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chap007 - Chapter 7 7.1 The answers to this and to the...

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Chapter 7 7.1. The answers to this, and to the first exercise of Chapters 1–6 and 8–9 will vary from student to student, assuming each has a different CAFR. 7-2. 1. D. There is no fund equity in agency funds 2. D. 3. B. 4. C. 5. B. 6. D. 7. C. 8. A. 9. B. 10. D. 7-3. 1. C. 2. D. 3. D. 4. A. 5. C. 6. C. 7. C. 8. D. assets held by outside trustees would not be included in the government’s statements. 9. A. 10. B. 7-1
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7-4 (A). BENTON COUNTY TAX AGENCY FUND GENERAL JOURNAL FY 2006/2007 Debits Credits 1. Taxes Receivable for Other Governments-Current Due to Other Funds and Units $40,800,000 $40,800,000 2. Cash Taxes Receivable for Other Governments-Current 19,544,000 19,544,000 3. Due to Other Funds and Units Due to Benton County General Fund Due to City of Thomas Due to City of Hart Due to Benton County School District Due to Various Special Districts 19,544,000 195,440 4,029,300 1,007,820 11,357,280 2,954,160 Computations: Amount Collected Adjustment For Fee Net Due Benton County General Fund City of Thomas City of Hart School District Various Special Districts Totals 4,070,000 1,018,000 11,472,000 2,984,000 $19,544,000 195,440 (40,700) (10,180) (114,720) (29,840) -0- $ 195,440 4,029,300 1,007,820 11,357,280 2,954,160 $19,544,000 4. Due to Benton County General Fund Due to City of Thomas Due to City of Hart Due to Benton County School District Due to Various Special Districts Cash 195,440 4,029,300 1,007,820 11,357,280 2,954,160 $24,624,000 7-4 (B). BENTON COUNTY GENERAL FUND GENERAL JOURNAL 2006/2007 Debits Credits 1. Taxes Receivable-Current Estimated Uncollectible Current Taxes Revenues Control 10,500,000 315,000 10,185,000 2. Cash Taxes Receivable-Current 5,080,000 5,080,000 3. Due From Tax Agency Fund Revenues Control 195,440 195,440 4. Cash Due From Tax Agency Fund 195,440 195,440 7-2
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7-4 (C) BENTON COUNTY SCHOOL DISTRICT GENERAL FUND GENERAL JOURNAL FY 2006/2007 Debit s Credit s 1. Taxes Receivable-Current Estimated Uncollectible Current Taxes Revenues Control 23,900,000 717,000 23,183,000 3. Due From Tax Agency Fund Expenditures Control Taxes Receivable-Current 11,357,280 114,720 11,472,000 4. Cash Due From Tax Agency Fund 11,357,280 11,357,280 7-3
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7-5 (A). CITY OF BELVEDERE COMMUNITY TRUST FUND GENERAL JOURNAL JULY 1, 2006 - JUNE 30, 2007 Debits Credit s 1. Cash Additions-Contributions 3,000,000 3,000,000 2. Investment in XYZ Company Bonds Accrued Interest Receivable Cash 2,000,000 30,000 2,030,000 3. Investment in ABC Company Stock Cash 950,000 950,000 4. Cash Accrued Interest Receivable Additions-Investment Earnings-Interest 60,000 30,000 30,000 5. Cash Additions-Investment Earnings-Dividends 19,000 19,000 6. Cash Investment in ABC Company Stock Additions-Investment Earnings-Net Increase in Fair Value of Investments 960,000 950,000 10,000 Investment in DEF Company Stock Cash 965,000 965,000 7. Cash Additions-Investment Earnings-Interest 60,000 60,000 8. Deductions-Distribution to Community Nonprofit Organizations Cash 95,000 95,000 9. Deductions-Administrative Expenses Cash 12,000 12,000 10. Accrued Interest Receivable Additions-Investment Earnings-Interest 30,000 30,000 7-4
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7-5 (A) (Continued). Debit s Credits 11. Investment in DEF Company Stock Investment in XYZ Company Bonds Operating Revenues-Increase in the Additions-Investment Earnings-Net Increase in the Fair Value of Investments 3,000 2,000 1,000 12. Additions-Contributions Additions-Investment Earnings-Interest Additions-Investment Earnings-Dividends Additions-Investment Earnings-Net Increase in Fair Value of Investments Deductions-Administrative Expenses Deductions-Distributions to Nonprofit Organizations
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