Following is the June 30, 2019, statement of net position for
the City of Bay Lake...
Following is the June 30, 2019, statement of net position for
the City of Bay Lake Water Utility Fund. CITY OF BAY LAKE Water
Utility Fund Statement of Fund Net Position June 30, 2019 Assets
Current assets: Cash and investments $ 1,775,142 Accounts
receivable (net of $13,367 provision for uncollectible accounts)
306,870 Accrued utility revenue 499,600 Due from General Fund
29,288 Interest receivable 81,936 Total current assets 2,692,836
Restricted assets: Cash 9,194 Capital assets: Land $ 1,781,141
Buildings (net of...
The City of Gitche Gumee reports the
following balances in its adjusted, pre-closing trial balance for...
The City of Gitche Gumee reports the
following balances in its adjusted, pre-closing trial balance for
governmental activities for the year ended December 31, 2020:
Debit
Credit
Cash
310,000
Taxes receivable
298,000
Capital assets, net
800,000
Vouchers payable
85,000
Bonds payable
200,000
Net position – net investment in capital assets
600,000
Net position, restricted
300,000
Net position, unrestricted
200,000
Program revenues – general government, charges for services
2,000
Program revenues – public safety, operating grant
1,000
General revenues – property...
the following pre-closing trial balance for its enterprise
fund:
Accounts Payable
20,000
Depreciation Expense
10,000
Accounts...
the following pre-closing trial balance for its enterprise
fund:
Accounts Payable
20,000
Depreciation Expense
10,000
Accounts Receivable
15,000
Due from General Fund
20,000
Accumulated Depreciation
125,000
Interest Expense
5,000
Administrative Expenses
25,000
Interest Revenue
12,000
Allowance for Uncollectible Accounts
11,000
Net Position
107,000
Capital Assets
500,000
Revenue Bonds Payable
200,000
Cash
200,000
Transfer from General Fund
50,000
Charges for Sales and Services
250,000
Required:
Prepare the appropriate closing entry using appropriate account
names.
Calculate ending Net Position.
Indicate the types...
6–C. Part 1. Internal Service Fund
Transactions
The Stores and Service Fund of the City of...
6–C. Part 1. Internal Service Fund
Transactions
The Stores and Service Fund of the City of Monroe had the
following account balances as of January 1, 2017:
Debits
Credits
Cash
$28,000
Due from other funds
27,000
Inventory of supplies
27,500
Land
18,000
Buildings
84,000
Accumulated depreciation—buildings
$30,000
Equipment
46,000
Accumulated depreciation—equipment
25,000
Accounts payable
19,000
Advance from water utility fund
30,000
Net position
126,500
Totals
$230,500
$230,500
Required:
a. Open a general journal for
the City of Monroe Stores and...
The city’s only internal service fund, a print shop fund, is
included in the proprietary funds...
The city’s only internal service fund, a print shop fund, is
included in the proprietary funds statements. Prepare necessary
adjustments in order to incorporate the internal service fund in
the government-wide statements as a part of governmental
activities: - 3 Separate entries
Exclusive of the interest expense, the internal service fund
reported operating income from interfund transactions of $120,000
for the current year. An examination of the records indicates that
services were provided to general government departments.
Balance sheet accounts...
Record journal entries for the following transactions for FY
2017 and post to the general ledger....
Record journal entries for the following transactions for FY
2017 and post to the general ledger. As there are relatively few
revenues and expenditures, the use of control accounts is not
necessary. (Make entries directly to individual revenue and
expenditure accounts).
(1) The state government notified the City that $1,065,000 will
be available for street and highway maintenance during 2017 (i.e.
the City has met eligibility requirements). The funds are not
considered reimbursement-type as defined by GASB standards.
(2) Cash...
The Town of Weston has a Water Utility Fund with the following
trial balance as of...
The Town of Weston has a Water Utility Fund with the following
trial balance as of July 1, 2016, the first day of the fiscal
year:
Debits
Credits
Cash
$
338,000
Customer accounts receivable
204,800
Allowance for uncollectible accounts
$
30,800
Materials and supplies
123,200
Restricted assets (cash)
256,000
Utility plant in service
7,009,000
Accumulated depreciation—utility plant
2,609,000
Construction work in progress
108,000
Accounts payable
129,600
Accrued expenses payable
81,100
Revenue bonds payable
3,509,000
Net position
1,679,500
Totals
$
8,039,000...
In order to get a good rating, please explain how you arrived at
each answer. Thank...
In order to get a good rating, please explain how you arrived at
each answer. Thank you.
EX. 9-2
Select the best answer.
A city’s general fund has an outstanding payable to its
electric utility, which is accounted for in an enterprise fund. The
utility has a corresponding receivable from the general fund. In
the city’s government-wide statement of net position, which would
be correct?
The payable and the corresponding receivable would be
eliminated in the consolidation process and thus...
WALLIS CORPORATION
Statement of Financial Position
As at December 31, 2014
Assets
2014
2013
Cash
$88,600...
WALLIS CORPORATION
Statement of Financial Position
As at December 31, 2014
Assets
2014
2013
Cash
$88,600
$49,100
Accounts receivable
85,000
59,400
Prepaid insurance
70,000
60,000
Total current assets
243,600
168,500
Property, equipment and vehicles
360,000
305,000
Accumulated depreciation
-110,400
-105,900
Total non-current assets
249,600
199,100
Total Assets
$493,200
$367,600
Liabilities and Shareholders' Equity
Accounts payable
$21,500
$18,600
Wages Payable
3,000
4,000
Total current liabilities
24,500
22,600
Bank loan payable
50,000
60,000
Total liabilities
74,500
82,600
Common...