Following are a number of unrelated transactions for K-Town, some of which affect governmental activities at the government-wide level. The grantor specifies that the portion to be received in is not available for use until because there is no guarantee that the federal government will appropriate the portion. Did the debt service fund pay debt obligations related to capital leases? During , the following events and transactions occurred. This interest adds to the sinking fund balance. An appropriation should be provided only for the interest payment due on January 1, How should the insurance recovery be reported in the following fiscal year?
Accrued interest on bonds sold must be used for interest payments; the premium is designated by state law for eventual payment of bond principal. The accrued interest and the premium were recorded in the debt service fund. Week 1 DQ 2 Accounting vs. As a special item? During , the following events and transactions occurred. A sinking fund is to be established with equal semiannual additions made on June 30 and December 31, with the first addition to be made on December 31,
Please provide an explanation as to why accounting zcct for governmental activities as the governmental-wide level tend to be reported differently than transactions for the General Fund?
Assuming the budget was not amended, what was the budgetary journal entry recorded at the beginning homewoork the fiscal year? Posted by Unknown at Week 5 DQ 2 Financial Reporting: Fiscal year-end closing entries were prepared.
ACCT Week 5 Homework Case study (KELLER)
Prepare a balance sheet for the Street Improvement Fund as of December 31, Did the debt service fund perform a debt refunding? Show the entry that should be made in the debt service fund and governmental activities journal to record the second lease payment. Should the estimated impairment loss be reported as an extraordinary item?
How does the adoption of a budget in a governmental entity differ from the adoption of a budget by a commercial enterprise? The federal grant was recorded as a receivable; half of the grant is to be paid to Falts City in and the remainder late in This amount had not been encumbered.
Is the government required to account for activities in the internal service fund or in another fund? Are there homewor when a governmental entity is not required to use a debt service fund? Round all amounts to the nomework whole dollar.
Investment earnings are added to the investment principal.
Funds used to make the lease payment came from a capital grant received by the special revenue fund. Interest is payable semiannually on January 5567 and July 1. Can another basis be used? Show the entry that should be made in a capital projects fund at the inception of the lease after the initial payment has been made. Assume a yield on sinking fund investments of 6 percent per annum, compounded semiannually.
Debt Service Fund Trial Balance. Following are transaction data for a term bonds issue for the City of Nevin. The capital projects fund to account for the project was designated as the Street Improvement Fund.
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InHokework City began work to improve certain streets to be financed by a bond issue and supplemented by a federal grant. What types of activities are recorded under the internal services account?
Using information provided by the trial balance, answer the following. Prepare a Recreation Center Construction Fund statement of revenues, expenditures, and changes in fund balance for the year ended December 31, What financial statements must be presented by a government university that engages in only business-type activities? In what significant way do financial homeework in government and not-for-profit organizations differ from those carried on in businesses?
How would you compare the accounting for enterprise funds with that of a businesses and b governmental funds? The addition for the sinking fund was invested immediately in 6 percent certificates of deposit. What is the budgetary fund balance? The City of Jamestown has agreed acch acquire a new city maintenance building under a capital lease agreement. Discuss various situations act which a government has fiduciary responsibility but does not report them in fiduciary funds.
Week 1 DQ 2 Accounting vs.