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

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 a parking garage and is reported in an enterprise fund. What is reported in the enterprise fund's operating statement, related to this equipment, in 2021?

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. a. The adopted budget is recorded. -Encumbrances

The governmental funds balance sheet will never report:

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 for property tax revenues, as reported on the general fund operating statement for 2020?

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. a. The adopted budget is recorded. -Fund balance-unassigned

Accumulation of money to be used to pay the interest on general obligation bonds is reported in a:

Category A in the GAAP hierarchy in state and local government accounting consists of

The financial statements of a general fund include:

Classifications of fund balance on the general fund balance sheet include all but which one of the classifications below?

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. Plumas County uses the purchases method for inventories and does not report inventories on its balance sheet. At the end of the year, it determines that it used more inventories than it purchased during the year. -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 a parking garage and is reported in an enterprise fund. What is reported in the enterprise fund's operating statement, related to this equipment, in 2015?

The April 1, 2020 balance sheet for the general fund of Solano County appears below. SOLANO COUNTY General Fund Balance Sheet April 1, 2020 Cash \ 45,000 Accounts payable \ 26,000 Taxes receivable Fund balance-unassigned Total assets \ 55,000 Total liabilities and fund balance \ 55,000 The county has a March 31 year-end. Transactions for the town during fiscal 2021 were as follows: 1) The town council approved the following budget: estimated revenues of $800,000 in property taxes and $150,000 in fees and service charges, and authorized expenditures of $945,000. 2) The property taxes were accrued. Uncollectible taxes are considered negligible. 3) Taxes of $9,800 were collected from last year, and $798,000 of this year's taxes were collected. Uncollected taxes from last year were written off. The remaining uncollected taxes from this year are expected to be collected within 60 days of fiscal year-end. 4) Expenditures were $942,000, and purchase orders of $500 were outstanding at fiscal year-end. 5) The accounts payable balance at March 31, 2021 was $27,000. 6) Fees and service charges of $146,500 were collected in cash. Required a. Prepare the journal entries to record the budget and transactions for fiscal 2021. b. Prepare closing entries for fiscal 2021. c. Compute the unassigned fund balance at March 31, 2021. d. Prepare a budgetary comparison schedule for fiscal 2021. Use the GAAP budgetary basis. e. Prepare the general fund balance sheet at March 31, 2021.

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. -Other county governments give money to the county for short-term investments.

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 monies received from federal, state and local sources to protect the safety and welfare of children.

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 2018?

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. -The sales tax rate for Callaway County is 8.75%. Of that amount, 4% represents the state tax rate. Callaway County remits the state tax portion of its sales tax collections to the state.

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 funds collected for another county's participation in the state's managed care program.

A government always has only one

Which item below would be reported in the "other financing sources and uses" section of the operating statement of the general fund?

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 is the year-end balance in fund balance-unassigned?