Unit 9 project

E19-5 (AICPA adapted)

1. the receipts from a special tax levy to retire pay interest on general obligation bonds

should be recorded in a :

a. debt service fund

b. capital project

c. revolving interests fund

d. special revenue fund

2. proceeds of general obligation bonds is an account of governmental unit that type

would be included in the:

a. enterprise fund

b. special revenue fund

c. capital project funds

d. governmentwide finanical statement

3. assets in general governmental service taht had been constructed 10 years before by

a capital projects fund were sold. the receipts were accounted fro as an other financing

source. enteries are encessary in the:

a. general fund and capital projects fund

b. general fund only

c. general fund, capital project, and enterprise fund

d. gereral fund, capital project fund, and general fixed assets account group
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4. martha county issues general obligation serial bonds at a premium to finance

construction of a sheriffs office. which of the following funds are affected by the

transactions?

a. speical revenue funds

b. capital projects fund and general fund

c. captial project fund, general fund, and debt service fund

d. capital project fund and debt service fund

5. proprety taxes are considered:

a. derived tax revenes

b. imposed nonexchange revenues

c. government mandated nonexchange transaction

d. voluntary nonexchange transaction

E 20-5 multiple choice (aicpa adapted)

1. What amount of the forgoing revenues should be accounted for in arvidas

governmental type funds?

a. 6,140,000

b. 6,100,000

c. 6,040,000

d. 6,000,000
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2. Taylor city issued the following long term obligations:

a. 0

b. 1,000,000

c. 1,800,000

d. 2,800,000

3. What amount should be accounted for in glads fiduciary funds?

a. 0

b. 300,000

c. 900,000

d. 1,200,000

4. The amount of these cash accumulations that should be accounted for in thurmans

debt services funds is:

a. 0

b. 400,000

c. 1,000,000

d. 1,400,000
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5. what account and amount should be reported in canes 2007 financial statements for

the general fund?

a. other financing uses 1,000,000

b. other financing sources 2,000,000

c. expenditures 3,000,000

d. other financing source 3,000,000

6. what accounts and amounts should be reported in Canes 2007 financial statements

for the capital projects funds?

a. other financing sources, 2,000,000; general long term debt 2,000,00

b. reventues 2,000,000 expenditures 2,000,000

c. other financing sources 3,000,000 expenditures 3,000,000

d. revenues 3,000,000 expenditures 3,000,000

E 20-6 Agency fund statement of net assets the city of laramee established a tax

agency fund to collect property taxes for the city of laramee, bloomer county and

bloomer school district. total tax levies of the three governmental units were $200,000

for 2005 of which $60,000 was for the city of laramee. $40,000 for bloomer county, and

$100,000 for bloomer school district.

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the tax agency fund chages bloomer county and bloomer school district a 2 %

collection fee that it transfers to the general fund of the city of laramee in order to cover

cost incurred for agency fund operations.

During 2005 the tax agency fund collected and remitted $150,000 of the 2005 levies to

the various govermental units. the collection fees associted with the 150,000 were

remitted to laramees genreal fund before year end.

Net assets for the city of laramee tax agency fund at

dec 31, 2005

assets

taxes 50,000

total 50,000

Liabilities

liability to laramee 15,000

liability to bloomer 10,000

city of laramee 60,000

amount collection 45,000

at the end of the year 15,000

bloomer county 40,000

amount collection 30,000

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at the end of the year 10,000

bloomer school district 100,000

amount collection 75,000

at the end of the year 25,000

total amount collection 200,000

total collection 150,000

total at the end of the year 50,000

P 19-5 Reconstruction general fund journal entries (acipa adapted)

the following summary of transaction was taken from accounts of the Oslo school district

general fund before the books had been closed for the fiscal year ended june 30, 2005

Postclosing balances precloseing balances

june 30, 2004 june 30, 2005

cash $400,000 $700,000

taxes receivable 150,000 170,000

estimated uncol. tax -40,000 -70,000

estimated revenues 3,000,000

expenditures 2,842,000

expenditures prior yr
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encumbrances 91,000

510,000 6,733,000

postclosing balances preclosing balances

june 30, 2004 june 30,2005

vouches payable 80,000 408,000

due to other funds 210,000 142,000

reserve for encumbrance 60,000 91,000

unreserved fund balance 160,000 182,000

revenues from taxes 2,800,000

miscellaneous revenues 130,000

appropriations 2,980,000

510,000 6,733,000

_____________

reconstructed

oslo school district transactions (general fund)

2005

1. estimated revenues 3,000,000

unreserved fund balanced 20,000

2. tax receivable 2,870,00

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revenues 2,800,000

uncollectible taxes 70,000

3. Estimated uncollectible taxes 40,000

taxes 40,000

4. cash 2,940,000

taxes 2,810,000

5. vouches payable 2,600,000

cash 2,940,000

6. encumbrances 2,700,000

reserve encumbrances 2,700,000

7.expenditures 2,700,000

vouches payable 2,700,000

8. expenditures 58,000

vouches payable 58,000

9. reserve for encumbrances 60.000

60,000
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10. due to other funds 210,000

vouches 210,000

11. expenditures 142,000

due to other funds 142,000

12. encumbrances 91,000

encumbraces 91,000

P 20-6 internal service fund journal entries

1. inventory of materials and supplies 74,000

vouchers 74,000

2. materials and supplies expense 96,000

inventory of materials and supply 96,000

3. salaries and wages 230,000

cash 230,000

4. utility expense 20,000

cash 30,000
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5. dep. building 5,000

machinery equipment 8,000

accumulated dep building 5,000

accumulated dep machinery 8,000

6. general fund 262,000

water and sewer fund 84,000

revenue fund 32,000

7. cash 376,000

8. vouchers payable 98,000

vouchers 98,000

Central garage fund

revenue 378,000

supplies expense 96,000

salaries and wages 200,000

utility expense 30,000

dep. building 5,000

dep machinery/equip 8,000

excess of revenues over expenses 9,000

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