Question
9) The following are transactions for the city of Springfield. a. Borrowed $20,000 by issuing a three-month, 5% note. b. Paid $4,000 for equipment. c.
9) The following are transactions for the city of Springfield.
a. Borrowed $20,000 by issuing a three-month, 5% note.
b. Paid $4,000 for equipment.
c. Services for $1,000 were billed and collected.
d. Year-end accrual of 3 months interest on note in (a).
Required:
Analyze the above transactions by using the accounting equation for a governmental
fund. 10) Using the revenue types shown below, match each of the revenue sources to a
revenue type. Each revenue type may be used more than once.
A. Derived Tax Revenues
B. Imposed Nonexchange Revenues
C. Government-Mandated Nonexchange Transactions
D. Voluntary Nonexchange Transactions ________ 1. Corporate income tax ________ 2. Sales taxes ________ 3. Liquor taxes ________ 4. Fines and penalties paid to a government entity ________ 5. Cigarette taxes ________ 6. Personal income tax ________ 7. Donation made to a government entity ________ 8. Motor fuel tax ________ 9. Property tax
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started