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Category > Accounting Posted 22 Apr 2017 My Price 20.00

Problem 16-18 (LO 4) Various funds and account groups.

Problem 16-18 (LO 4) Various funds and account groups. The following information relates to Dane City during its fiscal year ended December 31, 20X9:

a.     On October 31, 20X9, to finance the construction of a city hall annex, Dane issued 8%, 10- year general obligation bonds at their face value of $600,000. Construction expenditures during the period equaled $364,000.

b.     Dane reported $109,000 from hotel room taxes, restricted for tourist promotion, in a spe- cial revenue fund. The fund paid $81,000 for general promotions and $22,000 for a motor vehicle.

c.     20X9 general fund revenues of $104,500 were transferred to a debt service fund and used to repay $100,000 of 9%, 15-year term bonds and $4,500 of interest. The bonds were used to acquire a citizens’ center.

d.     At December 31, 20X9, as a consequence of past services, city firefighters had accumulated entitlements to compensated absences valued at $86,000. General fund resources available at December 31, 20X9, are expected to be used to settle $17,000 of this amount, and

$69,000 is expected to be paid out of future general fund resources.

e.    At December 31, 20X9, Dane was responsible for $83,000 of outstanding general fund encumbrances, including $8,000 for the following supplies.

f.    Dane uses the purchases method to account for supplies. The following information relates to supplies:

Inventory:

January 1, 20X9 . . . . . . . . . . . . . . . . . . . . . . . . . . .                       $  39,000

December 31, 20X9 . . . . . . . . . . . . . . . . . . . . . . . .                           42,000

Encumbrances  outstanding:

January 1, 20X9 . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,000

December 31, 20X9 . . . . . . . . . . . . . . . . . . . . . . . . 8,000

Purchase orders during 20X9 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 190,000

Amounts credited to vouchers payable during 20X9 . . . . . . . . . . . . 181,000

 

1.     The amount of 20X9 general fund operating transfers-out is                    .

2.    The 20X9 general fund liabilities from entitlements for compensated absences are

3.    The 20X9 reserved amount of the general fund balance is                     .

4.    The 20X9 capital projects fund balance is                     .

5.    The 20X9 fund balance on the special revenue fund for tourist promotion is

6.    The amount of 20X9 debt service fund expenditures is                     .

7.    The amount to be included in the general fixed assets account group for the cost of assets acquired in 20X9 is           .

8.    The amount by which 20X9 transactions and events decreased the general long-term debt account group is  .

9.    The amount of 20X9 supplies expenditures using the purchases method is                     .

10.     The total amount of 20X9 supplies encumbrances is                     

 

Required

 

(AICPA adapted)

 

Answers

(8)
Status NEW Posted 22 Apr 2017 05:04 PM My Price 20.00

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Attachments

file 1492883219-Answer.docx preview (586 words )
P-----------rob-----------lem----------- 16------------18----------- (-----------LO-----------4)----------- V-----------ari-----------ous----------- fu-----------nds----------- an-----------d a-----------cco-----------unt----------- gr-----------oup-----------s. -----------The----------- fo-----------llo-----------win-----------g i-----------nfo-----------rma-----------tio-----------n r-----------ela-----------tes----------- to----------- Da-----------ne -----------Cit-----------y d-----------uri-----------ng -----------its----------- -----------sc-----------al -----------yea-----------r e-----------nde-----------d D-----------ece-----------mbe-----------r 3-----------1, -----------20X-----------9: ----------- a.----------- ----------- -----------  -----------On -----------Oct-----------obe-----------r 3-----------1, -----------20X-----------9, -----------to -----------fi-----------nan-----------ce -----------the----------- co-----------nst-----------ruc-----------tio-----------n o-----------f a----------- ci-----------ty -----------hal-----------l a-----------nne-----------x, -----------Dan-----------e i-----------ssu-----------ed -----------8%,----------- 10------------ y-----------ear----------- ge-----------ner-----------al -----------obl-----------iga-----------tio-----------n b-----------ond-----------s a-----------t t-----------hei-----------r f-----------ace----------- va-----------lue----------- of----------- $6-----------00,-----------000-----------. C-----------ons-----------tru-----------cti-----------on -----------exp-----------end-----------itu-----------res----------- du-----------rin-----------g t-----------he -----------per-----------iod----------- eq-----------ual-----------ed -----------$36-----------4,0-----------00.----------- b-----------. ----------- ----------- ----------- Da-----------ne -----------rep-----------ort-----------ed -----------$10-----------9,0-----------00 -----------fro-----------m h-----------ote-----------l
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