The following information is available for the preparation of
the government-wide financial statements for the City...
The following information is available for the preparation of
the government-wide financial statements for the City of Southern
Springs as of April 30, 2020:
Cash and cash equivalents, governmental activities
$
610,000
Cash and cash equivalents, business-type activities
1,283,000
Receivables, governmental activities
726,000
Receivables, business-type activities
2,138,000
Inventories, business-type activities
842,000
Capital assets, net, governmental activities
21,852,000
Capital assets, net, business-type activities
11,493,000
Accounts payable, governmental activities
1,044,000
Accounts payable, business-type activities
904,000
General obligation bonds, governmental activities
12,610,000
Revenue...
Prepare the reconciliation of total fund balance to net assets
for governmental activities for the following...
Prepare the reconciliation of total fund balance to net assets
for governmental activities for the following City, given the
following information.
All governmental funds' fund balances $13,000,000
Deferred revenue related to property taxes 2,000,000
Accrued interest on long-term liabilities 1,200,000
General capital assets 10,800,000
Accumulated depreciation on capital assets 4,100,000
General long-term liabilities:
Bonds payable for capital assets 5,700,000
Liability for compensated absences 3,200,000
Internal service fund serving governmental activities
Net assets 3,000,000
Capital assets net of accumulated depreciation 1,700,000...
The comprehensive annual financial report (CAFR) is prepared by
every governmental entity. Below is a listing...
The comprehensive annual financial report (CAFR) is prepared by
every governmental entity. Below is a listing of the items in the
CAFR. Place them in the proper order by numbering them in the space
provided. (Assign a numeral from 1 to 12 (i.e., "1", "2") in each
indicated cell.)
Balance sheet - governmental funds
Management’s discussion and analysis (MD&A)
Required supplementary information (other than MD&A)
Government-wide statement of activities
Statement of revenues, expenses, and changes in net position -
proprietary...
The following information is available for the preparation of
the government-wide financial statements for the City...
The following information is available for the preparation of
the government-wide financial statements for the City of Northern
Pines for the year ended June 30, 2017:
Expenses:
General government
$
9,740,000
Public safety
23,094,000
Public works
12,239,000
Health and sanitation
6,235,000
Culture and recreation
4,215,000
Interest on long-term debt, governmental type
1,025,000
Water and sewer system
11,596,000
Parking system
421,000
Revenues:
Charges for services, general government
1,115,000
Charges for services, public safety
1,216,000
Operating grant, public safety
701,000
Charges for...
QUESTION 5
When the adjusting entry is made to the "Investment in Capital
Asset" account, what...
QUESTION 5
When the adjusting entry is made to the "Investment in Capital
Asset" account, what other account is debited or credited?
Restricted net position
Capital Assets
Committed net position
Unrestricted net position
QUESTION 7
Are revenues from sewer operations sufficient to cover operating
expenses in the long-run?
Yes
No
QUESTION 8
Assume the city's general fund has an outstanding payable to its
sewer fund, which has a corresponding receivable from the general
fund. In the city's government-wide statement of...
Characteristics of Proprietary Funds. (LO7-1)
For each of the phrases below, indicate whether the statement is...
Characteristics of Proprietary Funds. (LO7-1)
For each of the phrases below, indicate whether the statement is
consistent with an Enterprise Fund (“EF”), an Internal Service Fund
(“ISF”), both (“B”), or neither (“N”).
_____1. Uses accrual accounting.
_____2. Uses modified accrual accounting.
_____3. Generally reported within the Business-type activities
column of the government-wide statement of net position.
_____4. Generally reported within the Governmental Activities
column of the government-wide statement of net position.
_____5. Required by the GASB to prepare a statement...
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...
Assume that the City of Coyote has already produced its
financial statements for December 31, 2017,...
Assume that the City of Coyote has already produced its
financial statements for December 31, 2017, and the year then
ended. The city's general fund was only for education and parks.
Its capital projects funds worked with each of these functions at
times during the current year. The city also had established an
enterprise fund to account for its art museum.
The government-wide financial statements indicated the following
figures:
Education reported net expenses of $788,000.
Parks reported net expenses of...