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bachelor in business administration
Polytechnic State University Sanluis
Jan-2006 - Nov-2010
CPA
Polytechnic State University
Jan-2012 - Nov-2016
Professor
Harvard Square Academy (HS2)
Mar-2012 - Present
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)
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