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modern advanced accounting

Questions and Answers of Modern Advanced Accounting

P23-4 Charge and discharge statement for an estate Use the information in P 23-3 to prepare a charge–discharge statement for the estate of George Wilson for the period March 1, 2015 through April
P23-3 Estate accounting George Wilson dies on March 1, 2015, leaving a valid will. The will reads as follows:I leave my home, furnishings, remaining bank account balances and personal possessions to
P23-2 Charge and discharge statement Use the information from P23-1 above to prepare a charge–discharge statement for the estate of Ali Sung for the period July 1 to August 25, 2014.
P23-1 Estate accounting journal entries Ali Sung died of illness on July 1, 2014. Before passing away, he had appointed his son, Deeja Sung, as the executor of his estate. Ali left a will as
E 23-12 Estate tax calculation Ms. Jacki Jerome, a famous rock superstar, dies on November 28, 2015, and leaves her entire estate, with a fair value of$23,400,000 (after settling all estate expenses
E 23-11 Estate tax calculation Mr. Chuck Rainy dies on May 21, 2015, and leaves his entire estate, with a fair value of $7,200,000 (after settlement of all estate expenses and liabilities) to be
E 23-10 Estate tax calculation Mr. Dogbert dies on March 1, 2015, and leaves his entire estate, with a fair value of $10,600,000 (after settlement of all estate expenses and liabilities) to his sole
E 23-9 Prepare journal entries for a trust You serve as the trustee for the Josephine Frederick testamentary income trust. The trust was created by the will of her late husband, John. Under the terms
E 23-8 Prepare journal entries for a trust You serve as the trustee for the Lisa Wyatt Trust. The following transactions occur during June and July 2015:June 1 Open the trust account, depositing the
E 23-7 Prepare charge and discharge statement for the Sooner XXV trust Use information from E 23-6 to prepare a charge and discharge statement for the trust for the period September 15, 2015 through
E 23-6 Charge and Discharge System Use the information from E23-6 to prepare a charge and discharge statement for Kitty Trust.
E 23-5 Journal entries and accounting for an estate You serve as the executor for the estate of Jeff Carpenter, who passed away on August 25, 2015, at the age of 102. Jeff’s estate consisted of two
E 23-4 Accounting for an estate K.T. Tim has been appointed to serve as executor for the estate of Ms. Lisa Triciao, who passed away on August 15, 2015.Ms. Triciao’s assets consisted of the
E 23-3 Journal entries for a trust You have been appointed as a trustee for Kitty Trust and are requested to open a trust account on January 1, 2014, by depositing $500,000 from Segara Estate into a
E 23-2 Prepare journal entries for an estate You serve as the executor for the estate of Maribeth Rainy. The following transactions occur during July 2015:a The Rainy estate included a certificate of
E 23-1 Claim payments journal entries Yusaku Honda died on August 1, 2014, and appointed his son, Shinichi Honda, as the executor for his estate, which means that Yusaku Honda died testate. The will
11. Are estate income taxes the responsibility of the estate or its beneficiaries?E x E R c I S E S
10. Summarize reasons why it may be important to have a will.
9. Briefly summarize how income earned on estate property should be treated by a beneficiary for purposes of filing a federal tax return. Where should the beneficiary look to provide this information?
8. Is it possible to avoid estate taxation by giving assets as gifts prior to death?
7. How should assets and liabilities be measured in the accounting records of an estate?
6. Does the calculation of the federal estate tax permit any deductions?
5. What is a charge–discharge statement?
4. How does an executor account for the properties of an estate?
3. What is the meaning of a devise in estate accounting?
2. Briefly summarize differences between principal and income transactions for estates and trusts. Why is the classification important in estate and trust accounting?
3. Locate the Web site for the county in which your college or university is located. Has the county recorded any new debt this year in its governmental funds? How much? How can you tell?
2. Locate the Web site for the municipality in which your college or university is located.List one major event that has occurred recently and will be recorded in the accounting records. What fund or
1. Choose a CAFR from a city, county, or other local government. Review the CAFR and answer the following questions:a. How many governmental funds does the government have? List the name of one
2. Prepare financial statements for the CPF for the year ended June 30, 2017.
1. Prepare all journal entries in the funds necessary to account for the transactions and events given. (If amounts are not known, use xxx.)
P 20-12 Capital projects fund journal entries and financial statements The City of Catalina authorized the construction of a new recreation center at a total cost of $1,000,000 on June 15, 2016. On
P 20-11 Capital projects fund journal entries and balance sheet [AICPA adapted]In a special election held on May 1, 2016, the voters of the City of Cerone approved a $10,000,000 issue of 6 percent
P 20-10 Journal entries associated with a capital project On June 15, 2016, Malmo City authorizes the issuance of $500,000 par of 6 percent serial bonds to be issued on July 1, 2016, and to mature in
P 20-9 Capital projects fund journal entries The City of Stockholm authorized construction of a $600,000 addition to the municipal building in September 2016. The addition will be financed by
P 20-8 Debt service fund journal entries The Town of Lilehammar has $3,000,000 of 6 percent bonds outstanding. Interest on the general obligation, general government indebtedness is payable
P 20-7 Preparation of a fund statement of revenues, expenditures, and changes in fund balance The following information regarding the fiscal year ended December 31, 2016, was drawn from the accounts
P 20-6 Journal entries from trial balance [AICPA adapted]The following information was abstracted from the accounts of the general fund of the City of Lahti after the books had been closed for the
3. An analysis of the transactions in the vouchers payable for the year ended June 30, 2016, follows:Debit (Credit)Current expenditures $(2,700,000)Expenditures for prior years (58,000)Vouchers for
2. Estimated uncollectible taxes from the prior year were written off.
P 20-5 Reconstruct general fund journal entries [AICPA adapted]The following summary of transactions was taken from the accounts of the Oslo School District general fund before the books had been
P 20-4 Governmental fund conversion worksheet The postclosing trial balance for the City of Fort Collins governmental funds at June 30, 2016, shows the following ledger account balances:DR CR Cash
1. Prepare journal entries to record the budget and each of the following transactions:a. The treasurer of Tyler sends out property tax bills of $200,000; 1 percent is considered uncollectible.b.
P 20-3 Governmental fund journal entries, budgetary comparison, and reconciling items The Town of Tyler approved the following general fund budget for the fiscal year July 1, 2016, to June 30,
P 20-2 Preparation of general fund statements The preclosing account balances of the general fund of the City of Batavia on June 30, 2017, were as follows:Debits Cash $80,000 Taxes
E 20-15 Governmental fund reconciliation to total net position The following data are available from the City of Boulder’s financial records on September 30, 2016:a. The net change in fund
4. Revenues reported as collected in advance on the fund balance sheet using the 60-day criteria are recognized as revenue in the government-wide statement.REQuIRED: Determine the village’s general
3. A capital lease payable in the amount of $75,000 is noted in the internal debt records. This was recorded as an other financing source in the general fund.
2. General long-term debt recorded in the internal debt records is $100,000. This was recorded as an other financing source in the general fund.
1. The village owns general fixed assets with a historical cost of $100,000 and accumulated depreciation totaling $65,000.
E 20-14 Governmental fund reconciliation to total net position The postclosing trial balance for the Village of Alantown general fund at June 30, 2016, shows the following ledger account
E 20-13 Governmental fund journal entries For each of the following transactions, note the fund(s) affected, and prepare appropriate journal entries.1. General obligation bonds with a par value of
6. The township received a $100,000 restricted grant for certain library programs from another unit of government.The grant will be accounted for in the general fund.7. The township incurred $75,000
E 20-12 General fund journal entries Prepare the journal entries required to record the following transactions in the general fund of Rochester Township.1. Borrowed $75,000 by issuing six-month tax
1. Estimated revenues for the fiscal year were $250,000 and appropriations were $248,000.2. The tax levy for the fiscal year, of which 99 percent is believed to be collectible, was $200,000.3. Taxes
E 20-11 General fund journal entries Prepare entries in the general fund to record the following transactions and events:
E 20-10 Preparation of a fund statement of revenues, expenditures, and changes in fund balance The trial balance of the general fund of Madelyn City before closing at December 31, 2013, contained the
E 20-9 Preparation of fund balance sheet A general ledger trial balance at June 30, 2013, for Millar City is as follows:Debits Credits Cash $12,000 —Taxes receivable 30,000 —Allowance for
E 20-8 Governmental fund closing entries A general ledger trial balance for Any City contained the following balances at June 30, 2013, just before closing entries were made:Due from other funds $600
E 20-7 General fund journal entries (property taxes)The following events and transactions relate to the levy and collection of property taxes for Jedville Township:March 21, 2016—Property tax bills
5. The following information pertains to Amber Township’s general fund at December 31, 2016:Total assets, including $200,000 of cash $1,000,000 Total liabilities 600,000 Fund balance—restricted
In 2017, Tedfred’s total fund balance increased by:a $3,000,000 b $2,500,000 c $1,500,000 d $1,000,000
4. The following information pertains to Tedfred’s general fund for 2017:Appropriations $6,500,000 Expenditures 5,000,000 Other financing sources 1,500,000 Other financing uses 2,000,000 Revenues
What amount should Coral City report for 2016 net property tax revenues?a $700,000 b $690,000 c $600,000 d $500,000
3. The following information pertains to property taxes levied by Coral City for the calendar year 2016:Collections during 2016 $500,000 Expected collections during the first 60 days of 2017 100,000
2. Capital City was awarded a $3,000,000 grant from the state. Of this grant, $1,500,000 was sent to the city and recorded in a special revenue fund. Qualified expenditures of that fund totaled
E 20-6 Multiple choice [AICPA adapted]1. The following information pertains to Walnut Corners:2016 governmental fund revenues that became measurable and available in time to be used for payment of
5. Property taxes are considered:a Derived tax revenues b Imposed nonexchange revenues c Government-mandated nonexchange transactions d Voluntary nonexchange transactions
4. Martha County issues general obligation serial bonds at a premium to finance construction of a sheriff’s office. Which of the following are affected by the transaction?a Special revenue b
3. Equipment in general governmental service that had been constructed 10 years before by a capital projects fund was sold. The receipts were accounted for as an other financing source. Entries are
2. Other financing sources—proceeds of general obligation bonds is an account of a governmental unit that typically would be included in the:a Enterprise fund b Special revenue fund c Capital
1. If numerous funds are maintained, which of the following transactions would typically not be reported in a municipality’s general fund?a The collection of property taxes b The purchase of office
5. Assets financed through a capital projects fund should be capitalized in the government-wide financial statements:a Only when construction is completed b On the basis of expenditures to date in
4. Three financial statements may be required to present the results of operations and financial position of a special revenue fund. Which of the following is not one of these required statements?a
3. Which of the following items would be least likely to appear in the account titles of a capital projects fund?a Due from federal government (for grant)b Due from general fund c Proceeds from bond
2. When a capital projects fund is dissolved by paying any remaining assets to another fund, the decrease in fund balance is a (an):a Expenditure b Operating transfer c Residual equity transfer d
E 20-4 Multiple choice 1. Howard City should use a capital projects fund to account for:a Proceeds of a capital grant to finance a new civic center that will not provide services primarily on a
5. The receipts from a special tax levy to retire and pay interest on general obligation bonds should be recorded in a:a Debt service fund b Capital projects fund c Revolving interests fund d Special
4. When the consumption basis of accounting for supplies is used, the financial statements of the related fund entity must:a Show supply purchases as expenditures of the period b Show a fund balance
3. When the purchases method of accounting for supplies is used, the financial statements of the related fund entity:a Need not show material amounts of supplies on hand as an asset b Must disclose
2. Which of the following funds would not be included in governmental fund financial statements?a Debt service fund b General fund c Permanent fund d Pension trust fund
E 20-3 Multiple choice 1. When equipment was purchased with general fund resources, which of the following accounts would have been increased in the general fund?a Due from general fixed assets
5. The reserve for encumbrances—past-year account typically represents amounts recorded by a governmental unit for:a Anticipated expenditures in the next year b Expenditures for which purchase
4. Reserve for encumbrance accounts in general fund balance sheets at year-end indicate:a The amount of net position required to complete the transaction(s) in the succeeding period b Noncompliance
3. Encumbrance accounting is designed to:a Prevent overspending of amounts appropriated b Replace expenditure accounting for governmental organizations c Prevent excessive appropriations d Prevent or
2. When a complete system of encumbrance accounting is used, the authorizations remaining available for expenditures at any interim date will be equal to:a Appropriations less encumbrances b
E 20-2 Multiple choice 1. The accounts “estimated revenues” and “appropriations” appear in the trial balance of the general fund. These accounts indicate:a The use of cash-basis accounting b
5. During its fiscal year ended June 30, 2016, the City of Ingalls issued purchase orders totaling $5,000,000, which were properly charged to encumbrances at that time. Ingalls received goods and
4. For the budgetary year ending December 31, 2016. Emerald City’s general fund expects the following inflows of resources:Property taxes, licenses, and fees $9,000,000 Proceeds of debt issue
3. Encumbrance outstanding at year end in a state’s general fund could be reported as a:a Liability in the general fund b Fund balance—committed in the general fund c Liability in the general
2. The encumbrance account of a governmental unit is debited when:a The budget is recorded b A purchase order is approved c Goods are received d A voucher payable is recorded
E 20-1 Multiple choice 1. Which of the following statements regarding budgetary accounting is true?a When the budget is recorded, estimated revenues are debited.b Budgetary accounts are never
21. What are the components of derived tax revenues? How is it recognized under GASB?E x E R c I S E S
20. How is a conversion worksheet used? Why is it necessary?
19. What is included on a budgetary comparison schedule? Is such a schedule required to be included in a CAFR?
18. How can you determine whether or not a governmental fund should be considered major?
17. How does a permanent fund differ from a special revenue fund? A private-purpose trust fund?
16. The Village of Lester had appropriations of $250,000 for the current fiscal year. If $175,000 worth of items has been ordered but only $150,000 of the $175,000 has been received, what amount can
15. What is the role of a subsidiary ledger in a governmental entity?
14. Assume that supplies on hand at the beginning of the year amount to $60,000 and that supply purchases during the year are $400,000. Supplies on hand at year-end are $40,000, and the consumption

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