Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Newport City established the following activities after it was founded: General fund, Governmental activities, Enterprise fund, Internal service fund, Enterprise fund, and Permanent fund. Assign

Newport City established the following activities after it was founded: General fund, Governmental activities, Enterprise fund, Internal service fund, Enterprise fund, and Permanent fund. Assign the following transactions to the appropriate activity and explain why you assigned the transaction to the activity. Cash was transferred from the General Fund to establish a central duplicating internal service fund in the amount of $30,000 in cash and $350,000 in equipment with accumulated depreciation of $80,000. The citys General Fund was billed $140,000 for water and sewage by the utility fund. By the last day of the year, the entire amount was paid of the utility bill. The internal service fund billed the citys general government function $16,300 for duplicating services and the citys utility fund for $9,200 for services. A purchase order of $28,000 was created by the general government function for computer equipment. A payment voucher was approved for $26,200 upon receipt of the equipment and the payment was made. Part B: Case Study - Identify the Nonprofit https://hbsp.harvard.edu/tu/b1a96dc5 Use the information in the case study to answer the questions below for each of the items in the following list: A U.S. health insurer A world-renowned public university in the United Kingdom A U.S. municipal government A U.S. public television station. Assignment:

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

MP Auditing And Assurance Services W/ACL Software CD ROM A Systematic Approach

Authors: William Messier Jr, Steven Glover, Douglas Prawitt

9th Edition

1259162346, 978-1259162343

More Books

Students also viewed these Accounting questions