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Homework answers / question archive / Government Accounting Chapter Four   1)When equipment was purchased with General Fund resources, which of the following accounts would have been debited in the General Fund?     2) Goods for which a purchase order had been placed at an estimated cost of $1,600 were received at an actual cost of $1,550

Government Accounting Chapter Four   1)When equipment was purchased with General Fund resources, which of the following accounts would have been debited in the General Fund?     2) Goods for which a purchase order had been placed at an estimated cost of $1,600 were received at an actual cost of $1,550

Accounting

Government Accounting Chapter Four

 

1)When equipment was purchased with General Fund resources, which of the following accounts would have been debited in the General Fund?  

 

2) Goods for which a purchase order had been placed at an estimated cost of $1,600 were received at an actual cost of $1,550. The journal entry in the General Fund to record the receipt of the goods will include a:

3)Which of the following items would be reported as General Revenue on the government-wide statement of activities?

 

4) Garden City has calculated that General Fund property tax revenues of $4,608,000 are required for the current fiscal year. Over the past several years, the city has collected 96 percent of all property taxes levied. The city levied property taxes in the amount that will generate the required $4,608,000. Which of the following general journal entries would correctly record the property tax levy?

5. Carroll City levies $200,000 of property taxes for its current fiscal year. One percent of the tax levy is expected to be uncollectible. The city collects $170,000 of its taxes during the year and another $25,000 during the first two months of the following year. In addition, the city collected $3,000 of prior year taxes during the first two months of the current fiscal year and another $2,000 during the remainder of the current fiscal year.

 

What amount of property tax revenues should the city report in the general fund financial statements for the current fiscal year?

 

What amount of property tax revenues should the city report in the government-wide financial statements for the current fiscal year?

 

6.The Village of Frederick borrowed $1,000,000 from a local bank by issuing 4 percent tax anticipation notes. If the village repaid the tax anticipation notes six months later after collecting its next installment of property taxes, the General Fund journal entry to record the repayment will include:

 

7. Which of the following transactions is reported on the government-wide financial statements?

8. Clarion Township was approved for a grant from the federal government. The grant provides for reimbursement up to $200,000 for expenditures incurred to weatherize homes for low-income persons. Upon notification that the grant had been approved, but before weatherization activities have begun, Clarion Township should:

9. The City of Marshfield uses the purchases method for recording its inventory of supplies in the General Fund. Rather than using a perpetual inventory system, inventories are updated at year-end based on a physical count. Physical inventories were $112,000 and $128,000 at December 31, 2016 and 2017, respectively. The adjusting journal entry on December 31, 2017, will include a:

 

 
 

 

 

 

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