Chap017-baker 36

Chap017-baker 36 - In practice some governmental entities...

Info iconThis preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
Chapter 17 - Governmental Entities: Introduction and General Fund Accounting 17-36 P17-19 Questions on Fund Items [AICPA Adapted] a. 16 $700,000 = $630,000 of current year’s taxes collected plus $70,000 of 20X1 taxes expected to be collected within 60 days after the end of the year b. 8 $170,000 = $80,000 of the restricted grant that has been expended, plus $50,000 in fines plus $40,000 in fees c. 3 $50,000 = the fair and present value of the lease agreement d. 6 $140,000 = the capital outlay for the new police vehicles e. 2 $30,000 = the amount of the transfer in received by the debt service fund and then expended for interest for the year f. 18 $760,000 = $260,000 for governmental services and $500,000 for public safety and welfare services. For this problem, the capital outlay of $140,000 was separately reported in the listing of expenditures.
Background image of page 1
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: In practice, some governmental entities include capital outlays in the general fund as an expenditure under the appropriate functional activity. However, in a capital projects fund, capital outlays are generally separately reported in the expenditures reported on the statement of revenues, expenditures, and changes in fund balances. g. 7 $150,000 = the amount of the state grant. The bond proceeds would be reported as an other financing source. h. 13 $500,000 = the amount of the expenditures in the capital projects fund i. 11 $345,000 = Fund Balance-Unreserved on 1/1/X1 $ 110,000 Add: Grant revenues $150,000 Other financing sources 610,000 760,000 Less: Expenditures $500,000 Fund balance – reserved for encumbrances 25,000 (525,000) Fund Balance – Unreserved on 12/31/X1 $345,000...
View Full Document

{[ snackBarMessage ]}

Ask a homework question - tutors are online