Ch_02_Illustrative_Entries-Relationship_among_Funds

Ch_02_Illustrative_Entries-Relationship_among_Funds - The...

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Relationships among Funds 1.A City collected $900 million in general property taxes. 2.It incurred general wages and salary expenditures of $450 million. 3.It purchased and used supplies of $40 million. 4.It collected $40 million in hotel occupancy taxes that must be used to promote tourism. 5.It transferred $30 million to establish a vehicle repair center. The center will be operated as an "independent" business, billing city departments for services provided. Chapter 2
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Funds Page 2 of 3 6.It purchased police cars and other vehicles for $3 million cash. 7.It issued $200 million in bonds to finance the purchase or construction of administrative buildings, highways, and street improvements.
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Unformatted text preview: The cash was placed in the fund restricted for acquisition of capital assets. 8.With the bond money, it purchased an office building for $15 million. 9.It transferred $20 million to the fund restricted for debt service. Chapter 2 Funds Page 3 of 3 10.The City collected $30 million of taxes on behalf of a school district. 11.The City received a cash donation of $6 million to support a government-operated Nature Discovery Center. Income only from any investments purchased with the cash can be expended. 12.The vehicle repair service center billed, and collected from, the police, fire and sanitation departments $1 million for the services provided. Chapter 2...
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This note was uploaded on 09/13/2011 for the course ACCT 504 taught by Professor Staff during the Spring '11 term at S.F. State.

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Ch_02_Illustrative_Entries-Relationship_among_Funds - The...

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