In which of the following circumstances must an enterprise fund be used to account for the...
In which of the following circumstances must an enterprise fund be used to account for the activity?
A newly created electric utility fund will finance its operations by transfer money from general fund To finance the acquisition of plant facilities,
a newly created electric utility issues general obligation debt
To finance the acquisition of plant facilities, a newly created electric utility issues revenue bonds that will be repaid solely from operations of the electric utility.
To acquire needed plant facilities, a newly created electric utility enters into long-term lease agreements
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In which of the following circumstances must an enterprise fund
be used to account for the...
Which of the following transactions creates an expenditure on the General Fund statement of revenues, expenditures,...
Which of the following transactions creates an expenditure on the General Fund statement of revenues, expenditures, and changes in fund balances? a.) a loan to the sewage enterprise fund b.) a transfer of resources to the debt service Fund so the Debt Service Fund can pay debt service on general obligation debt c.) a transfer of resources to the Capital Projects Fund to help pay for a major capital project d.) a purchase from the water enterprise fund
Which statement below is false concerning the reporting for bond issues in the fund statements of...
Which statement below is false concerning the reporting for bond issues in the fund statements of a government? a. Proceeds from bonds issued to finance capital projects are reported as other financing sources in the capital projects fund operating statement. b. Payments of principal and interest on bonds issued by an enterprise fund are accounted for using a debt service fund. c. Payments of principal on general obligation bonds are reported as expenditures in the debt service fund operating statement....
government-wide statements is Simulation Example 4 The following relate to the town of Coupland (dollar amounts in thousands): Equipment used in a vehicle repair service that provides service to othe...
government-wide statements is Simulation Example 4 The following relate to the town of Coupland (dollar amounts in thousands): Equipment used in a vehicle repair service that provides service to other departments on a cost- reimbursement basis; the equipment has a 10-year life with no salvage value $1,400 Property taxes levied and collected $6,300 Hotel taxes (restricted to promotion of tourism) collected $1,200 Proceeds of bonds to build a parking garage that must be repaid from user charges $4,000 Proceeds of...
The following is a Statement of Cash Flows for the risk management internal service fund of...
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 capital necessary for operations. $ 930,000 (125,000) (729,100) 260,500 26,000 (15,500) 346,900 CITY OF WRIGHTVILLE Risk...
Prepare journal entries for a local government to record the following transactions, first for fund financial...
Prepare journal entries for a local government to record the following transactions, first for fund financial statements and then for government-wide financial statements. a. The government sells $992,000 in bonds at face value to finance construction of a warehouse. b. A $1.14 million contract is signed for construction of the warehouse. The commitment is required if allowed. C. A $164,000 transfer of unrestricted funds was made for the eventual payment of the debt in (a). d. Equipment for the fire...
9. For each of the items below, identify which fund(s) would be used to account for...
9. For each of the items below, identify which fund(s) would be used to account for the item and provide a justification for your answer. d. A city government issued general obligation bonds to finance the con- struction of a new jail. b. A tax of $1.00 per residential phone number is collected by a city govern- ment from the phone company. This amount is required by state law to be used for the operation of the 911 emergency phone...
MC11-14. Which of the following is considered an asset in computing the quick ratio? Supplies inventory...
MC11-14. Which of the following is considered an asset in computing the quick ratio? Supplies inventory Prepaid insurance Investments in long-term bonds Certificates of deposit purchased with an original maturity of 30 days MC11-15. What is the basic purpose of calculating the number of days' cash on hand? To determine the speed with which property taxes are collected To determine whether cash should be invested in certificates of deposit To determine how long the cash and short-term investments will be...
I mainly need this last part "preparation of fund financial statements and schedules" thanks! Scenario and...
I mainly need this last part
"preparation of fund financial statements and schedules"
thanks!
Scenario and General Fund budgetary journal entries The scenario: Croton City maintains four governmental-type funds: a General Fund, a Library Special Revenue Fund, a Capital Projects Fund, and a Debt Service Fund. Croton City started its calendar year 2019 with the following General Fund balances (all numbers are in thousands of dollars) Debits Credits Cash Property taxes receivable Salaries payable Deferred property tax revenues Unassigned fund...
Use the following to answer the next six questions: During the fiscal year ended December 31,...
Use the following to answer the next six questions: During the fiscal year ended December 31, 2017. the City of Johnstown issued 6% genera obligation serial bonds in the amount of $2.000.000 at 102 ($2.040,000) and used $1,980,000 of the proceeds to construct a fire station. The $40,000 premium was transferred to a debt service fund. The $20.000 left in the capital projects fund at the end of the project was later transferred to the debt service fund. The bonds...
Discuss the horizontal analysis in the table below, explaining why Cash and Cash equivalents have been...
Discuss the horizontal analysis in the table below, explaining
why Cash and Cash equivalents have been twice in 2018 than 2017
despite cash from Operating Activities falling by almost one third.
And what risks for doing that?
Horizontal Analysis of Cash Flows
Note
2018
2017
Cash flows from operating activities
£m
£m
% change
Cash generated from operations
32
137.5
200.4
(31.4)
Finance income
0.1
0.1
–
Finance costs
(11.1)
(11.2)
(0.9)
Tax received/(paid)
1.3
(16.3)
(108)
Net cash generated...
government-wide statements is Simulation Example 4 The following relate to the town of Coupland (dollar amounts in thousands): Equipment used in a vehicle repair service that provides service to other departments on a cost- reimbursement basis; the equipment has a 10-year life with no salvage value $1,400 Property taxes levied and collected $6,300 Hotel taxes (restricted to promotion of tourism) collected $1,200 Proceeds of bonds to build a parking garage that must be repaid from user charges $4,000 Proceeds of...
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 capital necessary for operations. $ 930,000 (125,000) (729,100) 260,500 26,000 (15,500) 346,900 CITY OF WRIGHTVILLE Risk...
Prepare journal entries for a local government to record the following transactions, first for fund financial statements and then for government-wide financial statements. a. The government sells $992,000 in bonds at face value to finance construction of a warehouse. b. A $1.14 million contract is signed for construction of the warehouse. The commitment is required if allowed. C. A $164,000 transfer of unrestricted funds was made for the eventual payment of the debt in (a). d. Equipment for the fire...
9. For each of the items below, identify which fund(s) would be used to account for the item and provide a justification for your answer. d. A city government issued general obligation bonds to finance the con- struction of a new jail. b. A tax of $1.00 per residential phone number is collected by a city govern- ment from the phone company. This amount is required by state law to be used for the operation of the 911 emergency phone...
I mainly need this last part
"preparation of fund financial statements and schedules"
thanks!
Scenario and General Fund budgetary journal entries The scenario: Croton City maintains four governmental-type funds: a General Fund, a Library Special Revenue Fund, a Capital Projects Fund, and a Debt Service Fund. Croton City started its calendar year 2019 with the following General Fund balances (all numbers are in thousands of dollars) Debits Credits Cash Property taxes receivable Salaries payable Deferred property tax revenues Unassigned fund...
Use the following to answer the next six questions: During the fiscal year ended December 31, 2017. the City of Johnstown issued 6% genera obligation serial bonds in the amount of $2.000.000 at 102 ($2.040,000) and used $1,980,000 of the proceeds to construct a fire station. The $40,000 premium was transferred to a debt service fund. The $20.000 left in the capital projects fund at the end of the project was later transferred to the debt service fund. The bonds...
Discuss the horizontal analysis in the table below, explaining
why Cash and Cash equivalents have been twice in 2018 than 2017
despite cash from Operating Activities falling by almost one third.
And what risks for doing that?
Horizontal Analysis of Cash Flows
Note
2018
2017
Cash flows from operating activities
£m
£m
% change
Cash generated from operations
32
137.5
200.4
(31.4)
Finance income
0.1
0.1
–
Finance costs
(11.1)
(11.2)
(0.9)
Tax received/(paid)
1.3
(16.3)
(108)
Net cash generated...
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