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

Use the following information to answer bellow Questions. On January 1, 2020, a county government sends out property tax bills in the amount of $100,000,000. Of this amount, $15,000,000 is estimated to be uncollectible. During the year, $88,000,000 is collected. Of the $12,000,000 in uncollected taxes at December 31, 2020, $3,000,000 is expected to be collected within the next 60 days, and $1,800,000 is expected to be collected after 60 days. The rest are estimated to be uncollectible. In 2021, $10,000,000 is collected related to 2020 tax bills, and the remaining uncollected 2020 taxes are written off. -What is the balance in the allowance for uncollectible taxes on the December 31, 2020 general fund balance sheet?

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. -Money from property tax collections is dedicated to enhanced 911 funding.

The following fund types are used by Cumberland County: General Fund (GF) Special Revenue Fund (SRF) Capital Projects Fund (CPF) Debt Service Fund (DSF) Internal Service Fund (ISF) Enterprise Fund (EF) Pension Trust Fund (PTF) Custodial Fund (CF) Required For each of the activities bellow, indicate the county fund type that reports the activity. Use the abbreviations listed above. -Accounts for general tax revenues.

The proprietary funds operating statement reports:

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. -Assets of wards of the county are reported in this fund.

A county's operating statement for governmental funds will not include

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. -Capital outlay

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. -Expenditures

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 is the total for other financing uses?

A government orders services in the amount of $5,000,000 and records the order as an encumbrance. When the services are provided, the invoice is in the amount of $4,998,000. Which statement below is true?

The pre-closing trial balance of Placer County's general fund at the end of 2020 appears below: Dr Cash 20,000 Property taxes receivable, net 50,000 Due from other funds 7,000 Estimated revenues 900,000 Operating expenditures 830,000 Operating expenditures-prior 4,000 Capital outlay 10,000 Debt service: Principal 1,000 Debt service: Interest 4,000 Transfersout 45,000 Encumbrances 2,000 Accounts payable 35,000 Due to other funds 15,000 Appropriations 850,000 Estimated other financing uses 45,000 Property tax revenues 892,000 Fund balance-assigned 6,000 Fund balance-unassigned 30,000 \ 1,873,000 \ 1,873,000 The county uses the legal budgetary basis to report encumbrances. Required a. Calculate the balance in fund balance-unassigned at the beginning of 2020, before the budget entry was made. b. Make the appropriate closing entries at the end of the year.

Activities where a county holds resources in a trust or custodial capacity for entities or individuals outside the county are categorized as:

The following fund types are used by the State of Florida: General Fund (GF) Internal Service Fund (ISF) Special Revenue Fund (SRF) Private-Purpose Trust Fund (PPTF) Capital Projects Fund (CPF) Pension and Other Employee Benefit Trust Fund (POEBTF) Debt Service Fund (DSF) Investment Trust Fund (ITF) Permanent Fund (PF) Custodial Fund (CF) Enterprise Fund (EF) Required For each of the activities bellow, indicate the state fund type that reports the activity. Use the abbreviations listed above. -Accounts for resources held for students in the Florida School for the Deaf and Blind.

The following fund types are used by Cumberland County: General Fund (GF) Special Revenue Fund (SRF) Capital Projects Fund (CPF) Debt Service Fund (DSF) Internal Service Fund (ISF) Enterprise Fund (EF) Pension Trust Fund (PTF) Custodial Fund (CF) Required For each of the activities bellow, indicate the county fund type that reports the activity. Use the abbreviations listed above. -Accounts for the operation of the County nursing and rehabilitation center.

The trial balance for Oscilla County at the beginning of 2020 appears below: Account Dr (Cr) Cash \ 200,000 Property taxes reoeivable 320,000 Accounts payable (215,000) Allowance for uncollectible taxes (120,000) Fund balance-unassigned (185,000) Total \ 0 Events for 2020 are as follows: 1) Cash collected from property owners for 2019 taxes is $195,000. The remaining uncollected taxes were written off. 2) Property tax bills were sent out at the beginning of 2020 in the amount of $6,500,000, of which $240,000 were estimated to be uncollectible. Cash collected from property owners for 2020 taxes was $6,200,000. Of the $300,000 uncollected at year-end, $45,000 in taxes are expected to be collected in the next 60 days. The remainder are considered uncollectible. 3) The county has a very effective speed trap that keeps property taxes low. County police hide behind a large tree and catch motorists as they go down a steep hill on Main Street, which has a posted speed limit of 15 mph. Fines collected on speeding tickets remain with the county, and total $1,200,000 in cash in 2020. 4) Operating expenditures for the year are $7,000,000. Cash paid for operating expenditures totals $7,080,000. 5) Equipment of $100,000 is purchased for cash, and equipment is sold for $130,000 in cash. 6) $500,000 is transferred to the debt service fund for payment of principal and interest on general obligation debt. Required Prepare the statement of revenues, expenditures, and changes in fund balances for 2020, and the balance sheet as of year-end 2020, for Oscilla County's general fund. Include a separate schedule calculating property tax revenue for 2020.

Which one of the following items is reported as a deferred inflow on the general fund's balance sheet?

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

Alpine County's July 1, 2020 general fund balance sheet reports the following balances related to property taxes: () Property taxes receivable \4 50,000 Allowance for uncollectible taxes (375,000) Deferred inflows of resources. (5,000) The county has a June 30 fiscal year-end. The taxes receivable are uncollected fiscal 2020 taxes, and the allowance for uncollectible taxes is the amount of uncollected taxes not expected to be collected within 60 days of year-end. The deferred inflows account consists of $3,000 in uncollected fiscal 2020 taxes that are expected to be collected more than 60 days after year-end, and $2,000 in fiscal 2021 taxes collected in advance. The county records the following transactions in fiscal 2021, related to property tax billings and collections. 1) Property tax bills totaling $25,000,000 are sent out. The county expects that $700,000 of these bills are uncollectible. 2) Property taxes of $24,800,000 are collected in cash. Of this amount, $80,000 is payment for fiscal 2020 taxes, $6,000 is fiscal 2022 taxes paid in advance, and the remainder is payment of fiscal 2021 property taxes. 3) The uncollected taxes for fiscal 2020 are written off. 4) Of the uncollected fiscal 2021 property taxes, it is estimated that 60% will be collected within 60 days of year-end, another 10% will be collected more than 60 days after year-end, and the remainder are uncollectible. Required a. For the $450,000 in uncollected fiscal 2020 property taxes, how much property tax revenue was reported in fiscal 2020? b. Prepare the journal entries necessary to record the activities of fiscal 2021, including fiscal year-end adjusting entries. c. What is the total amount of property tax revenue reported in fiscal 2021?

The following excerpts are obtained from a county government's financial records. The government's fiscal year ends December 31, 2020 and it is now November 30, 2020. Dr (Cr) Cash \ 100,000 Taxes receivable, net 1,500,000 Estimated revenues 35,000,000 Estimated other financing uses (250,000) Budget ary deficit 70,000 Revenues (29,000,000) Expenditures 30,000,000 Other financing uses 245,000 Encumbrances 100,000 Fund balance-unassigned (325,000) Required How much does the government have available to spend for the remainder of 2020?

Resources from federal grants required to be spent on specific activities are reported in which fund balance category of a county's general fund balance sheet?