ch18 - SolutiontoChapter18 E181,2,3,4,6,7,11,P1813 E18-1...

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Solution to Chapter 18 E18‐1,2,3,4,6,7,11, P18‐13 E18-1 Multiple-Choice Questions on Government Financial Reporting 1. a 2. d 3. b 4. a 5. a 6. b 7. a $8,839,000 = assets of $14,839,000 minus liabilities of $6,000,000 8. c $7,150,000 = capital assets (net) of $12,500,000 minus long-term debt of $5,350,000 9. c $1,035,000 = net assets of $8,839,000 minus $7,150,000 minus $654,000 10. a (answers b, c, and d each include a fiduciary fund which is not a major fund) 11. d 12. c
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E18-2 Multiple-Choice Questions on Governmental Funds [AICPA Adapted] 1. d 2. b 3. a 4. c 5. c 6. b E18-3 Multiple-Choice Questions on Proprietary Funds [AICPA Adapted] 1. b 2. d 3. d 4. b 5. c 6. c Prepaid insurance would be reported as an asset. 7. b 8. c 9. c
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E18-4 Multiple-Choice Questions on Various Funds 1. c The additions - investment earnings include the $50,000 of dividends and the $35,000 of interest earned. The contribution is reported as an addition -contributions. 2. a The entries in the trust fund to record the resources spent would appear as follows: Deductions - Benefits 75,000 Vouchers Payable 75,000 Vouchers Payable 75,000 Cash 75,000 3. d 4. d Income is determined as follows: Revenue – Charges for Services $100,000 Operating Expenses (45,000) Depreciation Expense (40,000) Interest Expense (5,000 ) Income $ 10,000 5. c The assets at June 30, 20X7 appear as follows: Cash $ 96,000 Due from Other Funds 7,000 Computer Equipment (net) 610,000 Total Assets $713,000 6. b This is an example of an interfund services provided or used transaction. The general fund would debit expenditures. 7. a This is an example of an interfund services provided or used transaction. The enterprise fund would debit operating expenses. 8. b The net assets would be for the $600,000 transfer in plus the $10,000 of income for the period.
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E18-6 Capital Projects Fund Entries a. Entries for capital projects fund during 20X2: ..1. Receipt of grant, sale of bonds and transfer of premium. January 1, 20X2 . Cash 50,000 Revenue – County Grant 50,000 Receipt of grant from county. January 1, 20X2
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This note was uploaded on 03/26/2011 for the course ACTG 3400 taught by Professor Durkee during the Spring '11 term at Weber.

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ch18 - SolutiontoChapter18 E181,2,3,4,6,7,11,P1813 E18-1...

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