Wages and related benefits of employees for the last pay period in December 20X1 were $40 million. Employees are to be paid on January 6, 20X2. The fiscal year ends December 31.

Fund

Government-wide

In 20X1 the City ordered supplies that cost $8 million, received supplies that cost $7 million, paid for supplies that cost $6 million and used supplies that cost $6.6 million. Do both Purchases and Consumption Methods

Fund

Government-wide

On June 15, 20X1 the City acquired and paid for an insurance policy that cost $300,000. The policy covers the one-year period beginning July 1.

Fund

Government-wide

The City acquired a computer at a cost of $3 million, paid in cash. It has a useful life of three years.

Fund

Government-wide

It acquired the same computer, issuing a three-year, 6 percent, installment note for the purchase price. During the year it paid the first installment of $1,122,330 (interest of $180,000 and principal of $942,330).

Fund

Government-wide

The City leased a computer, which has a fair market value of $3 million and an estimated useful life of three years. The lease cannot be canceled. The lease payment for 20X1 was $1,122,330 (interest of $180,000 and principal of $942,330).

Fund

Government-wide

In July, the City issued $100 million in 8 percent general obligation debt to finance capital improvements. The first interest payment of $4 million is due in early January 20X2.

Fund

Government-wide

In December the City transferred $2 million to the debt service fund for repayment of principal on serial bonds issued several years earlier. The payment is due in January.

Fund

Government-wide

Consistent with its budget, the City transferred $6 million to a debt service fund to accumulated resources for the eventual payment of debt.

Fund

Government-wide

City employees earned $300,000 in vacation leave they did not take in 20X1. The leave vests and can be taken at any time up to retirement.

Fund

Government-wide

City employees earned $500,000 in sick leave that they did not take in 20X1. City employees are permitted to accumulate up to 120 days sick leave. Any unused sick leave cannot be taken as a termination benefit.

Fund

Government-wide

City teachers are entitled to sabbatical leaves of six months every 7 years for research and renewal. The 20X1 share of leave costs to be taken in the future was $300,000.

Fund

Government-wide

The City settled a judgment brought against it by an injured employee. The City agreed to pay $6 million in 20X1 and $4 million in each of the next five years.

Fund

Government-wide

The City issued $10 million of 20-year deep discount bonds to finance a capital project. The bonds were sold to yield 8 percent, at a price of $2.145 million. Interest applicable to 20X1 was $171,600.

Fund

Government-wide

In December 20X1, the City approves a $300,000 grant to a not-for-profit health clinic. The funds are to be paid in 20X2 out of funds budgeted for that year and are intended to support the clinics activities in 20X2.

Fund

Government-wide

In December 20X1 the City awards a not-for-profit clinic $400,000 for the acquisition of emergency communications equipment. Payment is made at the time the award is announced. The clinic is permitted to use the funds upon receipt, but intends to use them in 20X2.

Fund

Government-wide

In December 20X1, the City awards, and makes payment to, a not-for-profit organization a grant of $400,000. The award must be used in 20X2, but the organization has otherwise met all eligibility requirements.

Fund

Government-wide

In December 20X0, the City awards a not-for-profit $200,000 for the acquisition of an emergency equipment. The grant is to be paid as the organization incurs and documents allowable costs. In 20X1 the organization submits claims for $150,000, of which the City pays $125,000. The City expects to pay the $25,000 balance of claims submitted in January 20X2 and the $50,000 balance of the grant by June 20X2.

Fund

Government-wide