Exam 10: State and Local Governments: Introduction and General Fund Transactions

The June 30, 2020 pre-closing trial balance for the general fund of Yuba County is shown below: Debit Credit Cash 27,000 Property taxes receivable 40,000 Allowance for uncollectible taxe; 24,000 Duefrom other funds 5,000 Accounts payable 12,000 Dueto other funds 4,000 Fund balance-unassigned 30,000 Estimated revenues 450,000 Estimated other financing sources 30,000 Appropriations 4\pi,\infty00 Estimated other financing uses 11,\infty00 Property and sales tax revenue; 440,000 Investment income 2,000 Current operating expenditures 400,000 Debt service: Principal and interest payments 50,000 Capital outlay 18,000 Transfers out 10,000 Transfers in 3,000 Proceeds from sale of capital assets 4,000 Proceeds of general obligation debt 5,000 Totals \ \ 1,030,000 Required a. Prepare the beginning-of-year budget entry, in journal form. b. Prepare the fiscal 2020 statement of revenues, expenditures, and changes in fund balance for the general fund, in good form. c. Prepare the June 30, 2020 balance sheet for the general fund, in good form. Present a schedule calculating the ending balance for fund balance-unassigned.

The following general fund budget was approved by Plumas County for the current year: Budgeted revenues \ 4,200,000 Budgeted expenditures 3,900,000 Budgeted other finanding sources 200,000 Budgeted other finanding uses 600,000 Plumas County uses the GAAP budgetary basis for outstanding encumbrances. Required During the year, various transactions and events occurred that affected the general fund. For each of the following events, indicate in the space next to each of the names of the listed accounts whether the account should be debited, credited, or is not affected. The general fund moves money to the debt service fund for payment of principal and interest on general obligation debt. -Transfers in

The following general fund budget was approved by Plumas County for the current year: Budgeted revenues \ 4,200,000 Budgeted expenditures 3,900,000 Budgeted other finanding sources 200,000 Budgeted other finanding uses 600,000 Plumas County uses the GAAP budgetary basis for outstanding encumbrances. Required During the year, various transactions and events occurred that affected the general fund. For each of the following events, indicate in the space next to each of the names of the listed accounts whether the account should be debited, credited, or is not affected. Purchase orders for merchandise and equipment are issued. -Fund balance-unassigned

A county is in the process of building a new courthouse. Proceeds of a general obligation bond issue to fund construction are reported in:

Which one of the following is most likely to be accrued as revenue by the general fund prior to receiving the cash?

Use the following information to answer bellow Questions A county's general fund has $4,000,000 in purchase orders outstanding at the beginning of 2020. The orders are delivered in 2020 and the county pays the suppliers $4,000,000. Expenditures ordered, delivered and paid for in 2020 total $35,000,000. Near the end of 2020, encumbrances for $5,000,000 in purchase orders are recorded. Encumbrances are reported in fund balance-assigned. -At the end of 2020, to what fund balance account are the $4,000,000 in expenditures related to beginning-of-year encumbrances closed, using each basis of reporting? Legal Budgetary Basis GAAP Budgetary Basis A) Fund balance-assigned Fund balance-unassigned B) Fund balance-unassigned Fund balance-assigned C) Fund balance-assigned Fund balance-assigned D) Fund balance-unassigned Fund balance-unassigned

Use the following information to answer bellow Questions A county acquires equipment for $16,000,000 at the beginning of 2015. The equipment has an 8-year life, no residual value. At the beginning of 2021 (6 years later), the equipment is sold for $9,000,000. Use straight-line depreciation, if appropriate. -The equipment is used for general operations and is reported in the general fund. What is reported in the general fund's operating statement, related to this equipment, in 2015?

The following general fund budget was approved by Plumas County for the current year: Budgeted revenues \ 4,200,000 Budgeted expenditures 3,900,000 Budgeted other finanding sources 200,000 Budgeted other finanding uses 600,000 Plumas County uses the GAAP budgetary basis for outstanding encumbrances. Required During the year, various transactions and events occurred that affected the general fund. For each of the following events, indicate in the space next to each of the names of the listed accounts whether the account should be debited, credited, or is not affected. Purchase orders for merchandise and equipment are issued. -Fund balance-assigned

The following general fund budget was approved by Plumas County for the current year: Budgeted revenues \ 4,200,000 Budgeted expenditures 3,900,000 Budgeted other finanding sources 200,000 Budgeted other finanding uses 600,000 Plumas County uses the GAAP budgetary basis for outstanding encumbrances. Required During the year, various transactions and events occurred that affected the general fund. For each of the following events, indicate in the space next to each of the names of the listed accounts whether the account should be debited, credited, or is not affected. The general fund moves money to the debt service fund for payment of principal and interest on general obligation debt. -Expenditures

On the balance sheet for the general fund, which fund balance category would report prepaid expenses?

Use the following information to answer bellow Questions bellow is the preclosing trial balance of a county's general fund at year-end: Dr Cr Cash 45,000 Property taxes receivable 180,000 Due from other funds 25,000 Estimated revenues 2,300,000 Operating expenditures 1,963,000 Capital outlay 120,000 Debt service: Principal 50,000 Debt service: Interest 140,000 Transfersout 29,000 Allowance for unco llectible property taxes \ 150,000 Accounts payable 45,000 Due to other funds 22,000 Appropriations 2,275,000 Estimated other financing uses 30,000 Property tax revenues 2,295,000 Fund balance-unassigned 35,000 -On the general fund operating statement, what are total expenditures?

A purchase of equipment would be reported as an asset in which of the following funds?

The following general fund budget was approved by Plumas County for the current year: Budgeted revenues \ 4,200,000 Budgeted expenditures 3,900,000 Budgeted other finanding sources 200,000 Budgeted other finanding uses 600,000 Plumas County uses the GAAP budgetary basis for outstanding encumbrances. Required During the year, various transactions and events occurred that affected the general fund. For each of the following events, indicate in the space next to each of the names of the listed accounts whether the account should be debited, credited, or is not affected. Closing entries are made at year-end. -General expenditures

A county receives a federal grant to be used for community health programs. This grant is reported in

What is the fund balance-unassigned, appearing on the general fund's year-end balance sheet?

The proprietary funds balance sheet reports:

The following fund types are used by a county: -General Fund (GF) -Special Revenue Fund (SRF) -Capital Projects Fund (CPF) -Debt Service Fund (DSF) -Permanent Fund (PF) -Enterprise Fund (EF) -Internal Service Fund (ISF) -Custodial Fund (CF) Required For each of the transactions bellow, indicate the fund or funds affected. Be sure to include all funds that report the transaction. Use the abbreviations listed above. -Payroll withholdings are paid to appropriate federal and state agencies.

Use the following information to answer bellow Questions bellow is the preclosing trial balance of a county's general fund at year-end: Dr Cr Cash 45,000 Property taxes receivable 180,000 Due from other funds 25,000 Estimated revenues 2,300,000 Operating expenditures 1,963,000 Capital outlay 120,000 Debt service: Principal 50,000 Debt service: Interest 140,000 Transfersout 29,000 Allowance for unco llectible property taxes \ 150,000 Accounts payable 45,000 Due to other funds 22,000 Appropriations 2,275,000 Estimated other financing uses 30,000 Property tax revenues 2,295,000 Fund balance-unassigned 35,000 -What was the credit balance in fund balance - unassigned at the beginning of the year, before the budget entry was made?

The following fund types are used by Callaway County: -General Fund (GF) -Special Revenue Fund (SRF) -Capital Projects Fund (CPF) -Debt Service Fund (DSF) -Permanent Fund (PF) -Enterprise Fund (EF) -Private Purpose Trust Fund (PPTF) -Investment Trust Fund (ITF) -Custodial Fund (CF) Required For each of the transactions bellow, indicate the county fund(s) affected. Be sure to include all funds that report the transaction. Use the abbreviations listed above. -A citizen gives $1,000,000 to the county. The citizen specifies that income from investment of this gift is to be used to provide health services to the general public.

Legal trusts are reported: