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PROBLEM 1. a. Describe the basic accounting for private not-for-profit groups promoted by FASB Statement No. 117 including a brief description of the three net asset classes. b. Indicate in which of the net asset classes the following transactions belong: 1. Donor makes gift to not-for profit which must be invested and maintained in perpetuity 2. Income Earned on.
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15.The following selected events occurred in Hershey City's Internal Service Fund for its automobile fleet: a. An automobile fleet Internal Service Fund was established. The General Fund provided $85,000 for its working capital. Of this amount, $40,000 is to be repaid in equal annual installments over a five-year period. The remaining $45,000.
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17.The following activities took place in the city of Littlewood during 20X2. Make the necessary journal entries to account for these transactions, including the year end closing entry. Littlewood does not utilize an encumbrance system. a. The budget for 20x2 was approved.      Estimated Revenues $1,300,000      Estimated Other Financing Sources 50,000      Estimated Operating Expenditures 800,000      Estimated.
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8.The City of Franklin has adopted the General Fund budget for the next fiscal year. The details of the budget are: Revenue and other financial sources: Property taxes $500,000 Fines 50,000 State and federal grants 75,000 Estimated receipt of funds from the closing of the Municipal Swimming      Pool, account for as an Enterprise Fund 15,000 Estimated receipt from Water.
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5.The Village of Applegate General Fund has the following accounts: a. Budgetary Fund Balance b. Property Taxes Receivable c. Fund Balance Reserved for Encumbrances d. Vouchers Payable e. Expenditures f. Other Financing Source--Bond Proceeds g. Appropriations h. Investments i. Unreserved--undesignated Fund Balance Required: Identify the normal balance expected for each account during the fiscal year before closing entries. Select from debit, credit or either. 6.What is the concept of interperiod equity? 7.The.
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11.An enterprise fund should be used to account for a. a free city-run swimming pool paid for with property tax. b. a city-run water utility serving the general public. c. any activity which the city plans to sell to external users for a fee either now or in the future. d. Both b and c are correct. 12.Which of.
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2.On July 1, 20X5, Rhodes City approved the construction of a new library costing $8,000,000. The project was to be financed with a $4,000,000 general obligation bond issue and a matching state grant. Required: Record the following events in the Capital Project Fund for Rhodes City during 20X5. a. The city estimated that approximately.
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Gotham City General Fund Trial Balance June 30, 20X9 Debit Credit Cash 230,000 Taxes Receivable--Current 150,000 Allowances for Uncollectible Taxes--Current 10,000 Taxes Receivable--Delinquent 25,000 Allowances for Uncollectible Taxes--Delinquent 20,000 Inventory of Supplies 55,000 Vouchers Payable 110,500 Tax Anticipation Notes Payable 100,000 Fund Balance--Reserved for Inventory of Supplies 55,000 Fund Balance--Unreserved, Undesignated 50,000 Revenues 2,455,000 Expenditures 2,255,000 Other Financing Sources 110,000 Other Financing Uses 95,500 Encumbrances 125,000 Fund Balance--Reserved for Encumbrances 125,000 Estimated Revenues 2,450,000 Appropriations 2,300,000 Estimated Other Financing Sources 110,000 Estimated Other Financing Uses 96,000 Budgetary Fund Balance    164,000 5,545,500 5,545,500 The Inventory of Supplies and Fund.
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PROBLEM 1.The following summary events are for the Village of Carsonville: a. The annual budget for the Special Revenue fund was adopted as follows: Estimated Revenues $170,000 Appropriations $150,000 b. The state transfers $160,000 to the city for its current year's share of gasoline tax. c. $148,000 was spent on road repairs and maintenance during the year. d. Closing entries are made for.
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11.Which of the following organizations would be classified as a voluntary health and welfare organization? a. the local ballet company b. the Sierra Foundation, an environmental organization c. a private elementary school d. a synagogue 12.Currently, which of the following has jurisdiction over accounting and financial reporting standards for voluntary health and welfare organizations? a. The Governmental Accounting Standards Board b. The Financial.
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MULTIPLE CHOICE 1.The GASB Statement No. 34 reporting model includes, but is not limited to which of the following reports? a. Government-wide financial statements b. a management discussion and analysis section c. funds based financial statements d. all of the above 2.Required supplementary information includes all of the following except for: a. A budgetary comparison statement or schedule b. Management discussion and analysis c. pension related.
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PROBLEM 1.Why should a city be concerned with generally accepted accounting principles (GAAP)? 2.What is infrastructure and where would it be accounted for? 3.Explain why governmental funds use budgetary accounts. 4.Describe the three basic fund types and account groups and explain what changes, if any, the adoption of GASB standard #34 has made on.
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3.On 1-1-01, the City of Midville received $100,000 from a citizen, who specifies the principal amount should remain intact. Earnings on the principal are to be used for park beautification projects and upkeep. Required: Record the following events in the appropriate Permanent Fund and Special Revenue Fund, as necessary. a. The deposit is made.
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MULTIPLE CHOICE 1.Capital improvements which are financed by special assessment debt for which the government is obligated in some manner would be recorded in the General Fixed Assets Account Group as a(n) a. debit to Expenditures. b. debit to Assets for the portion owned by the government. c. investment in General Fixed Assets--Capital Project Funds. d. Bonds Payable. 2.Which of.
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11.Consider the following transactions: a. The Cline County Tax Agency Fund was established to account for the county's responsibility of collecting Brent City and Cline County property taxes. The levies for 20X1 were $800,000 for the County General Fund and $400,000 for the City General Fund. b. Collections were $750,000 (in proportion to levies). c. The.
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20.Consider the following events: a. The General Fund vouchered the purchase of trucks for $65,000. The purchase had been encumbered earlier in the year at $60,000. b. Several years ago, equipment costing $15,000 was acquired with General Fund Revenues. It was sold for $5,000, with proceeds belonging to the General Fund. c. Early in the year,.
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13.              Luc, Denis, and Rollande have capital balances of $30,000, $70,000, and $15,000, respectively. The partners share profits/losses 2:6:2. All assets book values equal market except as noted. The partnership agreement states the bonus method is to be used to account for partner sale of interest to the partnership. Required: Calculate Luc's.
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MULTIPLE CHOICE 1.What is the cornerstone of external financial reporting for governmental units and not-for-profit organizations? a. show the flow of financial resources b. to determine profit or loss c. to compare budgeted to actual resources d. Accountability 2.A primary distinction between the flow of resources through a business enterprise and through a governmental entity is that operations in a.
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14.Consider the following transactions: a. The city government approved a $1,500,000 addition to the library to be financed by a $1,000,000 general obligation bond issue and a $500,000 state grant. The city anticipated that the proceeds from both the bond sale and the grant would be received in 20X1. It is also.
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15.The ALPHA, BETA, AND DELTA partnership has total assets of $260,000. Capital balances for partners ALPHA, BETA, and DELTA are $50,000, $30,000, and $50,000, respectively. The profit/loss percentages for partners ALPHA, BETA, and DELTA are 30%, 40%, and 30%, respectively. Included in the liabilities is a $9,000 loan payable to.
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21.Assume that investments in an Endowment Fund are being carried at market value. The annual net appreciation of investments should: a. not be recognized until realized. b. be recorded as investment revenue. c. be recorded as deferred revenue. d. be credited directly to the Endowment Fund Balance. 22.The American Heart Association is having its annual Heart Ball. The ball.
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6.Rankin City established a Central Printing and Reproductions Fund during the fiscal year ending 6/30/05. Transactions affecting the fund are as follows: a. The fund was established with a $100,000 contribution from the General Fund on 7/1/04. The transfer will be recorded as Contributed Capital for the fund. The operation is conducted.
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16.For each of the following items, either the journal entry for the original event or the journal entry involving only periodic adjustments to the fund balance accounts for a city's Pension Trust Fund is provided. Required: Prepare the missing journal entry or indicate that no entry would be made. Omit explanations. Journal Entries.
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18.On July 1, 20X0, the beginning of its fiscal year, the trial balance of the General Fund of the City of St. Bea was as follows: Cash 20,000 Tax Receivable--Delinquent 120,000 Allowances for Uncollectible Delinquent Taxes 12,000 Interest and Penalties Receivable on Taxes 8,000 Allowance for Uncollectible Interest and Penalties 800 Due from Other Funds 28,000 Vouchers Payable 87,200 Fund Balance Reserved for Encumbrances 16,000 Fund Balance--Unreserved,.
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7.Consider the following events: a. A portion of the property tax levied was directly earmarked for, and previously recorded in, the Debt Service fund. Of these property taxes, $6,600 was previously reclassified as delinquent. From the delinquent taxes, $5,000 is now collected, with the balance considered uncollectible. An allowance for uncollectible delinquent.
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5.The City of Warwick authorized a project to modernize its street lighting. a. The project will take approximately nine months to complete and will cost $290,000. The project will be financed by a $60,000 grant from the federal government and a $15,000 transfer from the General Fund. In addition, the city will.
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MULTIPLE CHOICE 1.Which of the following is NOT a required characteristic of a private not-for-profit organization per the definition given by the AICPA? a. no owners or shareholders b. an operating purpose other than making a profit c. an organization dedicated to service of the public good d. Significant contributions from providers who do not expect reciprocal goods or.
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11.The partnership of Alt, Brown, and Carns has total assets and liabilities of $30,000 and $25,000, respectively. Information relating to the partners is as follows: Alt Brown Carns Total personal assets $90,000 $20,000 $12,000 Total personal liabilities 60,000 15,000 15,000 Partnership capital balance      (deficit) 10,000 (2,000) (3,000) Required: a. Assuming that the Uniform Partnership Act is applicable, indicate how the partners' personal.
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5.By placing a check mark in the appropriate column, indicate all of the funds of a voluntary health and welfare organization in which the following events might correctly be recorded. (Hint: An event may require entries in more than one fund.)    Current Funds   Plant Endowment Event Unrestricted Restricted Fund      Fund     a. Allocation of expenses.
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9.The City of Light Falls operates a centralized garage and charges the other departments on a per-mile basis for the purchase and maintenance of most city-owned vehicles. Required: Make journal entries to record the following selection of transactions concerning the motorpool during the following year: a. Salaries of $360,000 were paid during the year. b. A.
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14.Rogers, Davis, and Smukalla have capital balances of $50,000, $26,100, and $10,900, respectively. The partners share profits/losses equally. Required: Calculate Rogers' new capital balance resulting from each of the following independent situations: Situation 1: Smukalla sells his interest in the partnership to Rogers for $25,000. Situation 2: Meyers purchases a one-fourth interest from the partnership for.
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13.Place a check mark in the appropriate column to indicate in which of the following funds and accounts groups the given accounts would commonly be found:                       Funds                      Debt Capital Account Title General Service Projects Enterprise (1) Cash _______ _______ _______ _______ (2) Buildings _______ _______ _______ _______ (3) Improvements other than buildings _______ _______ _______ _______ (4) Depreciation expense _______ _______ _______ _______ (5) Construction in process _______ _______ _______ _______ (6) Amount available in Debt Service Fund _______ _______ _______ _______ (7) Vouchers payable _______ _______ _______ _______ (8) Matured bonds payable _______ _______ _______ _______ (9) General obligation bonds payable _______ _______ _______ _______ (10) Fund balance--reserved for encumbrances _______ _______ _______ _______    Account Groups   General General Fixed Long-term Account Title Assets.
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21.The following transactions occurred in the City of Maineville during 20X1: a. General obligation term bonds with a face value of $2,500,000 were sold for $2,550,000. The proceeds from the bond issue were to be used to construct a new library and were received by the Capital Projects Fund. b. $200,000 was transferred from.
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PROBLEM 1.GASB Statement No. 34 requires a separate set of financials statements for each of the three categories of funds. Prepare an analysis of the basic types of fund categories, what the measurement focus is and the basis of accounting, and which basic financial statements are needed. 2.From the following information, prepare.
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21.Property taxes in the amount of $3,000,000 are billed to city property owners. It is estimated that two percent will prove to be uncollectible. In recording this event, a. estimated Revenues would be credited for $2,940,000. b. bad Debts would be debited for $60,000. c. tax Liens Receivable would be debited for $60,000. d. allowance for Uncollectible Current.
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8.The following are selected activities for the Monterey City Natural Gas Company, a governmental entity: a. Billing for the year: To outside customers $400,000 To other Monterey City funds 70,000 b. Service provided to outside customers but not billed by year end totaled $28,000. c. During the year, $2,500 was collected from new customers as a refundable connection fee. d. The utility.
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18.Given the following information for the City of Youngstown Municipal Golf Course: Cash Balance 1/1/01 $  25,000 User Fees-Green Fees 375,000 Net Repayment-Revolving Loan 35,000 Operating Transfer Out-General Fund (property taxes) 50,000 User Fees-League Fees and outings 100,000 User Fees-Memberships 25,000 Cash Expenses Paid to suppliers 95,000 Interest/Dividends Received 12,000 Acquisition/Improvement to Clubhouse 75,000 Cash Expenses Paid to employees 105,000 Cash Expenses Paid Maintenance and Upkeep 100,000 Principal and Interest Payments on Bond 50,000 Prepare.
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10.A Nonexpendable Trust Fund was established to help pay for Little League baseball. A total of $100,000 was donated to Babe City. The earnings, not the principal, from the donation could be used to fund baseball. Required: Make the entries and identify the fund into which the following transactions should be made: a. The.
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3.The City of Terrytown reports the following information: Government Activities: General-Direct Expenses $  85,000 Police-Direct Expenses 115,000 Fire Safety-Direct Expenses 95,000 Public Works-Direct Expenses 185,000 Recreation-Direct Expenses 75,000 Library-Direct Expenses 140,000 Interest on Long term Debt-Direct 30,000 Police-Indirect Allocation 20,000 Fire Safety-Indirect Allocation 25,000 Public Works-Indirect Allocation 25,000 Recreation-Indirect Allocation 10,000 Library-Indirect Allocation 20,000 Charges for Police service 90,000 Charges for Fire Safety 50,000 Charges for Public Works 105,000 Charges for Library 25,000 Charges for Recreation 45,000 Operating Grants for Fire Safety 15,000 Capital Grants for Library 75,000 There are.
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11.Goods ordered and originally encumbered at $7,500 were received with an invoice price of $7,700. In recording this event, a. Encumbrances would be debited for $200. b. Fund Balances--Reserved for Encumbrances would be debited for $7,500. c. Expenditures would be debited for $7,500. d. Appropriations would be debited for $200. 12.Property taxes are recorded as revenue in the General.
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13.Using the information in Figure 15-1, prepare a Statement of Revenues, Expenditures, and Change in Fund Balance--Budget and Actual for the General Fund for Gotham City for the year end June 30, 20X9. 14.Using the information in Figure 15-1, prepare the closing entries for the General Fund of Gotham City on.
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17.The following selected events occurred in the City of Canterbury. a. On December 31, 20X7, $250,000 was transferred from the General Fund to establish a central garage to service the city's vehicles. Of this amount, $150,000 was spent on January 2, 20X8, to acquire a building with an estimated life of 25.
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10.The following transactions were made by Cape City: August 1, 20X9 A wealthy business person donates a downtown office building to Cape City. Its fair market value is $2,500,000. The city intends to sell the building. August 15, 20X9 The city purchases a warehouse to be used for storage and pays $1,500,000 from the.
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12.Richardson and George have been partners in the medical supply business since July 18, 20X3. Since the formation of the partnership, profits and losses have been shared in the ratio of 55:45, respectively. Capital balances on December 31, 20X7, were $159,000 for Richardson and $106,000 for George. They have agreed.
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11.Which of the following is NOT a classification of the equity accounts of a proprietary fund? a. Equity invested in capital assets, net of related debt b. Equity restricted both externally and internally c. Equity encumbrances d. Equity unrestricted 12.Under the  requirements for a Statement of Cash Flow, what sections must be included in the statement? 1) Operating Cash Flows 2) Cash Flows.
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19.The pre-closing trial balance of the General Fund of Volter Village at the end of its fiscal year, June 30, 20X1, is as follows: Cash 19,800 Tax Receivable--Delinquent 40,000 Allowance for Uncollectible Delinquent Taxes 8,400 Vouchers Payable 19,000 Fund Balance--Reserved for Encumbrances 22,000 Fund Balance--Unreserved, Undesignated 46,000 Revenues 201,600 Expenditures 215,200 Encumbrances 22,000 Estimated Revenues 200,000 Appropriations 196,000 Budgetary Fund Balance--Unreserved     4,000 497,000 497,000 Required: a. Prepare closing entries. b. Prepare a statement of revenues, expenditures, and changes in fund.
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ESSAY 1.The City of Newport operates its own solid waste landfill and charges fees to users who dump solid waste in the landfill. When should estimated costs for closure and postclosure care be accounted for? 2.What reporting is required for the accounting for employee Pension Trust Funds. 3.What is escheat property and how.
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