City’s General Fund Accounting Assingment Help With Solution
1. A City’s General Fund has the following net resources at December 31, 2015:
• Total assets of $846,000 and liabilities of $137,500.
• $400,000 rainy day fund approved by the township governing board
• $3,600 of supplies inventory
• $15,000 state grant for snow removal
• $120,000 contractual obligations for capital projects
• $66,000 of outstanding encumbrances representing purchase orders which will be paid from the General Fund
Required:
Prepare the fund balance section of the Balance Sheet
2. The following information was available for the General Fund of the City of New Yankee for the Year Ended December 31, 2015:
(a) Revenues for the year included property taxes in the amount of $6,612,000, fines and forfeits in the amount of $700,000, and miscellaneous in the amount of $400,000.
(b) Expenditures from current appropriations included: general government, $4,847,000; public safety, $1,924,000; culture and recreation, 812,000.
(c) In addition to (b) above, expenditures related to prior year appropriations (encumbered last year) amounted to $40,000 (public safety). Encumbrances issued this year but not filled amounted to $60,000 (general government).
(d) A transfer was made from the General Fund to a debt service fund in the amount of $500,000. A transfer was made from an enterprise fund to the General Fund in the amount of $450,000.
(e) A sale of park land was made during the year, which was considered infrequent but not unusual and under the control of management. The proceeds amounted to $126,000, and the land had a basis of $90,000 reported in the government-wide Statement of Net Position the year before.
(f) Beginning balances included Fund Balance in the amount of $222,000.
Required:
Prepare a Statement of Revenues, Expenditures, and Changes in Fund Balances for the General Fund for the City of New Yankee for the Year Ended December 31, 2015.
3. The City of GWB had the following pre-closing account balances in its General Fund as of April 30, 2015. Debits and credits are not separated; each account had its “normal” balance. Among the expenditures recorded this year is an amount expended on supplies ordered at the end of the previous year. Assume that encumbrances do not lapse and that the City failed to make the journal entry(s) necessary to re-establish the encumbrance in the current year.
Required:
(a) Prepare all entries necessary to close the General Fund of the City of GWB.
(b) Prepare a Statement of Revenues, Expenditures, and Changes in Fund Balance for the General Fund for the City of GWB for the Year Ended April 30, 2015. End with the ending fund balance. This is the GAAP operating statement.
How it Works
How It works ?
Step 1:- Click on Submit your Assignment here or shown in left side corner of every page and fill the quotation form with all the details. In the comment section, please mention product code mentioned in end of every Q&A Page. You can also send us your details through our email id support@assignmentconsultancy.com with product code in the email body. Product code is essential to locate your questions so please mentioned that in your email or submit your quotes form comment section.
Step 2:- While filling submit your quotes form please fill all details like deadline date, expected budget, topic , your comments in addition to product code . The date is asked to provide deadline.
Step 3:- Once we received your assignments through submit your quotes form or email, we will review the Questions and notify our price through our email id. Kindly ensure that our email id assignmentconsultancy.help@gmail.com and support@assignmentconcultancy.com must not go into your spam folders. We request you to provide your expected budget as it will help us in negotiating with our experts.
Step 4:- Once you agreed with our price, kindly pay by clicking on Pay Now and please ensure that while entering your credit card details for making payment, it must be done correctly and address should be your credit card billing address. You can also request for invoice to our live chat representatives.
Step 5:- Once we received the payment we will notify through our email and will deliver the Q&A solution through mail as per agreed upon deadline.
Step 6:-You can also call us in our phone no. as given in the top of the home page or chat with our customer service representatives by clicking on chat now given in the bottom right corner.
Features
Features for Assignment Help
We believe in providing no plagiarism work to the students. All are our works are unique and we provide Free Plagiarism report too on requests.
We believe in providing perfect, relevant and 100% accurate solutions to the student as per questions asked. All our experts are perfect in providing that so as to give unique experience to the students.
We are the only service providers boasting of providing original, relevant and accurate solutions. Our three stage quality process help students to get perfect solutions.
All our works are kept as confidential as we respect the integrity and privacy of our clients.
Related Services
- Physics Assignment Help
- Chemistry Assignment Help
- Engineering Assignment Help
- Psychology Assignment Help
- Online exam Help
- Marketing Assignment Help
- Arts Assignment Help
- Sociology Assignment Help
- Project Management Assignment
- Case Study Help
- Nursing Assignment Help
- Research Assignment Help
- Operations Management Assignment help
- Accounting Assignment Help
- Biology Assignment Help
- Mathematics Assignment Help
- English Assignment Help
- Business Plan Help
- Essay Writing Help
- Human Resource Assignment Help
- Accounting Homework Help
- Computer Science Assignment Help
- Finance Assignment Help
- Economics Assignment Help
- Statistics Homework Help
- Management Assignment Help
- Strategy Management Assignment Help
- Auditing Assignment Help
- Information Management Assignment Help
- Online Assignment Writing help
- Best Assignment Help
- Humanities Assignment help
3. The City of GWB had the following pre-closing account balances in its General Fund as of April 30, 2015. Debits and credits are not separated; each account had its “normal” balance. Among the expenditures recorded this year is an amount expended on supplies ordered at the end of the previous year. Assume that encumbrances do not lapse and that the City failed to make the journal entry(s) necessary to re-establish the encumbrance in the current year.
Required:
(a) Prepare all entries necessary to close the General Fund of the City of GWB.
(b) Prepare a Statement of Revenues, Expenditures, and Changes in Fund Balance for the General Fund for the City of GWB for the Year Ended April 30, 2015. End with the ending fund balance. This is the GAAP operating statement.
4. The following transactions occurred in the General Fund of Nassau County. Prepare the journal entry(s) as instructed for each. Assume each item is independent of each other.
A. The total estimated revenue budget for 2015 is $11,000,000 and the total appropriations for 2015 are $9,500,000. Total planned transfer to debt service funds for 2015 is $800,000. Record the budget (without subsidiary ledger detail)
B. Smyth County was able to get a Tax Anticipation Note that was secured by the county’s power to tax. The county borrowed $500,000 and planned to repay the loan as tax collections begin to exceed current disbursements for the year. Upon repayment of the loan the county must pay $12,600 in interest. – Record the Note payable and the later repayment of the note payable
C. Property taxes of $7,000,000 were levied for Nassau County. Assume that 1.5 percent of these taxes are estimated to be uncollectible due to local economic conditions. – Record the entry when the tax is levied
D. During 2015 the billing staff inappropriately had duplicate bills for the same properties in the amount of $23,000. Record the entry to correct this error
E. Upon examining the revenues and expenditures to date, the governing board decided to amend the budget. The revenue budget needs to be decreased by $85,000 and the appropriations should be increased by $65,000. – Record the amendments to the budget when legally approved
F. A review of the Tax Receivable subsidiary ledger indicates the following:
• $20,000 would be received 120 days after year-end
• $45,000 would be received 90 days after year-end
• $22,000 would be received 60 days after year-end
• $21,000 would be received 30 days after year-end
Record the property taxes to be deferred that is required by the GASB
G. The treasurer of Nassau County approved the write-off of delinquent taxes from 2015 totaling $10,200 and related interest and penalties of $750. – Record the write-off of uncollectible delinquent taxes
5. Prepare the General Ledger journal entries for the General Fund for the Village of Well for the year ended December 31, 2015
a. The budget was formally adopted. Estimated revenues are $3,250,000 and appropriations are estimated to be $3,204,500.
b. Revenues were received in the amount of $3,256,500.
c. Purchase orders were issued in the amount of $1,690,000.
d. Purchase orders were filled in the amount of $1,436,500. The invoice amount was $1,443,000.
e. Expenditures, not encumbered, amounted to $1,352,000. (not yet paid)
f. Amounts from d and e are paid.
Product Code :Acc39
To get answer for this question, kindly click here (Note: Don’t forget to write the product code in comment section)
You can also email us at assignmentconsultancy.help@gmail.com but please mentioned product code in the mail body while sending emails.You can browse more questions to get answer in our Q&A sections here.