4. A city’s General Fund makes an interest-free advance to an Internal Service Fund (ISF). The...
4. A city’s General Fund makes an interest-free advance to an Internal Service Fund (ISF). The ISF must repay the advance in 4 years. How should ISF report the advance? a. as a revenue on the statement of revenues, expenses, and changes in fund net assets b. as a liability on the statement of net assets c. as a capital contribution on the statement of revenues, expenses, and changes in fund net assets d. as contributed capital on the statement of net assets
Homework Answers
Option b. as a liability on the statement of net assets
Reason: Since the debt is repayable in 4 years, it shown in the liabilities side , sub heading long term liabilities and due in more than one year.
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4. A city’s General Fund makes an interest-free advance to an
Internal Service Fund (ISF). The...
2-17 A city’s General Fund transfers resources to the Debt Service Fund. How should the transfer...
2-17 A city’s General Fund transfers resources to the Debt Service Fund. How should the transfer out of the General Fund and into the Debt Service Fund be reported in the governmental funds statement of revenues, expenditures and changes in fund balance? a. As expenditures of the General Fund and revenues of the Debt Service Fund b. As adjustments of the beginning of year fund balances of both funds c. They should not be reported because the transfers out and...
1) An internal service fund received an interfund transfer of $50,000 cash from the general fund....
1) An internal service fund received an interfund transfer of $50,000 cash from the general fund. This transfer should be reported in the statement of revenues, expenses, and changes in fund net position as a) An account payable. b) An item below non-operating revenues and expenses. c) A revenue. d) An other financing source. 2) If the government is merely a cash conduit, grants that are to be transferred to secondary recipients by a local government should be accounted for...
The required statements for an Internal Service Fund include a Statement of a. Changes in net...
The required statements for an Internal Service Fund include a Statement of a. Changes in net assets b. Revenues, Expenditures and Changes in Fund Balance c. Revenues, Expenditures, and Changes in Net Assets d. Revenues, Expenses, and Changes in Net Assets
Question text Internal Service Fund Financial Statements At the beginning of fiscal year 2014, the City...
Question text
Internal Service Fund Financial Statements
At the beginning of fiscal year 2014, the City of Wooster
established a central supplies storehouse to service its several
funds. The general fund contributed $26,000,000 (nonrefundable) to
aid in the establishment of the supplies storehouse. It was agreed
that the storehouse would charge other funds for the purchase price
of supplies plus 15%. During the year, the storehouse purchased
$22,000,000 of supplies, paid operating expenses of $3,000,000, and
billed other funds for...
1.) Assume that an Enterprise Fund contributed $85,000 to the General Fund for operations. The money...
1.) Assume that an Enterprise Fund contributed $85,000 to the General Fund for operations. The money is not intended to be a loan. Which of the following statements is true? Select one: a. The Enterprise Fund will report capital contributions of $85,000. b. The Enterprise Fund will report expenses of $85,000. c. The Enterprise Fund will report other financing uses of $85,000 d. The Enterprise Fund will report advances of $85,000. e. The Enterprise Fund will report transfers out of...
- Akron established an internal service fund for its data processing activities on July 1, 20...
- Akron established an internal service fund for its data processing activities on July 1, 20 During the fiscal year ended June 30, 20X9, the following transactions and events occurred 1) On July 1, 20X8, the city council authorized the general fund to contribute $1,000,000 to establish the internal service fund on July 20, 20X8. 2) The internal service fund spent $900,000 of the contribution to acquire a mainframe com on July 25, 20X8. 3) During the year ended June...
Internal Service Fund Financial Statements At the beginning of fiscal year 2014, the City of Wooster...
Internal Service Fund Financial Statements
At the beginning of fiscal year 2014, the City of Wooster
established a central supplies storehouse to service its several
funds. The general fund contributed $26,000,000 (nonrefundable) to
aid in the establishment of the supplies storehouse. It was agreed
that the storehouse would charge other funds for the purchase price
of supplies plus 15%. During the year, the storehouse purchased
$22,000,000 of supplies, paid operating expenses of $3,000,000, and
billed other funds for $21,275,000. All...
The City of Southern Pines maintains its books so as to prepare fund accounting statements and...
The City of Southern Pines maintains its books so as to prepare fund accounting statements and records worksheet adjustments in order to prepare government-wide statements. As such, the City’s internal service fund, a motor pool fund, is included in the proprietary funds statements. Balance sheet asset accounts include: Cash, $92,000; Investments, $135,400; Due from the General Fund, $16,300; Inventories, $353,000; and Capital Assets (net), $1,042,700. Liability accounts include: Accounts Payable, $54,500; Long-Term Advance from Enterprise Fund, $654,000. The only transaction...
6–C. Part 1. Internal Service Fund Transactions The Stores and Service Fund of the City of...
6–C. Part 1. Internal Service Fund Transactions The Stores and Service Fund of the City of Monroe had the following account balances as of January 1, 2017: Debits Credits Cash $28,000 Due from other funds 27,000 Inventory of supplies 27,500 Land 18,000 Buildings 84,000 Accumulated depreciation—buildings $30,000 Equipment 46,000 Accumulated depreciation—equipment 25,000 Accounts payable 19,000 Advance from water utility fund 30,000 Net position 126,500 Totals $230,500 $230,500 Required: a. Open a general journal for the City of Monroe Stores and...
Required: a. Open a general journal for the City of Monroe Stores and Service Fund and record the...
Required:
a. Open a general journal for the City of Monroe Stores and Service
Fund and record the following transactions.
(1) A budget was prepared for FY 2017. It was estimated that the
price charged other departments for supplies should be 1.25% of
cost to achieve the desired breakeven for the year.
(2) The amount due from other funds as of January 1, 2017, was
collected in full.
(3) During the year, supplies were ordered and received in the
amount...
Question text
Internal Service Fund Financial Statements
At the beginning of fiscal year 2014, the City of Wooster
established a central supplies storehouse to service its several
funds. The general fund contributed $26,000,000 (nonrefundable) to
aid in the establishment of the supplies storehouse. It was agreed
that the storehouse would charge other funds for the purchase price
of supplies plus 15%. During the year, the storehouse purchased
$22,000,000 of supplies, paid operating expenses of $3,000,000, and
billed other funds for...
- Akron established an internal service fund for its data processing activities on July 1, 20 During the fiscal year ended June 30, 20X9, the following transactions and events occurred 1) On July 1, 20X8, the city council authorized the general fund to contribute $1,000,000 to establish the internal service fund on July 20, 20X8. 2) The internal service fund spent $900,000 of the contribution to acquire a mainframe com on July 25, 20X8. 3) During the year ended June...
Internal Service Fund Financial Statements
At the beginning of fiscal year 2014, the City of Wooster
established a central supplies storehouse to service its several
funds. The general fund contributed $26,000,000 (nonrefundable) to
aid in the establishment of the supplies storehouse. It was agreed
that the storehouse would charge other funds for the purchase price
of supplies plus 15%. During the year, the storehouse purchased
$22,000,000 of supplies, paid operating expenses of $3,000,000, and
billed other funds for $21,275,000. All...
Required:
a. Open a general journal for the City of Monroe Stores and Service
Fund and record the following transactions.
(1) A budget was prepared for FY 2017. It was estimated that the
price charged other departments for supplies should be 1.25% of
cost to achieve the desired breakeven for the year.
(2) The amount due from other funds as of January 1, 2017, was
collected in full.
(3) During the year, supplies were ordered and received in the
amount...
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