Advanced Accounting
12th Edition
ISBN: 9781305084858
Author: Paul M. Fischer, William J. Tayler, Rita H. Cheng
Publisher: Cengage Learning
expand_more
expand_more
format_list_bulleted
Concept explainers
Videos
Question
Chapter 16, Problem 16.19.3P
To determine
Concept Introduction:
A single transaction may affect one or more funds or account group. Each fund or account group is a separate entity.
To indicate:Whether the statement is correct.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
[The following information applies to the questions displayed below.]
The county collector of Suncoast County is responsible for collecting all property taxes levied by funds and governments
within the boundaries of the county. To reimburse the county for estimated administrative expenses of operating the tax
custodial fund, the custodial fund deducts 1.7 percent from the collections for the town, the school district, and the other
towns. The total amount deducted is added to the collections for the county and remitted to the Suncoast County General
Fund.
The following events occurred during the year:
1. Current-year tax levies to be collected by the custodial fund were
County General Fund
Town of Bayshore General Fund
Suncoast County Consolidated School District
Other towns
Total
$10,353,000
4,850,000
6,560,000
3,140,000
$24,903,000
2. $13,720,000 of current taxes was collected during the first half of the year.
3. Liabilities to all funds and governments as a result of the first…
On January 1, 2019, a city recorded General Fund property tax revenues of $750,000 but made no provision for uncollectible receivables or tax refunds. During the year, it collected
property taxes of $720,000, wrote off $4,000 as uncollectible, and made tax refunds of $3,000. At year-end, the city finance director concluded that $10,000 of the delinquent taxes
would be collected in January and February of 2020, $12,000 would be collected later in 2020, and $1,000 would need to be written off as uncollectible.
How much should the city report as property tax revenue in its General Fund financial statements for the year 2019?
a.713,000
b.730,000
c.720,000
d.742,000
I need the journal entry for these questions
As of January 1, 2020, the City of Monroe had $12,000,000 in general obligation bonds outstanding.
Eliminate the expenditures for bond principal.
Adjust for the interest accrued in the prior year government-wide statements, but recorded as an expenditure in the 2020 fund basis statements, ($12,000,000 × 0.03 × 6/12) = $180,000.
Chapter 16 Solutions
Advanced Accounting
Ch. 16 - Prob. 1UTICh. 16 - If a capital projects fund has authority to...Ch. 16 - Prob. 3UTICh. 16 - The debt service fund does not use budgetary...Ch. 16 - When a debt service fund receives resources, it...Ch. 16 - Prob. 6UTICh. 16 - Prob. 7UTICh. 16 - Prob. 8UTICh. 16 - Prob. 9UTICh. 16 - Prob. 10UTI
Ch. 16 - Describe the difference between accounting for...Ch. 16 - Prob. 12UTICh. 16 - Prob. 1.1ECh. 16 - Prob. 1.2ECh. 16 - Prob. 1.3ECh. 16 - Prob. 1.4ECh. 16 - Prob. 1.5ECh. 16 - Prob. 1.6ECh. 16 - Prob. 1.7ECh. 16 - Prob. 1.8ECh. 16 - Prob. 1.10ECh. 16 - Prob. 2.1ECh. 16 - Prob. 2.2ECh. 16 - Prob. 2.3ECh. 16 - Prob. 2.4ECh. 16 - Prob. 2.5ECh. 16 - Prob. 2.6ECh. 16 - Prob. 2.7ECh. 16 - Prob. 2.8ECh. 16 - Prob. 2.9ECh. 16 - Prob. 2.10ECh. 16 - Prob. 3.1ECh. 16 - Prob. 3.2ECh. 16 - Prob. 3.3ECh. 16 - Prob. 3.4ECh. 16 - Prob. 4ECh. 16 - Special assessments levy, capital projects fund....Ch. 16 - Prob. 6ECh. 16 - Prob. 7ECh. 16 - Prob. 8ECh. 16 - Prob. 9ECh. 16 - Prob. 10ECh. 16 - Prob. 11ECh. 16 - Prob. 12ECh. 16 - Prob. 16.1.1PCh. 16 - Prob. 16.1.2PCh. 16 - Prob. 16.1.3PCh. 16 - Prob. 16.1.4PCh. 16 - Prob. 16.1.5PCh. 16 - Prob. 16.1.6PCh. 16 - Prob. 16.1.7PCh. 16 - Prob. 16.1.8PCh. 16 - Prob. 16.2.1PCh. 16 - Prob. 16.2.2PCh. 16 - Prob. 16.2.3PCh. 16 - Prob. 16.2.4PCh. 16 - Prob. 16.2.5PCh. 16 - Prob. 16.2.6PCh. 16 - Prob. 16.2.7PCh. 16 - Prob. 16.12.1PCh. 16 - Prob. 16.12.2PCh. 16 - Prob. 16.13.1PCh. 16 - Enterprise fund, general fund. In 2018, a city...Ch. 16 - Prob. 16.13.3PCh. 16 - Prob. 16.14PCh. 16 - Prob. 16.15PCh. 16 - Prob. 16.16PCh. 16 - Prob. 16.18.1PCh. 16 - Prob. 16.18.3PCh. 16 - Prob. 16.18.4PCh. 16 - Prob. 16.18.5PCh. 16 - Prob. 16.18.6PCh. 16 - Prob. 16.18.7PCh. 16 - Prob. 16.18.8PCh. 16 - Prob. 16.18.9PCh. 16 - Prob. 16.18.10PCh. 16 - Prob. 16.19.2PCh. 16 - Prob. 16.19.3PCh. 16 - Prob. 16.19.4PCh. 16 - Prob. 16.19.5PCh. 16 - Prob. 16.19.6PCh. 16 - Prob. 16.19.9PCh. 16 - Prob. 16.19.11PCh. 16 - Prob. 16.19.12PCh. 16 - Prob. 16.19.13PCh. 16 - Prob. 16.19.14PCh. 16 - Prob. 16.19.15PCh. 16 - Prob. 16.19.16PCh. 16 - Prob. 16.19.17PCh. 16 - Prob. 16.19.18PCh. 16 - Prob. 16.19.19PCh. 16 - Prob. 16.19.20PCh. 16 - Prob. 16.19.21PCh. 16 - Prob. 16.19.22P
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- On June 28, 2019, Brock City’s debt service fund received funds for the future repayment of bond principal. As a consequence, the general long-term debt account group reporteda. an increase in the amount available in debt service funds and an increase in the fund balance.b. an increase in the amount available in debt service funds and an increase in the amount to be provided for bonds.c. an increase in the amount available in debt service funds and a decrease in the amount to be provided for bonds.d. no changes in any amount until the bond principal is actually paid.arrow_forwardPrepare the journal entries for the following transactions to consolidate financial statements from fund-level statements to government-wide statements. Deferred property taxes at the end of the year was $92.arrow_forwardFor the following event, prepare journal entries under a governmental fund (using modified accrual), necessary worksheet entries, and government-wide financial statements (using accrual basis of accounting). The modified accrual statement reflected debt service expenditures in the amount of $500,000 for interest and $612,000 for principal. No adjustment was necessary for interest accruals at year-end. J/E under Modified Accrual Account Debited [ Select] [Select] > > Account Credited [Select] Amount Debited 612,000 500,000 Amount Credited 1,112,000arrow_forward
- The following information has been provided for the City of Elizabeth for its fiscal year ended June 30. The information provided relates to financial information reported on the city's statement of net position and its total governmental funds balance. Deferred inflows of resources due to unavailability of resources to pay current expenditures Capital assets Accumulated depreciation on capital assets Accrued interest on bonds and long-term notes payable Bonds and long-term notes payable Unamortized premium on bonds payable Compensated absences Total governmental fund balances Total net position of governmental activities Required 5364,608 641,600 356,000 2,908 177,608 2,400 16,708 162,808 612,600 Prepare reconciliation of the governmental fund balances to the net position of governmental activities. (Decreases should be indicated with a minus sign.) CITY OF ELIZABETH Reconciliation of the Balance Sheet-Governmental Funds to the Statement of Net Position Total fund balances…arrow_forwardA city issues a 60-day tax anticipation note to fund operations until taxes have been collected. What recording should it make? Choose the correct.a. The liability should be reported in the government-wide financial statements; an other financing source should be shown in the fund financial statements.b. A liability should be reported in the government-wide financial statements and in the fund financial statements.c. An other financing source should be shown in the government-wide financial statements and in the fund financial statements.d. An other financing source should be shown in the government-wide financial statements; a liability is reported in the fund financial statements.arrow_forwardThe following adjusted trial balance is taken from the General Fund of Avon City for the year ended June 30. Prepare a (post-closing) Balance sheet. Allowance for uncollectible taxes Cash Due from capital projects fund Due to debt service fund Encumbrances Encumbrances outstanding Expenditures Fund Balance, nonspendable Fund Balance, unassigned Inventory of supplies Other financing sources -- bond proceeds Other financing uses -- transfers out Revenues Taxes receivable Unearned (unavailable) grant revenues Vouchers payable 5,000 121,000 32,000 19,000 23,000 23,000 57,000 9,000 14,000 9,000 18,000 12,000 130,000 25,000 38,000 23,000 DO NOT GIVE SOLUTION IN IMAGEarrow_forward
- Greenville has provided the following Information from its General Fund Revenues and Appropriations/Expenditure/Encumbrances subsidiary ledgers for the fiscal year ended. Assume the beginning fund balances are $149 (in thousands) and that the budget was not amended during the year. City of Greenville General Fund Subsidiary Ledger Account Balances (in thousands) Estimated Revenue Taxes For the Fiscal Year Fines & Forfeits Intergovernmental Revenue Charges for Services Revenues Debits 6,048 303 497 370 Credits Taxes Fines & Forfeits Intergovernmental Revenue Charges for Services Appropriations Public Safety General Government 6,080 308 497 368 1,636 3,375 Public Works Culture & Recreation Interfund Transfers Out Expenditures General Government 1,465 724 Estimated Other Financing Uses 48. 1,622 Public Safety 3,360 Public Works 1,443 Culture & Recreation 715 Encumbrances General Government 12 I Public Safety 13 Public Works 21 232 Culture & Recreation 0 Other Financing Uses Interfund…arrow_forwardRevenue accruals and other adjustmentsMonroe County is preparing financial statements for the year ended December 31, 2022. Based on the following facts, prepare journal entries to record the appropriate year-end revenue accruals and other adjustments in the county’s General Fund.1. At year-end, Monroe’s delinquent property tax receivables were $66,000. The county estimated that $38,500 of those delinquencies would be collected by March 1, 2023, and the balance would trickle in during the rest of 2023. 2. Sales taxes are collected by the state on behalf of the county. On January 20, 2023, the state advised the county that (a) it would send the county a check for $165,000 before February 29, 2023, for taxes collected by merchants for the fourth quarter of 2022; and (b) based on past experience, it anticipated sending an additional check for approximately $49,500 during March or April for taxes received from late filers. Monroe's policy regarding sales taxes is to consider as "available"…arrow_forwardThe following information pertains to Hempstead City which has a December 31st year-end. Fiscal year 2020 governmental fund property tax revenues that are measurable and available equaled $12,000,000. Sales taxes collected by merchants in 2020 but not remitted to Hempstead City until January 2021 equaled $4,000,000. For the year ended December 31, 2020, Hempstead City should recognize revenues in its governmental fund financial statements of: A. $18,000,000. B. $16,000,000. C. $14,000,000. D. $12,000,000.arrow_forward
- Changes in mix of revenues and expenditures must be interpreted with care. The data that follow were drawn from the city of Boulder, Colorado’s CAFR. Dates have been changed. They are from two statistical-section schedules showing the mix of revenue and expenditures for a 10-year period. They include amounts only from the general fund, special revenue funds, and debt service funds. 2020 2021 (amounts in thousands) Revenues Sales and use taxes $ 97,397 $104,136 General property taxes 29,474 29,434 Other taxes 20,278 21,184 Charges for services 27,030 22,670 Intergovernmental 16,420 13,348 Proceeds from bonds and notes 54,830 Other 20,660 21,473 Total revenues $266,089 $212,245 Expenditures General government and administration $ 27,717 $ 30,185 Public safety 47,825 48,202 Public works 22,178 27,896 Housing and human services 13,384 20,226 Culture and recreation 25,677 28,089 Capital outlay 29,111 19,218 Debt service 13,574 16,375…arrow_forwardThe adjusted beginning and ending balances of three of Towson County's general fund accounts for 2023 are below. All accounts relate to property taxes, and deferred inflows relate to taxes receivable that are not expected to be collected within 60 days. December 31, 2023 January 1, 2023 Taxes receivable $1,700,000 $1,600,000 Allowance for uncollectible taxes (360,000) (400,000) Deferred inflows (70,000) (60,000) The county sent out 2023 property tax bills totaling $20,700,000 at the beginning of the year, of which 2 percent were considered uncollectible. During 2023, $20,000,000 was collected in cash, including $1,000,000 related to past-due taxes from 2022. Towson County writes off all remaining balances related to 2022 taxes by the end of 2023. Of the total 2023 taxes still unpaid at year-end, how much tax does the county expect to collect within 60 days of year-end? Select one and explain: a. $1,270,000 b. $1,340,000 c. $360,000 d. $430,000arrow_forwardOn March 2, 2018, Beloit City issued 10-year general obligation bonds at face amount, with interest payable on March 1 and September 1. The proceeds were to be used to finance the construction of a civic center over the period of April 1, 2018, to March 31, 2019. During the fiscal year ended June 30, 2018, no resources had been provided to the debt service fund for the payment of principal and interest.Proceeds from the general obligation bonds should be recorded in the a. general fund. b. capital projects fund. c. general long-term debt account group. d. debt service fund.arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
AccountingAccountingISBN:9781337272094Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.Publisher:Cengage Learning,
Accounting Information SystemsAccountingISBN:9781337619202Author:Hall, James A.Publisher:Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis...AccountingISBN:9780134475585Author:Srikant M. Datar, Madhav V. RajanPublisher:PEARSON
Intermediate AccountingAccountingISBN:9781259722660Author:J. David Spiceland, Mark W. Nelson, Wayne M ThomasPublisher:McGraw-Hill Education
Financial and Managerial AccountingAccountingISBN:9781259726705Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting PrinciplesPublisher:McGraw-Hill Education
Accounting
Accounting
ISBN:9781337272094
Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:Cengage Learning,
Accounting Information Systems
Accounting
ISBN:9781337619202
Author:Hall, James A.
Publisher:Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis...
Accounting
ISBN:9780134475585
Author:Srikant M. Datar, Madhav V. Rajan
Publisher:PEARSON
Intermediate Accounting
Accounting
ISBN:9781259722660
Author:J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:9781259726705
Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:McGraw-Hill Education
What is Budgeting? | Budgetary control | Advantages & Limitations of Budgeting; Author: Educationleaves;https://www.youtube.com/watch?v=INnPo0QPXf4;License: Standard youtube license