

, Chapter: 6 -Problem: 14 >> Rural County is an agricultural community located hundreds of miles from any metropolitan center. The County established a Television Reception Improvement Fund to serve the public interest by constructing and operating television translator stations. TV translator stations serve communities that cannot receive the signals of free over-the-air TV stations because they are too far away from a broad
Answer Preview: (Part 1-A - B) 1 2 Cash Rural County Special Revenue Fund Journal Entries December 31, 2017 Account Title Fund balance Estimated Revenues Estimated Other Financing Debits 85,000 32,000 55,000 Credits …

,

, Chapter: 10 -Problem: 1 >> Obtain a copy of the annual report of a private not-for-profit organization. Answer the following questions from the report (if obtaining a report online, use the site search or the “about us” button to locate the annual report). For examples, try the following: The American Accounting Association www.aaahq.org American Red Cross www.redcross.org Habitat for Humanity www.habitat.org American Diabe
Answer Preview: a. The financial statements presented in the annual report of the American Diabetes Association incl…

, Chapter: 10 -Problem: 5 >> Consider FASB standards for reporting revenues from government grants receive by a not-for-profit organizations. Answer the following questions:a. What features of government grants indicated they are conditional contributions?b. When should revenue be recognized under a cost-reimbursement grant?
Answer Preview: the ASU requires organizations to determine whether a …

, Chapter: 3 -Problem: 9 >> The City of South Dundee budget for the fiscal year ended June 30, 2020, included an appropriation for the police department in the amount of $8,900,000. During the month of July 2019, the following transactions occurred (in summary): Purchase orders were issued in the amount of $520,000. Of the $520,000 in purchase orders, $480,000 were filled, with invoices amounting to $478,000. Salaries, not e
Answer Preview: Appropriations: Account Debit Credit Police Department App…

, Chapter: 5 -Problem: 7 >> Armstrong County established a County Office Building Construction Fund to account for a project that was expected to take less than one year to complete. The County’s fiscal year ends on June 30.1. On July 1, 2019, bonds were sold at par in the amount of $8,000,000 for the project.2. On July 5, a contract was signed with the Sellers Construction Company in the amount of $7,800,000.3. On December
Answer Preview: a. On July 1, 2019, bonds were sold at par in the amount of $8,000,000 for the project. Debit: Bonds Payable $8,000,000 Credit: Cash $8,000,000 On Jul…

, Chapter: 4 -Problem: 3 >> On January 1, 2020, the first day of its fiscal year, Carter City received notification that a federal grant in the amount of $560,000 was approved. The grant was restricted for the payment of wages to teenagers for summer employment. The terms of the grant permitted reimbursement only after qualified expenditures have been made; the grant could be used over a two-year period. The following data p
Answer Preview: Journal Entries in the Summer Employment Grant Fund: Recording of the budget: Debit: Estimat…

, Chapter: 9 -Problem: 7 >> On January 1, 2020, the Mount Rogers city water department leases a truck under a noncancelable lease agreement meeting the requirements for classification as a capital lease. The present value (4 percent interest) of the minimum lease payments is $55,560, and the lease calls for five annual lease payments of $12,000 every January 1st, beginning in 2020. The leased truck has a five-year life.1. Pr
Answer Preview: Journal entries for the first year of the lease: On January 1, 2020: Debit: Le…

, Chapter: 4 -Problem: 4 >> The Town of Quincy’s fiscal year ends on June 30. The following data relate to the property tax levy for the fiscal year ended June 30, 2020. Prepare journal entries for each of the dates as indicated.a. The balance in Deferred Inflows—Property Taxes was $65,000 at the end of the previous year. This was recognized as revenue in the current year in a reversing journal entry.b. On July 1, 2019, prop
Answer Preview: Accounts Titles and Explanation Debit Credit A Defe…

,

, Chapter: 8 -Problem: 13 >> The fund-basis financial statements of Jefferson County have been completed for the year 2020 and appear in the first tab of the Excel spreadsheet provided with this exercise. The following information is also available:1. Capital Assets ? Capital assets purchased in previous years through governmentaltype funds totaled $7,950,000 (net of accumulated depreciation) as of January 1. ? Depreciation o
Answer Preview: Answer: The journal entries required to convert the governmental fund financial statements to the ac…

, Chapter: 11 -Problem: 6 >> New City College reported deferred revenues of $335,000 as of July 1, 2019, the first day of its fiscal year. Record the following transactions related to student tuition and fees and related scholarship allowances for New City College for the year ended June 30, 2020.1. The deferred revenues related to unearned revenues for the summer session, which ended in August.2. During the fiscal year ended
Answer Preview: The deferred revenues of $335,000 on July 1, 2019, would be recorded as a liability on the balance s…

, Chapter: 4 -Problem: 9 >> The following transactions relate to Newport City’s special revenue fund.1. In 2020, Newport City created a special revenue fund to help fund the 911 emergency call center. The center is to be funded through a legally restricted tax on cellular phones. No budget is recorded.2. During the first year of operations, revenues from the newly imposed tax totaled $489,000. Of this amount, $444,000 has be
Answer Preview: Part A) Particulars Debit ($) Credit ($) Cash 444,000 Tax receivable 45,0000 Tax revenue 489,000 (Be…

, Chapter: 8 -Problem: 8 >> The following information is available for the preparation of the government-wide financial statements for the City of Northern Pines for the year ended June 30, 2020: From the previous information, prepare, in good form, a Statement of Activities for the City of Northern Pines for the year ended June 30, 2020. Northern Pines has no component units.
Answer Preview: STATEMENT OF ACTIVITIES For the Year Ended June 30, 2020 Governmental Activities: Revenues: Charges …

, Chapter: 9 -Problem: 3 >> Presented below is the Governmental Funds Statement of Revenues, Expenditures, and Changes in Fund Balances for the Trinity Parish Fire District, a special-purpose entity engaged in a single governmental activity. Prepare a combined Governmental Funds Balance Sheet/Statement of Net Position in the format presented in Illustration 9-2.Additional information:a. Property taxes expected to be collecte
Answer Preview: ANSWER TRINITY PARISH FIRE DISTRICT Governmental Funds: Balance Sheet/Statement of Net Positi…

, Chapter: 10 -Problem: 12 >> The Evangelical Private School follows FASB standards of accounting and reporting. Record journal entries for the following transactions during the year ended June 30, 2020.1. Cash contributions were received as follows: (a) $968,000 for any purpose desired by the school, (b) $300,000 for salary supplements for school faculty, (c) $417,000 to be used during the next fiscal year in any manner desir
Answer Preview: Cash contributions …

, Chapter: 8 -Problem: 10 >> The City of South Pittsburgh maintains its books so as to prepare fund accounting statements and records worksheet adjustments in order to prepare government-wide statements. You are to prepare, in journal form, worksheet adjustments for each of the following situations:1. Deferred inflows of resources—property taxes of $51,200 at the end of the previous fiscal year were recognized as property tax
Answer Preview: Deferred Inflows of Resources: Debit: Property Tax Revenue $51,200 Credit: Deferred Inflows of R…

, Chapter: 9 -Problem: 9 >> With regard to current GASB standards for pension reporting:1. Distinguish between (1) defined contribution plans and (2) defined benefit plans.2. Distinguish between defined benefit pension reporting for (1) governmental fund statements and (2) for enterprise fund and government-wide statements.
Answer Preview: Defined Contribution Plan and Defined benfits plan are two plans for calculating the Employee benfit…

, Chapter: 7 -Problem: 7 >> On July 1, 2019, the Morgan County School District received a $40,000 gift from a local civic organization with the stipulation that, on June 30 of each year, $2,500 plus any interest earnings on the unspent principal be awarded as a college scholarship to the high school graduate with the highest academic average. A private-purpose trust fund, the Civic Scholarship Fund, was created. Required:a.
Answer Preview: (a) Date Account Debit Credit 1 a Cash 40,000 Additions - contribu…

, Chapter: 6 -Problem: 11 >> The City of Evansville operated a summer camp program for at-risk youth. Businesses and nonprofit organizations sponsor one or more youth by paying the registration fee for program participants. The following Schedule of Cash Receipts and Disbursements summarizes the activity in the program’s bank account for the year.1. At the beginning of 2020, the program had unrestricted cash of $18,000.2. The
Answer Preview: A. No. Transaction General Journal Debit Credit 1 1a Cash 125000 Operating revenue - Charges for services 125000 2 1b Cash 50,000 Long term Note payable 50,000 3 1c Operating expenses - Payroll taxes …

, Chapter: 3 -Problem: 4 >> Prepare budgetary entries, using general ledger control accounts only, for each of the following unrelated situations:a. Anticipated revenues are $10.1 million; anticipated expenditures and encumbrances are $9.4 million.b. Anticipated revenues are $9.7 million; anticipated expenditures and encumbrances are $10.1 million.c. Anticipated revenues are $10.2 million; anticipated transfers from other fu
Answer Preview: a. Budgetary entries: Debit: Estimated Revenues $10,1…

, Chapter: 9 -Problem: 12 >> The fund-basis financial statements of Cherokee Library District (a special-purpose government engaged only in governmental activities) have been completed for the year 2020 and appear in the second and third tabs of the Excel spreadsheet provided with this exercise. The following information is also available:a. Capital Assets ? Capital assets purchased in previous years through governmental-type
Answer Preview: The Cherokee Library District is a special-purpose government entity engaged only in governmental activities. The fund-basis financial statements of C…

, Chapter: 7 -Problem: 16 >> A successful businessman in the community has contacted the Moose County Board of Commissioners about donating income-producing securities to the County to support a particular activity. Under the agreement, the County would be required to maintain the principal amount of the gift but could use the resulting earnings. The following events occurred in 2020:1. Securities, which had an original cost
Answer Preview: answer; Part 1 a. Journal Entries January 1 Debit: Cash $5,832,000 Credit: Income Producing Securities $5,832,000 Interest Receivable Debit: Interest Receivable $14,000 Credit: Cash $14,000 Interest I…

, Chapter: 13 -Problem: 3 >> Using the annual financial report obtained for Exercise 1–1, answer the following questions:a. Report the following ratios, using the formulas appearing in Illustration 13-3 as a guide:(1) Financial Position (government-wide, governmental activities)(2) Financial Position (General Fund)(3) Quick Ratio (government-wide, governmental activities)(4) Leverage (government-wide, primary government)(5) D
Answer Preview: Memorandum To: ___________________________ From: _________________________ …

, Chapter: 6 -Problem: 7 >> The City of Sandwich purchased a swimming pool from a private operator as of April 1, 2020, for $400,000, of which $200,000 was provided by a onetime contribution from the General Fund, and $200,000 was provided by a loan from the First National Bank, secured by a note. The loan has an annual interest rate of 6 percent, payable semiannually on October 1 and April 1; principal payments of $100,000
Answer Preview: CITY of Sandwich Swimming POOL Fund Statement of net position December 31, 2020 Assets : Current …

, Chapter: 8 -Problem: 7 >> The following information is available for the preparation of the government-wide financial statements for the City of Southern Springs as of April 30, 2020:From the preceding information, prepare (in good form) a Statement of Net Position for the City of Southern Springs as of April 30, 2020. Assume that outstanding bonds were issued to acquire capital assets and restricted assets total $554,000
Answer Preview: Using the information given, we can prepare the Statement of Net Position for the City of Southern S…

, Chapter: 10 -Problem: 3 >> Consider FASB's 2018 guidelines for accounting for contributions and answer the following:a. Identify the characteristics of exchange transactions and describe when revenue should be recognized.b. Identify the characteristics of donor-imposed conditions and describe when revenue should be recognized.c. Identify the characteristics of donor-imposed restrictions and describe when revenue should be r
Answer Preview: a) Trading practices on the organized exchanges and the regulatory arrangements covering the exchang…

, Chapter: 11 -Problem: 10 >> This exercise uses the same fact setting as Exercise 11-9 except that items 1 and 2 are changed to be consistent with a private institution. The Great Lakes Maritime Institute is a private not-for-profit institution preparing cadets for careers in commercial shipping and includes instruction in piloting, navigation, maritime law, and other fields. 1. The Institute began the year with the following
Answer Preview: a. Journal entries: To record the beginning balances: Account Debit Credit Cash 125,000 Student accounts receivable 40,000 Investments-endowment 250,000 Restricted cash Capital assets 350,000 Accumula…

, Chapter: 4 -Problem: 1 >> Using the annual financial report obtained for Exercise 1–1, answer the following questions:a. Review the General Fund column of the Balance Sheet for governmental funds. What are the major assets? Liabilities? What categories of Fund Balances are reported?b. Review the General Fund column of the governmental funds Statement of Revenues, Expenditures, and Changes in Fund Balances. Prepare a schedu
Answer Preview: a. The major assets of the General Fund column of the Balance Sheet for governmental funds include cash and cash equivalents, investments, accounts re…

, Chapter: 5 -Problem: 8 >> The Village of Hawksbill issued $4,000,000 in 5 percent general obligation, tax-supported bonds on July 1, 2019, at 102. A fiscal agent is not used. Resources for principal and interest payments are to come from the General Fund. Interest payment dates are December 31 and June 30. The first of 20 annual principal payments is to be made June 30, 2020. Hawksbill has a calendar fiscal year.1. A capit
Answer Preview: a. Journal Entries for the debt service fund: On July 1, 2019: Debit: Bonds Payable $4,000,000 Credi…

, Chapter: 11 -Problem: 1 >> Obtain a copy of the annual report of a private college or university. Answer the following questions from the report. For examples, try: Baylor University: http://www.baylor.edu/content/services/document.php/53248.PDF Harvard University: http://vpf-web.harvard.edu/annualfinancial/ University of Notre Dame: http://cfweb-prod.nd.edu/controller/annual-report/ Stanford University: http://bondholder-i
Answer Preview: answer a. Yes, the annual report of Vanderbilt University is audited. The auditing fi…

, Chapter: 2 -Problem: 7 >> The following information is available for the preparation of the governmentwide financial statements for the city of Southern Springs as of April 30, 2020:From the preceding information, prepare, in good form, a Statement of Net Position for the city of Southern Springs as of April 30, 2020. Calculate and include the unrestricted net position. Include a total column.
Answer Preview: Answer City of Southern Springs Statement of Net Positions of April 30, …

, Chapter: 7 -Problem: 1 >> Using the annual report obtained for Exercise 1–1, answer the following questions: a. Look at the Statement of Fiduciary Net Assets. Which fund types are includ ed? Is the Statement prepared in a format in which Assets  Liabilities  Net Assets? Are net assets shown as being held in trust for employee benefits and other purposes? Look at the Statement of Changes in Fiduciary Net Assets. Has the g
Answer Preview: Answer: a. The Statement of Fiduciary Net Assets includes trust funds, pension plans, private-purpose funds, and agency funds. The statement is prepared in a format in which Assets Liabilities Net Ass…

, Chapter: 10 -Problem: 1 >> Obtain a copy of the annual report of a private not-for-profit organization. Answer the following questions from the report (if obtaining a report online, use the site search or the “about us” button to locate the annual report). For examples, try the following:The American Accounting Association             www.aaahq.org   U.S. Olympic Committee                                   www.usoc.orgHabit
Answer Preview: a. What financial statements are presented? The financial statements presented in a not-for-profit organization's annual report are usually similar to …

, Chapter: 8 -Problem: 5 >> Under the reporting model required by GASB Statement 34, fund statements are required for governmental, proprietary, and fiduciary funds. Government-wide statements include the Statement of Net Assets and Statement of Activities. Answer the following questions related to the reporting model:1. What is the measurement focus and basis of accounting for: governmental fund statements; proprietary fund
Answer Preview: Ans 1) Government fund statements are actually being prepared on modified accrual basis of accountin…

, Chapter: 4 -Problem: 1 >> Using the annual financial report obtained for Exercise 1–1, answer the following questions:a. Look at the General Fund column of the Balance Sheet for governmental funds. What are the major assets? Liabilities? What reserves have been established for fund balance? Are any designations shown? Are taxes receivable offset by Deferred Revenues? Are the amounts the same? (If so, this would indicate ca
Answer Preview: Answer: a. The major assets of the General Fund column of the Balance Sheet for governmental funds are cash and investments, accounts receivable, taxe…

, Chapter: 1 -Problem: 1 >> Chapters 2 through 9 deal with specific knowledge needed to understand accounting and financial reporting by state and local governments. A continuous problem is available on the text’s Web site (www.mhhe.com/copley10e)nto keep the entire accounting area in perspective. The problem assumes the government is using fund accounting for its internal record-keeping and then at year-end makes necessary
Answer Preview: Answer: 1. The General Fund is used to finance the activities of the City that are not funded by other funds. The Special Revenue Fund is used to fina…

, Using the annual financial report obtained for Exercise 1–1, answer the following questions: a. Report the following ratios, using the text material for the Village of Elizabeth as a guide: (1) Net debt per capita. (2) Net debt to fair value of property. (3) Net debt to assets. (4) Debt service to total expenditures—General and debt service funds. (5) Net assets/expenses. (6) Unrestricted net asse
Answer Preview: Answer: a. (1) Net debt per capita = Total debt/Population = $17,723,944 / 4,700 = $3,767 58 (2) Net debt to fair value of property = Total debt/Fair value of property = $17,723,944 / $157,030,000 = 1…

, Chapter: 7 -Problem: 11 >> With regard to current GASB standards for pension reporting, do the following:a. Distinguish between (1) defined contribution plans and (2) defined benefit plans.b. Distinguish between (1) agent and (2) cost-sharing multiemployer plans.c. Define the following terms: (1) plan fiduciary net position and (2) net pension liability.
Answer Preview: a. (1) Defined contribution plan is a pension plan in which benefits are given within the limit of t…

, Chapter: 6 -Problem: 1 >> Using the annual financial report obtained for Exercise 1–1, answer the following questions: a. Find the Statement of Net Assets for the proprietary funds. Is the Net Asset or the Balance Sheet format used? List the major enterprise funds from that statement. Is the statement classified between current and noncurrent assets and liabilities? Are net assets broken down into the three classifications
Answer Preview: Answer: a. The Statement of Net Assets for the proprietary funds uses the Balance Sheet format. The major enterprise funds listed include the Solid Waste Enterprise Fund, Gas Tax Enterprise Fund, and …

, Chapter: 4 -Problem: 8 >> Lincoln County’s General Fund had two interfund transactions: 1. The General Fund paid $225,000 to the Housing and Urban Development Fund, a special revenue fund that is supported by grants from the federal government on a cost reimbursement basis. The amount is to be repaid to the General Fund as grant proceeds are received from the federal government.2. The General Fund paid $162,000 to the Tour
Answer Preview: Journal Entries in the General Fund: For the payment to the Housing and Urban Development Fund: Debi…

, Chapter: 9 -Problem: 1 >> Obtain an annual report from a public college or university and answer the following questions: a. Does the institution report as a special-purpose entity engaged in (1) governmental- and business-type activities or (2) business-type activities only? Are the financial statements appropriate, based on the choice made by the institution? (The remaining questions assume the institution reports as a s
Answer Preview: Answer: a. The institution reports as a special-purpose entity engaged in business-type activities only. The financial statements are appropriate base…

, Chapter: 10 -Problem: 15 >> Jefferson Animal Rescue is a private not-for-profit clinic and shelter for abandoned domesticated animals, chiefly dogs and cats. At the end of 2019, the organization had the following account balances:The following took place during 2020: 1. Additional supplies were purchased on account in the amount of $16,050. 2. Unconditional (and unrestricted) pledges of support were received totaling $95,000
Answer Preview: a. Journal Entries and Post Entries to T-Accounts: Journal Entries: Purchased additional supplies on account: Debit: Supplies Inventory $16,050 Credit…

, Chapter: 2 -Problem: 10 >> The following water and sewer fund information is available for the preparation of the financial statements for the City of Western Sands for the year ended December 31, 2020:From the information given above, prepare, in good form, a Water and Sewer Fund column for the proprietary fund Statement of Revenues, Expenses, and Changes in Fund Net Position for the year ended December 31, 2020.
Answer Preview: City of Western Sands Water and Sewer Fund Statement of Revenues, Expenses…

, Chapter: 13 -Problem: 16 >> What is the role of a bond-rating agency?
Answer Preview: Rating agencies are institutions that assess the financial strength of l…

, Chapter: 10 -Problem: 11 >> On January 1, 2020, a foundation made a pledge to pay $15,000 per year at the end of each of the next five years to the Cancer Research Center, a nonprofit voluntary health and welfare organization, as a salary supplement for a well-known researcher. On December 31, 2020, the first payment of $15,000 was received and paid to the researcher.1. On the books of the Cancer Research Center, record the
Answer Preview: On the books of the Cancer Research Center, the pledge on January 1, 2020 would be recorded as a li…

, Chapter: 14 -Problem: 8 >> The Mosquito Abatement Commission is a newly organized federal agency with three primary programs: coordinating state government abatement functions, conducting research on mosquito abatement, and promoting abatement through public education. The following information is available at the end of the first quarter (December 31, 2020): Required:Prepare a Statement of Net Cost for the quarter ended De
Answer Preview: ANSWER. Statement of Net Cost For the Quarter Ended December 31, 2020 Programs Amount Government Coo…

,

, Chapter: 13 -Problem: 5 >> Presented below are the computed amounts of ratios for the Village of Riverside example appearing in the chapter.a. Using the financial statements provided in Illustrations 2-5 through 2-11, compute ratios for the City of Salem. Assume the population of Salem is 52,000 and the fair value of property totals $970 million.b. For each ratio, indicate which of the two governments has a stronger financi
Answer Preview: Village of River Side City of Salem Stronger Ratio 1 Financial Position [Government …

, Chapter: 3 -Problem: 1 >> Using the annual report obtained for Exercise 1–1, answer the following questions.a. Look at the Statement of Revenues, Expenditures, and Changes in Fund Balances for the governmental funds. List the revenue source classes. Do they agree with those sources discussed in this chapter? Are expenditures reported by character? List the functional classifications under the current character classificati
Answer Preview: Answer: a. The revenue source classes listed in the Statement of Revenues, Expenditures, and Changes in Fund Balances generally agree with those discussed in the chapter. Expenditures are reported by …

, Chapter: 13 -Problem: 4 >> Use the Web sites provided in Illustration 13–7 to access your high school or school system school report card (or any other school report card of your choice). Answer the following questions:a. What measures of service inputs are presented on the report card?b. What measures of service outputs are presented on the report card?c. What measures of service outcomes are presented on the report card?d
Answer Preview: a. Measures of service inputs presented on the report card may includ…

, Chapter: 7 -Problem: 9 >> The City of St. John operates an investment trust fund for neighboring governments, including St. John County and the independent school district. Assume the investment trust fund began the year 2020 with investments in US government securities totaling $1,200,000, no liabilities, and Restricted Net Position of $1,200,000. Required:a. Record the above transactions in the books of the investment po
Answer Preview: a. Recording the above transactions in the books of the investment pool: Cash (from county and schoo…

, Chapter: 7 -Problem: 15 >> In December 2019, the Hamilton County Board of Commissioners established the Hamilton County OPEB Trust Fund. Retired employees of Hamilton County can participate in postemployment benefits through the Trust. The Trust is a single-employer defined benefit plan. The benefits provided are health insurance and life insurance. In December 2019, the County made a one-time contribution to the fund of $1
Answer Preview: a. Journal Entries 1. The County paid its actuarially determined annual contribution of $8,750,000: Debit: Cash 8,750,000 Credit: Contributions Payable 8,750,000 2. Member (employee) contributions tot…

, Chapter: 9 -Problem: 10 >> Amherst City provides a defined benefit pension plan for employees of the city electric utility, an enterprise fund. Assume that the projected level of earnings on plan investments is $190,000, the service cost component is $260,000, and interest on the pension liability is $170,000 for the year. Actual returns on plan assets for the year were $170,000, and the City is amortizing a deferred outflo
Answer Preview: On the first day of the year, debit Pension Expense for $260,000, credit Pension Liability for $260,…

, Chapter: 5 -Problem: 13 >> The state government established a capital project fund in 2016 to build new highways. The fund is supported by a 5 percent tax on diesel fuel sales in the state. The tax is collected by private gas stations and remitted in the following month to the State. The following transactions occurred during 2020: 1. $2,100,000 of encumbrances outstanding at December 31, 2019, were re-established.2. During
Answer Preview: Based on the transactions provided, the following journal entries would be made in the Capital Proje…

, Chapter: 5 -Problem: 12 >> Jefferson County established a capital project fund in 2019 to build low-income housing with the transfer of $100,000 from the General Fund. A portion of that was expended on engineering studies in 2019. The following transactions occurred during 2020: 1. April 1, 2020, 4 percent bonds with a face value of $800,000 were issued in the amount of $817,000. The bond premium was transferred to the debt
Answer Preview: Solution: Like other governmental funds the capital projects, debt service funds and permanent funds also use an accrual basis of accounting and curre…

, Chapter: 10 -Problem: 14 >> The Blair Museum Association, a nonprofit organization, had the following transactions for the year ended December 31, 2020.1. Cash contributions to the Association for the year included (a) unrestricted, $950,000; (b) restricted for traveling displays, $250,000; (c) restricted by the donor for endowment purposes, $1,400,000; and (d) restricted by the donor for museum security equipment, $470,000.
Answer Preview: a. Journal entries: Cash contributions to the Association: Unrestricted Contributions: Debit: Cash $950,000 Credit: Contributions Revenue - Unrestrict…

, Chapter: 10 -Problem: 10 >> On October 1, 2020, the voluntary Action Agency (which has December 31 fiscal year-end) received a cash contribution of $450,000 restricted to the purchase of buses to be used in transporting senior citizens as part of the organization's "Active Seniors Program," On January 2, 2021, buses were purchased with the $450,000 cash. The buses are expected to be used for five years and have no salvage va
Answer Preview: On October 1, 2020, the voluntary Action Agency received a cash contribution of $450,000, which was …

, Chapter: 2 -Problem: 9 >> The following General Fund information is available for the preparation of the financial statements for the city of Eastern Shores for the year ended September 30, 2020:From the information given above, prepare, in good form, a General Fund Statement of Revenues, Expenditures, and Changes in Fund Balances for the city of Eastern Shores General Fund for the year ended September 30, 2020.
Answer Preview: City of Eastern Shores General Fund Statement of Revenues, Expenditures, and …

, Chapter: 14 -Problem: 4 >> The 2017 financial statements of the U.S. government are available at: https://www.fiscal.treasury.gov/fsreports/rpt/finrep/fr/fr_index.htm Use these to answer the following questions:a. Statement of Net Cost1. What are the three largest government units based on net cost?2. Which government department operates at the largest net profit?b. Statement of Operations and Changes in Net Position3. What
Answer Preview: ANSWER a. Statement of Net Cost 1. The three largest government units based on net cost are Social S…

, Chapter: 13 -Problem: 5 >> Using the annual financial report obtained for Exercise 1–1, answer the following questions:a. Examine the auditor’s report. Is the auditor identified as an independent CPA firm? A state audit agency? Other? Is the wording of the auditor’s report the same as illustrated in this chapter? Does the scope paragraph indicate exactly what is covered by the auditor’s opinion? If the auditor is expressing
Answer Preview: a. To answer this question, the team would need to examine the auditor's report provided in the annu…

, Chapter: 5 -Problem: 11 >> The City of Sharpesburg received a gift of $1,800,000 from a local resident on June 1, 2020, and signed an agreement that the funds would be invested permanently and that the income would be used to maintain the city wildlife preserve and nature center. The following transactions took place during the year ended December 31, 2020:1. The gift was recorded on June 1.2. On June 1, ABC Company bonds w
Answer Preview: a . Transaction 1 : Deb it : Cash $ 1 , 800 , 000 Credit : Un restricted Net Assets $ 1 , 800 , 000 …

, Chapter: 13 -Problem: 3 >> Using the annual financial report obtained for Exercise 1–1, answer the following questions:a. Report the following ratios, using the text material for the Village of Elizabeth as a guide: (1) Net debt per capita. (2) Net debt to fair value of property. (3) Net debt to assets. (4) Debt service to total expenditures—General and debt service funds. (5) Net assets/expenses. (6) Unrestricted net asset
Answer Preview: ANSWER Metric Value Net Debt per capita $2,117 75 Net Debt to Fair Value of Property 7 17% Net Debt …

, Chapter: 5 -Problem: 6 >> A citizen group raised funds to establish an endowment for the Eastville City Library. Under the terms of the trust agreement, the principal must be maintained, but the earnings of the fund are to be used to purchase database and periodical subscriptions for the library. A preclosing trial balance of the library permanent fund follows: a. Prepare any closing entries necessary at year-end.b. Prepar
Answer Preview: ANSWER. a. Closing entries at year-end: Debit Investment Income for $48,000 Credit Expenditures-Subs…

, Chapter: 7 -Problem: 1 >> Using the annual report obtained for Exercise 1–1, answer the following questions:a. Examine the Statement of Fiduciary Net Position. Which fund types are included? Look at the Statement of Changes in Fiduciary Net Position. Has the government refrained from including agency funds in that statement? Are increases and decreases shown as additions and deductions, rather than revenues and expenses? W
Answer Preview: a. The Statement of Fiduciary Net Position includes fund types such as Proprietary Funds (Enterprise Funds and Internal Service Funds), Fiduciary Fund…

, Chapter: 8 -Problem: 1 >> Using the annual financial report obtained for Exercise 1–1, answer the following questions: a. Find the reconciliation between the governmental fund balances and the governmental-type activities net assets. This might be on the governmental fund Balance Sheet or in a separate schedule in the basic financial statements. List the major differences. What is the amount shown for capital assets? How m
Answer Preview: answer a The reconciliation between the governmental fund balances and the governmental-type activities net assets includes the capital assets, which is the amount of $34,619,855. Additionally, the in…

, Chapter: 10 -Problem: 8 >> Presented below is a partially completed Statement of Activities for a homeless shelter. Complete the Statement of Activities by filling in any missing amounts. (Include zero amounts.) Transcribed Image Text: CENTERVILLE AREA HOMELESS SHELTER Statement of Activities For the Year Ended December 31, 2
Answer Preview: Hello CENTERVILA AREA HOMRLESS SHELTER Statement of Activ…

, Chapter: 2 -Problem: 8 >> The following information is available for the preparation of the governmentwide financial statements for the city of Northern Pines for the year ended June 30, 2020:From the previous information, prepare, in good form, a Statement of Activities for the city of Northern Pines for the year ended June 30, 2020. Northern Pines has no component units.
Answer Preview: ANSWER STATEMENT OF ACTIVITIES For the Year Ended June 30, 2020 Governmental Activities: Revenues: P…

,

, Chapter: 9 -Problem: 5 >> Beachfront property owners of the Town of Eden Beach requested a seawall be constructed to protect their beach. The seawall was financed through a note payable, which was to be repaid from taxes raised through a special assessment on their properties. The Town guarantees the debt and accounts for the special assessment through a debt service fund. Assume the special assessments were levied in 2019
Answer Preview: 1. June 30, 2020 Debit: Special Assessment Receivable $150,000 Credit: Deferred In…

, Chapter: 3 -Problem: 12 >> Following are transactions and events of the General Fund of the City of Springfield for the fiscal year ended December 31, 2020. 7. Fund balance on January 1, 2020, was $753,000. There were no outstanding encumbrances at that date.a. Record the transactions using appropriate journal entries.b. Prepare a budgetary comparison schedule for the General Fund.
Answer Preview: The

Additional Information

13 Reviews for Essentials Of Accounting For Governmental And Not-for-Profit Organizations Textbook Questions And Answers