Is it mandatory that a governmental entity use a capital project fund for GAAP purposes? E-Mail us at Justassignment gmail. Funds used to make the lease payment came from a capital grant received by the special revenue fund. The capital projects fund to account for the project was designated as the Street Improvement Fund. Following are transaction data for a term bonds issue for the City of Nevin. How would you compare the accounting for enterprise funds with that of a businesses and b governmental funds? Prepare a balance sheet for the Street Improvement Fund as of December 31,
Should the estimated impairment loss be reported as an extraordinary item? What basis of accounting is used to report governmental activities in government-wide financial statements? Actual interest earned on sinking fund investments at year-end June 30, was the same as the amount budgeted [see a 1 and a 3 ]. An appropriation should be provided only for the interest payment due on January 1, Problem Construction Fund Town of Dex. What financial statements must be presented by a government university that engages in only business-type activities?
This amount had not been encumbered.
The grantor specifies that the portion to be received in is not available for use until because there is no guarantee that the federal government will appropriate the portion. Prepare a statement of revenues, expenditures, and changes in fund balance for accr debt service fund for the year ended June 30, The capital projects fund to account for the project was designated as the Street Improvement Fund.
You may ignore the entries that would also be required in the governmental activities general journal at the government-wide level.
All appropriate closing entries were made at June 30, for the debt service fund.
Newer Post Older Post Home. The amount billed by the contractor see Transaction 7 less 5 percent retainage was paid.
InFalts City began work to improve certain streets to be financed by a bond issue and supplemented by a federal grant. Explanations may be omitted.
Prepare a statement of revenues, expenditures, and changes in fund balance for 56 period, assuming that the date of authorization was July 1, What is the budgetary fund balance? You need not provide the journal entry or entries here. Prepare journal entries to record the preceding information in the Town of Dex Recreation Center Construction Fund and the governmental activities general journal at the government-wide level.
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Discuss various situations in which a government has fiduciary responsibility but does not report them in fiduciary funds. E-Mail us at Justassignment gmail. Interest is an expenditure of the capital projects fund and, per GASB standards, will not be capitalized as part of the cost of street improvements. What homwork of activities are recorded under the internal services account? Actual interest homewogk on sinking fund investments at year-end June 30, was the same as the amount budgeted [see a homeworl and a 3 ].
Did the debt service fund perform a debt refunding? Show the entry that should be made in the debt service fund and governmental activities journal to record the second lease payment. Show the entry that should be made in a capital projects fund at the inception of the lease after the initial payment has been made.
ACCT Week 5 Homework Case study (KELLER)
As a special item? No money was immediately available for paying these costs credit Vouchers Payable. For each entry you prepare, name the fund in which the entry should be made. Round all amounts to the nearest whole dollar. Assuming the budget was not amended, what was the budgetary journal entry recorded at the beginning of the fiscal year? Cash received during was as follows: This interest adds to the sinking fund balance. How would you compare the accounting for enterprise funds with that of a businesses and b governmental funds?
Debt Service Fund Trial Balance. In what significant way do financial audits in government and not-for-profit organizations differ from those carried on in businesses? Prepare in general journal form the necessary entries in the governmental activities and appropriate fund journals for each transaction.
ACCT 567 WEEK 2 CASE STUDY I
How does the adoption of a budget in a governmental entity differ from the adoption of a budget by a commercial enterprise? Fiscal year-end closing entries were prepared. The bond anticipation notes and interest thereon were repaid see Transaction 1.