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Category > Political Science Posted 13 Jul 2017 My Price 10.00

Continuous Problem, City of Monroe, assignment help

 

 
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
Continuous Problem – City of Monroe
1
Continuous Problem – City of Monroe
TO
A
CCOMPANY
E
SSENTIALS OF
A
CCOUNTING FOR
G
OVERNMENTAL
AND
N
OT
-
FOR
-P
ROFIT
O
RGANIZATIONS
:
T
WELFTH
E
DITION
Chapters 2 through 8 describe accounting a
nd financial reporting by state and local
governments. A continuous problem is presen
ted to provide an overview of the reporting
process, including preparation of fund basis
and government-wide statements. The problem
assumes the government is using fund accounting
for its internal record-keeping and then at
year-end makes necessary adjustments to prepare the government-wide statements. The
problem that follows is presented in the same
order as the textbook (beginning with Chapters
3, and 4).
Each chapter requires the preparat
ion of journal entries to record the events and transactions
of governmental, proprietary, or
fiduciary funds. For the Ge
neral Fund, use control accounts
for the budgetary accounts, revenues, expenditure
s and encumbrances. For all other funds,
use separate accounts for each type of revenue
and expenditure/expense. At appropriate
stages, preparation of the f
und and government-wide statements are required. The following
funds are included in this
series of problems:
Governmental Funds

General

Special revenue—Street and Highway Fund

Capital projects—City Hall Annex Construction Fund

Debt service—City Jail
Annex Debt Service Fund

Debt service—City Hall Debt Service Fund
Proprietary Funds

Internal service—Stor
es and Services Fund

Enterprise—Water and Sewer Fund
Fiduciary Funds

Private-purpose—Student Scholarship Fund

Pension trust—Fire and
Police Retirement Fund
Chapters 3 & 4
The Balance Sheets of the General Fund and th
e Street and Highway
Fund of the City of
Monroe as of December 31, 2014, follow. These (b
eginning) balances have been entered in
the proper general ledger
accounts, as of 1/1/2015.
Continuous Problem – City of Monroe
2
CITY OF MONROE
General Fund Balance Sheet
As of December 31, 2014
Assets
Cash $502,000
Taxes receivable $210,000
Less: Estimated uncollectible taxes (42,000)
net 168,000
Interest and penalties receivable on taxes 5,200
Less: Estimated uncollectible
interest and penalties (950)
net 4,250
Due from state government 210,000
Total assets $884,250
Liabilities, Deferred In
flows, and Fund Equity
Liabilities:
Accounts payable $ 99,000
Due to other funds 27,000
Total liabilities 126,000
Deferred inflows – Property taxes 21,000
Fund equity:
Fund balance—assigned
(for outstanding encumbrances) $17,000
Fund balance—unassigned 720,250
Total fund balance 737,250
Total liabilities, deferred in
flows and fund equity $884,250
CITY OF MONROE
Street and Highway Fund Balance Sheet
As of December 31, 2014
Assets
Cash $21,000
Investments 59,000
Due from state government 109,000
Total assets $189,000
Liabilities and Fund Equity
Liabilities:
Accounts payable $9,000
Fund equity:
Fund balance—assigned for streets and
highways 180,000
Total liabilities and fund equity $189,000
Continuous Problem – City of Monroe
3
3–C
. This portion of the continuous problem con
tinues the General Fund and special revenue
fund examples by requiring the recording a
nd posting of the budgetary entries. To
reduce clerical effort required for the so
lution use control accounts for the budgetary
accounts, revenues, expenditures and encumb
rances. Subsidiary accounts are not
required. Budget information for the City includes:
a)
As of January 1, 2015, the City Council approved and the mayor signed a budget
calling for $11,250,000 in property ta
x and other revenue, $9,300,000 in
appropriations for expenditures, and $1,700,000 to
be transferred to two debt service
funds for the payment of principal and in
terest. Record the bu
dget for the General
Fund and post to the ledger.
b)
Also as of January 1, 2015, the City C
ouncil approved and the mayor signed a budget
for the Street and Highway Fund that provi
ded for estimated revenues from the state
government in the amount of $1,068,000 and appropriations of $1,047,000. Record
the budget and post
to the ledger.
4–C. Part 1. General Fund Transactions
Required:
a.
Record journal entries for th
e following transactions for FY 2015. Make any computations
to the nearest dollar. Journal
entry explanations are not requi
red. Use control accounts for
revenues, expenditures and budgetary accounts. It
is not necessary to reflect subsidiary
ledger entries.
(1) Encumbrances of $ 17,000 for purchas
e orders outstanding at the end of 2014
were re-established.
(2) The January 1, 2015, balance in Deferred
Inflows – Property Taxes relates to the
amount of the 2014 levy that was expected
to be collected more than 60 days
after December 31. This amount should
be recognized as 2015 revenues.
(3) A general tax levy in the amount of
$6,800,000 was made. It is estimated that 2
percent of the tax wi
ll be uncollectible.
(4) Tax anticipation notes in
the amount of $500,000 were issued.
(5) Goods and supplies related to all encu
mbrances outstanding as of December 31,
2014 were received, along with invoi
ces amounting to $16,600; the invoices
were approved for payment. The City
maintains immaterial amounts in supply
inventories and it is the practice of the
City to charge supplies to expenditure
when received.
(6) All accounts payable and the amount due other funds were paid.
(7) The General Fund collected th
e following ($ 10,811,500) in cash:
o
prior year taxes, $158,000;
o
interest and penalties receivab
le on prior year taxes, $3,500;
o
current taxes, $6,400,000;
o
$210,000 previously recorded as due from the state government;
o
licenses and permits, $800,000;
o
sales taxes, $2,890,000; and
o
miscellaneous revenues, $350,000.

 

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CourseLover
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Status NEW Posted 13 Jul 2017 04:07 PM My Price 10.00

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