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ASHFORD ACC380 WEEK 1 General Fund of the City

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2–8. The following information is available for the preparation of the governmentwide
financial statements for the city of Northern Pines for the year ended
June 30, 2012:
Expenses:
General government $10,300,000
Public safety 22,900,000
Public works 11,290,000
Health and sanitation 6,210,000
Culture and recreation 4,198,000
Interest on long-term debt, governmental type 621,000
Water and sewer system 11,550,000
Parking system 419,000
Revenues:
Charges for services, general government 1,110,000
Charges for services, public safety 210,000
Operating grant, public safety 698,000
Charges for services, health and sanitation 2,555,000
Operating grant, health and sanitation 1,210,000
Charges for services, culture and recreation 2,198,000
Charges for services, water and sewer 12,578,000
Charges for services, parking system 398,000
Property taxes 27,112,000
Sales taxes 20,698,000
Investment earnings, business-type 319,000
Special item—gain on sale of unused land,
governmental type 1,250,000
Transfer from governmental activities to
business-type activities 688,000
Net assets, July 1, 2011, governmental activities 11,222,000
Net assets, July 1, 2011, business-type activities 22,333,000
From the previous information, prepare, in good form, a Statement of Activities
for the city of Northern Pines for the year ended June 30, 2012. Northern
Pines has no component units

2–9. The following General Fund information is available for the preparation of
the financial statements for the city of Eastern Shores for the year ended
September 30, 2012:
Revenues:
Property taxes $27,000,000
Sales taxes 13,216,000
Fees and fines 1,124,000
Licenses and permits 1,921,000
Intergovernmental 868,000
Investment earnings 654,000
Expenditures:
Current:
General government 8,192,000
Public safety 24,444,000
Public works 6,211,000
Health and sanitation 1,693,000
Culture and recreation 2,154,000
Debt service—principal 652,000
Debt service—interest 821,000
Proceeds of long-term, capital-related debt 2,210,000
Transfer to special revenue fund 1,119,000
Special item—proceeds from sale of land 821,000
Fund balance, October 1, 2011 13,211,000

From the information given above, prepare, in good form, a General Fund
Statement of Revenues, Expenditures, and Changes in Fund Balances for the
city of Eastern Shores General Fund for the Year Ended September 30, 2012.

3–12. Following are transactions and events of the General Fund of the City of
Springfield for the fiscal year ended December 31, 2012.
1. Estimated revenues (legally budgeted)
Property taxes $5,000,000
Sales taxes 4,000,000
Licenses and permits 1,500,000
Miscellaneous 500,000
2. Appropriations
General government $5,000,000
Culture and recreation 4,500,000
Health and welfare 1,000,000
3. Revenues received (cash)
Property taxes $4,783,541
Sales taxes 4,501,009
Licenses and permits 1,700,000
Miscellaneous 800,000
4. Encumbrances issued (includes salaries and other recurring items)
Estimated
General government $5,100,000
Culture and recreation 4,650,000
Health and welfare 905,000
5. Goods and services received (paid in cash)
Estimated Actual
General government $5,100,000 $5,035,450
Culture and recreation 4,650,000 4,610,000
Health and welfare 905,000 891,550
6. Budget revisions
Increase appropriations:
General government $100,000
Culture and recreation 150,000
7. Fund balance—Unrestricted on January 1, 2012, was $735,000. There
were no outstanding encumbrances at that date.

a. Record the transactions using appropriate journal entries.
b. Prepare a budgetary comparison schedule for the General Fund.

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