Answered step by step
Verified Expert Solution
Link Copied!

Question

00
1 Approved Answer

The following information relates to actual results from Central Towns general fund for the year ended December 31, 20X1: Expenditures Revenues and Transfers Property tax

The following information relates to actual results from Central Towns general fund for the year ended December 31, 20X1:

Expenditures
Revenues and Transfers
Property tax collections:
Current year taxes collected $ 710,000
Prior-year taxes due 12/1/X0, collected 2/1/X1 62,000
Current year taxes due 12/1/X1, collection expected by 2/15/X2 82,000
Other cash receipts 260,000
General government expenditures:
Salaries & wages $ 230,000
Other 160,000
Public safety & welfare expenditures:
Salaries & wages 270,000
Other 170,000
Capital outlay 230,000
Transfer out to debt service fund 37,200
  • Other cash receipts include a county grant of $200,000 for a specified purpose, of which $110,000 was expended; $41,000 in fines; and $19,000 in fees.
  • General Government ExpendituresOther includes employer contributions to the pension plan and $32,000 in annual capital lease payments for computers over three years; the fair value and present value at lease inception are $62,000.
  • Capital outlay is for police vehicles.
  • Debt service represents annual interest payments due December 15 of each year on $620,000 face value, 6 percent, 20-year term bonds.

Capital Projects Fund Central Towns council approved $920,000 for construction of a fire station to be financed by $720,000 in general obligation bonds and a $270,000 state grant. Construction began during 20X1, but the fire station was not completed until April 20X2. During 20X1, the following transactions were recorded:

State grant $ 270,000
Bond proceeds 730,000
Expenditures 620,000
Unpaid invoices at year-end 37,200
Outstanding encumbrances at year-end, which do not lapse and are to be honored the following year 31,000

The unassigned fund balance in the capital projects fund at January 1, 20X1, was $210,000. Required: For questions (a) through (i), determine the December 31, 20X1, year-end amounts to be recognized in the particular fund. If the item is not reported in a particular fund but is reported on the governmentwide financial statements, specify the amount that would be reported on the financials.

  1. What amount was recorded for property tax revenues in the general fund?
  2. What amount was recorded for other revenues in the general fund?
  3. What amount was reported for capital leases of computers in the governmentwide statement of net position?
  4. What amount was reported for the new police vehicles in the governmentwide statement of net position?
  5. What amount was reported for the debt service interest payment in the debt service fund?
  6. What was the total amount recorded for function expenditures in the general fund?
  7. What amount was recorded for revenues in the capital projects fund?
  8. What amount was reported for construction in progress in the governmentwide statement of net position?
  9. What amount was reported as the Fund BalanceUnassigned at December 31, 20X1, in the capital projects fund?

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Students also viewed these Accounting questions

Question

What is a verb?

Answered: 1 week ago