Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

QUESTION 4 The Village of Lake George's General Fund has the following net resources at December 31, 2017 . 59.600 of prepaid insurance 5 25,000

image text in transcribed
image text in transcribed
QUESTION 4 The Village of Lake George's General Fund has the following net resources at December 31, 2017 . 59.600 of prepaid insurance 5 25,000 of property taxes receivable - currently due and expected to be collected within 60 days $325.000 rainy day fund approved by the township governing board 582.500 of suppliesinventory $33.000 government grant for city park maintenance $10,000 contractual obligations for the purchase of park fixtures $200,000 to be used to fund government operations in the future Required: Calculate in the Fund Balance the tot: mount for (All calculations must be shown) (a) Non spendable (b) Restricted (c) Committed (d) Assigned (e) Unassigned Send a chat 3(12pt) T TT T Arial o D. Resources representing supplies and prepaid items are classified in governmental funds as QUESTION 6 1. What are the usage of Enterprise fund (purposes of the fund)? (any 4 items) (8 2. What is the journal entry for the Debt Service fund upore receipt of money from the Ger (2 marks) For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac). TT T Arial 3(12pt) T E Send a chat I O

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

Managerial Accounting

Authors: Paul E. Dascher, Jerry R. Strawser, Robert H. Strawser, Ronald M. Copeland

8th Edition

0873937643, 978-0873937641

More Books

Students also viewed these Accounting questions