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Required: Record the following transactions. In preparing for the FY 2 0 2 4 , the government desires the Stores and Services Fund revenues to

Required:
Record the following transactions.
In preparing for the FY 2024, the government desires the Stores and Services Fund revenues to approximately equal expenses. It was estimated that the price charged other departments for supplies should be 1.25% of cost to achieve the desired breakeven for the year.
The amount due from other funds as of January 1,2024, was collected in full.
During the year, supplies were ordered and received in the amount of $312,000. This amount was posted to accounts payable.
$15,000 of the advance from the Water Utility Fund, (originally provided for equipment), was repaid. No interest is charged.
During the year, supplies with a cost of $250,560 were issued (sold) to the General Fund, and supplies costing $46,400 were issued to the Water Utility Fund. These funds were invoiced based on the previously determined markup ($313,200 to General Fund and $58,000 to the Water Utility Fund)
Note: The Stores and Services Fund reports expenses within 3 categories;
Cost of sales and services
Administration
Depreciation
Operating expenses, exclusive of depreciation, were recorded in accounts payable as follows: Cost of Sales and Services $45,500 and Administration, $18,500.
Cash was received from the General Fund in the amount of $310,000 and from the Water Utility Fund in the amount of $50,000.
Accounts payable were paid in the amount of $367,000.
Depreciation in the amount of $4,300 was recorded for buildings and $5,800 for equipment.
Post the entries to the Stores and Service Fund ledger (t-accounts).
Prepare an entry closing all nominal accounts to Net position. Compute the balance in the net position accounts, assuming there are no Restricted Net position.'
Required:
Open a general journal for the City of Monroe Water and Sewer Utility Fund and record the following transactions.
During the year, sales of water to non-government customers amounted to $1,150,000 and sales of water to the General Fund amounted to $37,000.
Collections from non-government customers amounted to $1,008,000.
The Stores and Services Fund repaid $15,000 of the long-term advance to the Water and Sewer Fund.
Materials and supplies in the amount of $265,000 were received. A liability in that amount was recorded.
Materials and supplies were issued and were charged to the following accounts: cost of sales and services, $207,000; selling, $15,000; administration, $18,000.
Note: The Water and Sewer Fund reports expenses within 4 categories;
Cost of sales and services
Selling
Administration
Depreciation
Payroll costs for the year totaled $401,100(this includes the employers share of payroll taxes). Of that amount, $302,600 was paid in cash, and the remainder represent payroll taxes payable. The $401,100 was attributable: cost of sales and services, $265,800; sales, $43,900; administration, $91,400.
Bond interest (6(1)/(2)%) in the amount of $162,500 was paid.
By terms of the revenue bond indenture, $25,000 cash was transferred from operating cash to restricted assets.
Construction projects at the water treatment plant (reflected in the beginning balance of construction in process) were completed in the amount of $162,000, and the assets were placed in service. Payments for these amounts were made in the previous year (no effect on 2024 Statement of Cash Flows).
Collection efforts were discontinued on bills totaling $4,700. The unpaid receivables were written off.
An analysis of customer receivable balances indicated the Estimated Uncollectible Accounts needed to be increased by $8,000.
Payment of accounts payable amounted to $262,000. Payments of payroll taxes totaled $95,200.
Supplies transferred from the Stores and Services Fund amounted to $58,000. Cash in the amount of $50,000 was paid to the Stores and Services Fund for supplies.
Depreciation expense for the year was computed to be $307,000.
A total of $99,300 was paid to a local contractor on construction projects in progress.
Post the entries to the Water and Sewer Fund ledger (t-accounts).
Prepare an entry closing all nominal accounts to Net position. Compute the balance in the net position accounts, assuming the only restricted assets are those identified with the bond indenture and the outstanding bonds are associated with the purchase of capital assets.
6C. Part 3. Proprietary Fund Financial Statements
Required:
Prepare for the proprietary funds accounted for in Parts 1 and 2, the following:
A Statement of Revenues, Expenses, and Changes in Fund Net position for the Year Ended December 31,2024.
A Statement of Net position, as of December 31,2024.
A Statement of Cash Flows for the Year Ended December 31,2024. Include restricted assets as a part of cash and cash equivalents for this statement.
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