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

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 contributions from participants of the College Savings Plan (529 Plan).

A county's general fund has $2,000,000 in supplies on hand at the start of 2021. During 2021, the county purchases $70,000,000 of supplies for cash, and uses $70,500,000 of supplies in operations. Required Prepare journal entries to record these events in 2021, including any year-end adjusting entries, if: a. The general fund uses the consumption method to record supplies. b. The general fund uses the purchases method to record supplies and does not report supplies inventories on its balance sheet.

A county's general fund has $1,000,000 in supplies on hand at the start of 2021. During 2021, the county purchases $40,000,000 of supplies and uses $39,800,000 of supplies. Required a. The general fund uses the consumption method to record supplies. i. Prepare the adjusting entry at the end of 2021 to recognize the change in inventory balance. ii. Calculate supplies expenditures for 2021. b. The general fund uses the purchases method to record supplies, and reports supplies inventory on its balance sheet. i. Prepare the adjusting entry at the end of 2021 to recognize the change in inventory balance. ii. Calculate supplies expenditures for 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. Property tax bills for the current year are sent out. It is estimated that 10% are uncollectible. -Bad debt expense

The December 31, 2021 trial balance for the general fund of Pasco County, before adjustments and closing entries, appears below. The general fund uses the purchases method for inventories and does not report inventories. The GAAP basis is used for encumbrances. Debits Credits Cash 100,000 Property taxes receivable 300,000 Estimated revenues 2,600,000 Capital outlay 195,000 Encumbrances 20,000 General government expenditures 2,000,000 Debt service: principal 180,000 Debt service: interest 100,000 Due from other funds 140,000 Estimated other financing sources 380,000 Allowance for uncollectible property taxes \ 130,000 Accounts payable 90,000 Due to other funds 25,000 Property tax revenues 900,000 Salestax revenues 1,750,000 Transfers from other funds 200,000 Proceeds from sale of property 150,000 Appropriations 2,500,000 Fund balance-assigned 20,000 Fund balance-unassigned 250,000 Totals \ 6,015,000 \ 6,015,000 The assigned fund balance relates entirely to outstanding encumbrances. Beginning encumbrances were $12,000. Required a. The property taxes receivable balance represents uncollected tax bills from 2021. The county estimates that 30% will be collected within 60 days, 10% will be collected within 120 days, and the rest are uncollectible. Make the necessary adjusting entry to reflect this information. b. Prepare the closing entries for the year ended December 31, 2021. c. Prepare the statement of revenues, expenditures and changes in fund balances for the general fund, for the year ended December 31, 2021. d. Prepare the balance sheet for the general fund as of December 31, 2021.

Which of the following would most likely be reported as a blended component unit of a county government?

Use the following information to answer bellow Questions. At the beginning of 2020, the balance sheet of a county general fund reports $500,000 in property taxes receivable from 2019, of which $350,000 are considered uncollectible. During 2020 the county sends out tax bills in the amount of $10,000,000, of which $600,000 are expected to be uncollectible. Cash collections on 2019 taxes are $140,000, and the remaining uncollected taxes are written off. Cash collections on 2020 taxes are $9,500,000. Of the $500,000 uncollected at the end of 2020, $100,000 are expected to be collected within 60 days, $65,000 are expected to be collected more than 60 days after year-end, and the rest are uncollectible. -The general fund's balance sheet at the end of 2020 will include:

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. -The general fund transfers funding for payment of principal and interest on general obligation debt.

A blended component unit of a county is most likely to:

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 out

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. -Estimated other financing sources

A county's general fund reports fund balances totaling $4,000,000. Additional information for the general fund is as follows: •Prepaid expenses are $300,000. •Inventories total $800,000. •Cash held from a federal grant designated for transportation safety projects totals $200,000. •The legal budget requires that $900,000 be set aside for general debt payments. •Outstanding purchase orders total $100,000. Required Prepare the county's fund balances section of the general fund balance sheet.

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. -Revenues

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 services provided by data processing centers to various government entities.

A county's general fund has the following budget for the current year: Estimated revenues…………………………………………. $4,500,000 Appropriations………………………………………………… 5,200,000 Estimated other financing sources…………………… 800,000 Estimated other financing uses……………………….. 75,000 During the year, actual results were as follows: Revenues………………………………………………………… 4,300,000 Expenditures…………………………………………………… 5,150,000 Other financing sources………………………………….. 850,000 Other financing uses……………………………………….. 70,000 The general fund's unassigned fund balance at the beginning of the year was $150,000. Required a. Calculate unassigned fund balance immediately after the budget entry. b. Calculate unassigned fund balance at the end of the year.

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. -Wages for administrative workers in the controller's office are paid.

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. -Estimated revenues

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. -Allowance for uncollectible taxes

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 receipt of monies from bond issues to be used for construction of County facilities.

Use the following information to answer bellow Questions. At the beginning of 2020, the balance sheet of a county general fund reports $500,000 in property taxes receivable from 2019, of which $350,000 are considered uncollectible. During 2020 the county sends out tax bills in the amount of $10,000,000, of which $600,000 are expected to be uncollectible. Cash collections on 2019 taxes are $140,000, and the remaining uncollected taxes are written off. Cash collections on 2020 taxes are $9,500,000. Of the $500,000 uncollected at the end of 2020, $100,000 are expected to be collected within 60 days, $65,000 are expected to be collected more than 60 days after year-end, and the rest are uncollectible. -How does activity in 2020 related to 2019 taxes affect 2020 property tax revenue?