Chapter 18 Selected Problems

Chapter 18 Selected Problems - SOLUTIONS TO EXERCISES E18-1...

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SOLUTIONS TO EXERCISES E18-1 E18-2 [AICPA adapted] E18-3 1 c 1 d 1 b 2 a 2 c 2 a 3 c 3 c 3 a 4 d 4 a 4 d 5 d 5 c 5 b
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E18-4 E18-5 E18-6 1 c 1 c 1 trust and agency funds 2 b 2 b 2 enterprise funds 3 d 3 d 3 general funds 4 c 4 b 4 debt service funds 5 d 5 d 5 permanent funds 6 special revenue funds 7 internal service funds 8 capital projects funds E18-7 1 Current assets -30,000 Current liabilities +2,500 Fund balance -32,500 2 Current assets +98,000 Current liabilities -- Fund balance +98,000 3 Current assets +60,000 Current liabilities +60,000 Fund balance -- 4 Current assets -63,150 Current liabilities -60,000 Fund balance -3,150 Assumes repayment during the same year borrowed. If the note had not matured by the end of the year of the borrowing, interest expenditures and interest payable would be accrued. 5 Current assets +600,000 Current liabilities -- Fund balance +600,000 At the same time a memo entry will be made noting a liability in the long-term debt records. This is used to prepare the governmentwide statements where long-term debts are recorded in governmental funds. 6 Current assets -25,000 Current liabilities -- Fund balance -25,000 At the same time a memo entry will be made noting an asset in the fixed asset records. This is used to prepare the governmentwide statements where fixed assets are recorded in
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This note was uploaded on 04/11/2011 for the course ECON 3200 taught by Professor Azevedo during the Spring '11 term at UCM.

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Chapter 18 Selected Problems - SOLUTIONS TO EXERCISES E18-1...

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