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Presentation/PPT
27/08/2022
1) Please do journal entries for affected funds.
2) Indicate how the transaction impact Fund Balance or Net Position. Please be specific. When indicate the impact, please point out
exactly which category it impacted. Such as FB-SPENDABLE-unassigned, or assigned, or committed, or restricted. Or FBNONSPENDABLE. For net position, it would be restricted, unrestricted, or investment in capital asset.
3)For governmental wide level, you also need to indicate which activity it affects (business activity or governmental activity).
Fund-based
1.
Govermental-based
On January 1, 2002, the city established a supplies fund by transferring $250,000 to the fund. On this amount, $100,000 represents
a short-term loan.
GF
GF: FB-Spendable-Unassigned ↓150,000
No impact
I provided the equity impact for this one as an example.
ISF
GT
ISF:
2.
On January 10, 2002, the supplies fund purchased $10,000 in supplies for cash.
ISF
3.
GT
On March 10, 2002, the supplies fund notified the city that it owned $1,500 for supplies used that cost $1,200. The supplies fund
also notified the city’s water utility fund that it owed $3,400 for supplies used that cost $2,700.
ISF
GT
ISF
GT
GF
GT
EF
BT
4.
On April 1, 2002, the city’s water utility company billed the city for $2,800 in services provided. The billings to external customers
amounted to $132,000.
EF
BT
GF
GT
5.
On June 30, 2002, the supplies fund issued $500,000 in 6% term bonds at face for construction of a new building. Semiannual
interest payments are required.
ISF
6.
GT
The building was constructed at a cost of $550,000, which was paid.
ISF
7.
GT
On August 1, 2002, the city’s water utility fund issued $1,000,000 in 7% five-year serial bonds at 101 at effective rate 6.5% for
comstruction of a new treatment plant. Principal and interest payments are to be made annually beginning August1, 2003.
EF
8.
BT
On November 3, construction of the new water treatment plant was completed at a total cost of $1,350,000, which was paid.
EF
9.
BT
On December 31, 2002, the first ineterst payment was made on the supplies funds bonds.
ISF
10.
GT
On August 1, 2003, the first principal and interest payment was made on the water utility bonds
EF
11.
BT
On October 15, 2003, the city’s tax agency fund that collects general taxes for the city and parish received $360,000 in tax monies.
Of the $360,000, 70% represents taxes collected on behalf of the city and 30% represents taxes collected on behalf of the parish.
(Note: You should only prepare entries for the city – not for the parish. Assume no revenues have been recorded by city and parish before.)
AF
GT/B
GF
GT
12.
On November 1, the city’s tax agency fund forwarded the October 15 tax monies to the appropriate governmental authorities.
The city charges the parish a 2% collection fee for taxes collected on behalf of the parish.
GF
GT
AF
GT/B
GT/B
REQUIREMENT: Use the information below to calculate the amount of expense and the liability to be recognized
at year-end for Sludge City as related to their sold waste municipal landfill as of the end of the first three years of operation.
Total estimated cost of closure/postclosure expense at year-end:
Year1=18,550,000
Year2=20,300,000
Year3=21,800,000
Total amount of landfill used at year end (cumulative). (such as year3=1617000 is the total amount used for 3 years)
Year1=588,000 cubic feet
year2=1,274,000 cubic feet
year3=1,617,000 cubic feet
Anticipated landfill capacity throughout first three years=4900,000 cubic feet
Closure costs paid at the end of year 2=800,000
Closure costs paid at the end of year 3=950,000
Year 1 Expense:
Liability:
Year 2 Expense:
Liability:
Year 3 Expense:
Liability:
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