Here is information on a town government's governmental funds at the end of the current year: Fund balances, governmental funds Accumulated depreciation, capital assets Principal of long-term debt Noncurrent accrued compensated absences Capital assets, at cost Net pension and OPEB obligation $14,000,000 22,000,000 Select one: O a. $(20,000,000) O b. $(16,000,000) O c. $32,000,000 O d. $2,000,000 45,000,000 2,000,000 65,000,000 30,000,000 The net position of governmental activities at the end of the current year is:

Here is information on a town government's governmental funds at the end of the current year: Fund balances, governmental funds Accumulated depreciation, capital assets Principal of long-term debt Noncurrent accrued compensated absences Capital assets, at cost Net pension and OPEB obligation $14,000,000 22,000,000 Select one: O a. $(20,000,000) O b. $(16,000,000) O c. $32,000,000 O d. $2,000,000 45,000,000 2,000,000 65,000,000 30,000,000 The net position of governmental activities at the end of the current year is:

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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1. In a county's CAFR for the current fiscal year, governmental activities expenses on the government-wide statement of activities are $200 million and governmental fund expenditures on the governmental funds statement of revenues, expenditures, and changes in fund balances are $225 million.What is a possible reason why expenditures are higher than expenses? Select one: A. Large principal payments on general obligation debt. B. Large accruals of pension benefits not requiring current resources. C. Large amounts of general obligation debt issued. D. Large amounts of depreciation expense on governmental capital assets. 2. For the question below, use the numbers from the following financial statements required in a county government's CAFR to identify where the account is reported: 1. Government-wide statement: Statement of net position 2. Government-wide statement: Statement of activities 3. Fund statement: Balance sheet–Governmental funds 4. Fund statement:…
Below is information on a county's results of operations for the current year, for the general fund. Excess of revenues and other financing sources over expenditures and other financing uses, legal budget basis $6,000,000 Revenues accrued on the modified GAAP basis but not on a budget basis 1,500,000 Outstanding encumbrances of governmental funds, beginning of year 200,000 Outstanding encumbrances of governmental funds, end of year 300,000 Repayment of temporary loan to general fund, reported as revenue only for budget purposes 400,000 Unbudgeted transfers in 30,000 What is the excess of revenues and other financing sources over expenditures and other financing uses for the general fund, on a modified accrual GAAP basis? a. $8,030,000 b. $7,200,000 c. $7,230,000 d. $7,170,000
A governmental fund’s Statement of Revenues, Expenditures, and Changes in Fund Balances reported expenditures for capital outlay in the amount of $5,000,000. Capital assets for that government cost $110,000,000, including $20,000,000 in land. Depreciable assets are amortized over 20 years, on average. The reconciliation from the governmental funds changes in fund balances to the governmental activities change in Net Position would reflect a(an): Multiple Choice A. Increase of $250,000. B. Increase of $500,000. C. Decrease of $250,000. D. Decrease of $500,000.
Effect of different measurement focuses and bases of accounting Following are some of Vista Village’s events during calendar year 2021. For each event, state (a) the amount the Village would report as expenditures if the event occurred in a governmental-type fund and (b) the amount it would report as expenses if the eventoccurred in an Enterprise Fund.1. The amount owed to employees for vacation and sick leave increased from $720,000to $765,000 during the year. Employees are permitted to receive payment for unusedvacation and sick leave days when they retire; at year-end, however, none of the employees had retired.2. At December 31, 2021 interest accrued on outstanding long-term debt amounted to $63,000. The interest was due to be paid on May 1, 2022.
On December 31, Year 1, the following balances were due from the state government to Clare City's various funds: Capital projects $300,000 Special revenue fund $18,000 Investment trust fund100,000 Enterprise 80,000 Custodial fund 100,000 Debt servide fund 100,000 In Clare's December 31, Year 1, financial statements, what amount should be reported in fiduciary funds? $600,000 $400,000. $300,000. $1,050,000
For the following event, prepare journal entries under a governmental fund (using modified accrual), necessary worksheet entries, and government-wide financial statements (using accrual basis of accounting). At year end, additional general obligation bonds were issued at 102 with a face value of $1,000,000. J/E under Modified Accrual Account Debited [Select) Worksheet Entries Account Debited [Select] [Select] Account Credited [Select] [Select] Account Credited [Select [Select] Amount Debited [Select] Amount Debited 1.000.000 [Select) Amount Credited 1,000,000 [Select] Amount Credited 1.000.000 [Select]
Required information [The following information applies to the questions displayed below.] The Village of Seaside Pines prepared the following enterprise fund Trial Balance as of December 31, 2024, the last day of its fiscal year. The enterprise fund was established this year through a transfer from the General Fund. Accounts payable Accounts receivable Accrued interest payable Accumulated depreciation Administrative and selling expenses Allowance for uncollectible accounts Capital assets Cash Charges for sales and services Cost of sales and services Depreciation expense Due from General Fund Interest expense Interest revenue Transfer in from General Fund Bank note payable Supplies inventory Totals Debits Adjustments: $ 29,400 53,000 VILLAGE OF SEASIDE PINES ENTERPRISE FUND Reconciliation of Operating Income to Net Cash Provided by Operating Activities For the year ended December 31, 2024 722,000 98,000 504,000 51,000 17,700 40,900 19,700 $ 1,535,700 Credits $ 112,000 32,600 51,000…
The following information has been provided by the City of Edward for its most recent December 31 fiscal year-end. The information provided relates to financial information needed to reconcile the net change in governmental fund balances to the change in net position of governmental activities. Principal payment on long-term debt Net change in total governmental fund balances Change in net position of governmental activities Capital outlay reported as expenditures Depreciation expense $ 333,791 1,062,777 638,576 111,000 Accrued expenses that do not require use of current financial resources Revenues that do not provide current financial resources 49,059 5,650 34,119 Required Prepare reconciliation of the net change in governmental fund balances to the change in net position of governmental activities for the City of Edward. (Decreases should be indicated with a minus sign.) CITY OF EDWARD Reconciliation of the Statement of Revenues, Expenditures, and Changes in Fund…
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 $69,400 at the end of the previous fiscal year were recognized as property tax revenue in the current yearAc€?cs Statement of Revenues, Expenditures, and Changes in Fund Balance. 2. The City levied property taxes for the current fiscal year in the amount of $10,000,000. When making the entries, it was estimated that 2 percent of the taxes would not be collected. At year-end, $600,000 of the taxes had not been collected. It was estimated that $320,000 of that amount would be collected during the 60-day period after the end of the fiscal year and that $80,000 would be collected after that time. The City had recognized the maximum of property taxes allowable under…
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 $69,400 at the end of the previous fiscal year were recognized as property tax revenue in the current yearAc€?cs Statement of Revenues, Expenditures, and Changes in Fund Balance. 2. The City levied property taxes for the current fiscal year in the amount of $10,000,000. When making the entries, it was estimated that 2 percent of the taxes would not be collected. At year-end, $600,000 of the taxes had not been collected. It was estimated that $320,000 of that amount would be collected during the 60-day period after the end of the fiscal year and that $80,000 would be collected after that time. The City had recognized the maximum of property taxes allowable under…
Associated with its governmental funds, the City of Hogsmeade has (1) beginning long-term debt of $100, (2) current year debt issuances (borrowing) of $20, and (3) current year debt retirement (repayment) of $10. Show the three journal entries to convert the governmental funds to government-wide governmental activities.
! Required information [The following information applies to the questions displayed below.] The Village of Seaside Pines prepared the following enterprise fund Trial Balance as of December 31, 2024, the last day of its fiscal year. The enterprise fund was established this year through a transfer from the General Fund. Accounts payable Accounts receivable Accrued interest payable Accumulated depreciation Administrative and selling expenses Allowance for uncollectible accounts Capital assets Cash Charges for sales and services Cost of sales and services Depreciation expense Due from General Fund Interest expense Interest revenue Transfer in from General Fund Bank note payable Supplies inventory Totals Required A Required B Complete this question by entering your answers in the tabs below. Required C VILLAGE OF SEASIDE PINES ENTERPRISE FUND Statement of Net Position December 31, 2024 Net Position: Net Investment in Capital Assets Unrestricted Total Net Position Debits Required: a.…