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Category > Accounting Posted 15 Aug 2017 My Price 8.00

The City of Pittsburgh has the following pre-closing trial balance as of December 31

Please help me with the 5 questions from Nonprofit Accounting

1.

The City of Pittsburgh has the following pre-closing trial balance as of December 31:

                                         Debit      Credit

Cash                                   $10,000

Taxes Receivable - Current                   75,000

Allowance for Uncollectible Current Taxes                $5,000

Accounts Payable                                   20,000

Due to Other Funds                                  4,000

Tax Anticipation Notes Payable                         37,000

Fund Balance - Unassigned                            17,500

Budgetary Fund Balance                               2,500

Estimated Revenues                        100,000

Revenues                                         97,500

Appropriations                                     97,000

Expenditures                              96,000

 

What is the Fund Balance - Unassigned after ALL closing entries have been made?

 

2.

If the City of Pittsburgh issued bonds on October 1, 2015 for the construction of a new building and those bonds were issued at par, what would the entry be on December 31, 2015 to accrue the interest owed on those bonds?

 

3.

The General Fund of the City of Pittsburgh used water and sewer services provided by the city owned utility (a proprietary fund of the City of Pittsburgh that is NOT included in the Government Wide Activities). The journal entry(ies) to record the transaction will include a Debit to__________ ?

 

4.

If the City of Pittsburgh acquired $15,000 in capital assets using General Funds, what entry(ies) is(are) needed to account for this acquisition?

 

5.

The City of Pittsburgh had the following pre-closing trial balance for its Capital Projects Fund at December 31, the fiscal year end:

 

Cash                              $ 200,000

Construction Expenditures              3,000,000

Interest Expenditures                     50,000

Encumbrances                         750,000

     Revenues                                        $ 250,000

     Other Financing Sources - Proceeds of Bonds             2,900,000

     Contracts Payable                                  1,000,000

     Encumbrances Outstanding                            750,000

 

As a result of the closing entry, what will be the balance in the Capital Projects Fund Balance?

Answers

Martinakom
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Status NEW Posted 15 Aug 2017 02:08 AM My Price 8.00

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