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Homework answers / question archive / Chapter 8 – Homework   Which of the following financial statements is prepared by fiduciary funds?     At the government-wide level, where are fiduciary funds reported?     The county collects taxes on behalf of the county, city, and a special purpose district

Chapter 8 – Homework   Which of the following financial statements is prepared by fiduciary funds?     At the government-wide level, where are fiduciary funds reported?     The county collects taxes on behalf of the county, city, and a special purpose district

Accounting

Chapter 8 – Homework

 

  1. Which of the following financial statements is prepared by fiduciary funds?

 

 

  1. At the government-wide level, where are fiduciary funds reported?

 

 

  1. The county collects taxes on behalf of the county, city, and a special purpose district.  For 2017, the taxes to be levied by the government are:

 

County                                                $63,000

City                                         917,000

Special purpose district           26,000____

Total                                        $1,575,000

 

  1. What type of fund will the county use to account for tax collection and distribution?

 

  1. On the date the taxes are levied, the county would credit which of the following accounts in the fund used to account for tax collection and distribution?

 

  1. If the county assessed a 1% administrative fee, it would be recorded by the county as a credit to:

 

 

  1. The city council of the City of Great Falls decided to pool the investments of its General Fund with that of Great Falls School District and Great Falls Township, each of which carried its investments at fair value as of the prior balance sheet date. All investments are revalued to current fair value at the date of the creation of the pool. At that date, the prior and current fair value of the investments of each of the participants were as follows:

 

                                                                                            Investments____

Prior                Current

Fair Value       Fair Value         

General Fund                                      $600,000         $590,000

Great Falls School District                  3,600,000        3,640,000

Great Falls Township                          1,800,000_      1,770,000_

Total                                                    $6,000,000      $6,000,000

 

  1. At the date of the creation of the investment pool, each of the participants should:

 

  1. One day after creation of the pool, the investments that had belonged to Great Falls Township were sold by the pool for $1,760,000.

 

  1. One month after creation of the pool, earnings on pooled investments totaled $59,900.  It was decided to distribute the earnings to the participants, rounding the distribution to the nearest dollar.  The Great Falls School District should receive:

 

  1. Fairview County contributes to and administers a single-employer defined benefit pension plan on behalf of its covered employees.  The following information is available for the current year:

 

Current year benefits                                                                          $150,000

Actual amount contributed to the plan                                               145,000

Amortization of deferred amounts                                                     2,500

Net annual change in amounts normally expected to                        

Be liquidated with expendable available financial resources             600

Interest on prior pension liabilities                                                      1,250

 

  1. If the above information was for the General Fund, the current year pension expenditure would be equal to:

 

 

  1. If the above information was for a proprietary fund, the current year pension expense would be equal to:

 

  1. The County collector of Suncoast County is responsible for collecting all property taxes levied by funds and governments within the boundaries of the county.  To reimburse the county for estimated administrative expenses of operating the tax agency fund, the agency deducts 1.5% from the collections for the town, the school district, and the other towns.  The total amount deducted is added to the collections for the county and remitted to the Suncoast County General Fund.

 

The following events occurred in 2017:

 

  1. Current-year tax levies to the collected by the agency were:

 

County General Fund                                                 $10,333,000

Town of Bayshore General Fund                               4,840,000

Suncoast County Consolidated School District         6,550,000

Other towns                                                                3,120,000__

Total                                                                            $24,843,000

 

ii. $13,700,000 of current taxes were collected during the first half of 2017.

iii. Liabilities to all funds and governments as a result of the first half-year collections were recorded.  (A schedule of amounts collected for each participant, showing the amount withheld for the county General Fund and net amounts due the participants, is recommended for determining amounts to be recorded for this transaction)

iv. All cash in the tax agency fund was distributed.

 

  1. Prepare journal entries for each of the foregoing transactions that affected the tax agency fund (If no entry is required for a transaction/event, select “No journal Entry required” in the first account field.  Do not round intermediate calculations.  Round your answers to the nearest whole dollar amount.)

 

  1. Record the current-year tax levies to be collected by the agency

 

  1. Record the current taxes collected during the first half of 2017.

 

  1. Record the liabilities due to all funds and governments at the end of first half-year.

 

  1. Record the distribution of all cash in the tax agency fund.

 

 

  1. Prepare journal entries for each of the foregoing transactions that affected the Suncoast County General Fund.  Begin with the tax levy entry, assuming 4% of the gross levy will be uncollectible.  (If no entry is required for a transaction/event, select “No journal Entry required” in the first account field.  Do not round intermediate calculations.  Round your answers to the nearest whole dollar amount.)

 

  1. Record the revenues receivable and uncollectible

 

 

  1. Record the foregoing transactions that affected the Suncoast County General Fund

 

  1. Record the liabilities due to all funds and governments at the end of first half-year

 

  1. Record the taxes collected

 

 

  1. Prepare journal entries for each of the foregoing entries that affected the Town of Bayshore General Fund.  Begin with the tax levy entry, assuming 2% of the gross levy will be uncollectible.  (If no entry is required for a transaction/event, select “No journal Entry required” in the first account field.  Do not round intermediate calculations.  Round your answers to the nearest whole dollar amount.)

 

 

  1. Record the revenues receivable and uncollectible

 

 

 

 

 

  1. Record the foregoing transactions that affected the Town of Bayshore General Fund

 

 

  1. Record the liabilities due to all funds and governments at the end of first half-year

 

 

  1. Record the taxes collected

 

 

  1. Which financial statements would be prepared by the tax agency fund?
  2. Prepare the journal entries that should be made by the City of Albertville, Albertville Schools, and Richwood Township on February 15 to record their participation in the investment pool.  (If no entry is required for a transaction/event, select “No journal Entry required” in the first account field.  Do not round intermediate calculations.  Round your answers to the nearest whole dollar amount.)

 

  1. The Albertville City Council decided to pool the investments of its General Fund with Albertville Schools and Richwood Township in an investment pool to be managed by the city.  Each of the pool participants had reported its investments at fair value as of the end of 2016.  At the date of the creation of the pool, February 15, 2017, the fair value of the investments of each pool participant was as follows:

 

    

 

  1. Prepare the journal entries to be made in the accounts of the investment pool trust fund to record the following transactions for the first year of operations.  (If no entry is required for a transaction/event, select “No journal Entry required” in the first account field.  Do not round intermediate calculations.  Round your answers to the nearest whole dollar amount.)

 

  1. Record the investments transferred to the pool; assume that the investments of the city’s General Fund were in U.S. Treasury notes and the investments of both the schools and the township were in certificates of deposit (CDs).

 

 

  1. On June 15, the Richwood Township decided to withdraw $3,010,000 for a capital projects payment.  At the date of the withdrawal, the fair value of the Treasury notes has increased by $30,000.  Assume that the trust fund is able to redeem the CDs necessary to complete the withdrawal without a penalty but does not receive interest on the funds.

 

 

  • Record the increase in the fair value of the Treasury notes

 

 

  • Record the withdrawal for the capital projects payment

 

 

  • Record the payment of cash

 

 

  1. On September 15, interest on Treasury note in the amount of $50,000 was collected

 

 

  1. Interest on CDs accrued at year-end amounted to $28,000

 

  1. At the end of the year, undistributed earnings were allocated to the investment pool participants.  Assume that there were no additional changes in the fair value of investments after the Richwood Township withdrawal.  Round the amount of the distribution to each fund or participant to the nearest dollar.

 

  1.  Record the June 15 increase in each of the participant’s funds. (If no entry is required for a transaction/event, select “No journal Entry required” in the first account field)

 

  1. Record the June 15 Increase in each of the participant’s funds.

 

  • Record the increase in investments in the general fund

                       

  • Record the withdrawal made by Richwood Townships from the pooled investments.

 

  1. Record the change in each participant’s Equity in Pooled Investment account due to the September 15 treasury interest and December 31 CD interest accrual.  (If no entry is required for a transaction/event, select “No journal Entry required” in the first account field)

 

  • Record the change in each participant’s Equity in Pooled investment account due to the September 15 treasury interest and December 31 CD interest accrual.

 

 

  1. How will the investment trust fund report the General Fund’s interest in the investment pool and the Albertville School’s interest in the investment pool?

 

  • Report the school but not the General Fund

 

  1. Evergreen County acts as the disbursing agent for a state grant for the performing arts.  The state is responsible for determining which local governments are eligible for the grant money and for following up to ensure that the recipients comply with the requirements of the grant.  The county receives the grant funds and disburses them according to the schedule provided by the state.  When the county was asked to participate, the county’s attorney was concerned that the county might be held responsible for any disallowed costs.  The state agreed to accept responsibility for any disallowed costs, so the county decided to act as the agent for the state for this grant.

.

The schedule for the grant funds for 2017 is shown below.

 

City of Boulder                       $2,100,000

Aspen Township                     1,400,000

Snowton                                  900,000

Firtree Village                         600,000___

Total                                        $5,000,000

 

  1. Prepare the general journal entries necessary to record Evergreen County’s receipt of the money on December 31, 2017 (the end of its fiscal year) and disbursement of the grant funds on January 2, 2018.  (If no entry is required for a transaction/event, select “No journal Entry required” in the first account field)

 

  1. Record the receipt of funds at the end of the fiscal year.

 

 

  1. Record the disbursement of the grant funds on January 2, 2018.

 

  1. Prepare the general journal entries required to record Aspen Township’s receipt of the funds; assume that funds are to be used to construct a new performing arts center and all time and eligibility requirements have been met.  (If no entry is required for a transaction/event, select “No journal Entry required” in the first account field)

 

  1. Record Aspen Township’s receipt of the funds

 

  1. Since the county received the funds prior to its fiscal year end, but didn’t disburse them until after its fiscal year end, how would the activities related to the grant be reported in the county’s financial statements?

 

  • Report in a separate column on the statement of fiduciary net position.

 

  1. Bluff County’s schedule of changes in net pension liability and related ratios is shown below.  (negative amounts should be indicated by a minus signs.  Do not round intermediate calculations.  Round percentage answer to 2 decimal places)

 

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