During 2019, a county debt service fund receives $5,000,000 from the general fund for budgeted payment of principal and interest on general obligation bonds. The debt service fund makes $4,000,000 in interest and $1,000,000 in principal payments.
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During 2019, a county debt service fund receives $5,000,000 from the general fund for budgeted payment of principal and interest on general obligation bonds. The debt service fund makes $4,000,000 in interest and $1,000,000 in principal payments.
How is this reported on the debt service fund’s 2019 operating statement?
| a. |
Expenditures, $4,000,000; revenues, $5,000,000 |
|
| b. |
Expenditures, $4,000,000; other financing sources, $5,000,000 |
|
| c. |
Expenditures, $5,000,000; other financing sources, $5,000,000 |
|
| d. |
Expenditures, $5,000,000; revenues $5,000,000 |
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- During fiscal year 2019, a municipality issued the following debt instruments: Tax anticipation notes : $2,500,000 Utility bonds : 3,000,000 General obligation bonds : 8,000,000 How much of this debt should be reported in the fund financial statement?1. At the beginning of 2020, the balance sheet of a county general fund reports $500,000 in property taxes receivable from 2019, of which $350,000 are considered uncollectible. During 2020 the county sends out tax bills in the amount of $10,000,000, of which $600,000 are expected to be uncollectible. Cash collections on 2019 taxes are $140,000, and the remaining uncollected taxes are written off. Cash collections on 2020 taxes are $9,500,000. Of the $500,000 uncollected at the end of 2020, $100,000 are expected to be collected within 60 days, $65,000 are expected to be collected more than 60 days after year-end, and the rest are uncollectible.The general fund's balance sheet at the end of 2020 will include: Select one: A. Property taxes receivable, net of uncollectibles, of $100,000 B. Deferred inflows of $65,000 C. Property taxes receivable, net of uncollectibles, of $500,000 D. Deferred inflows of $165,000 2. Below is the preclosing trial balance of a town's general fund at…On June 28, 2019, Brock City’s debt service fund received funds for the future repayment of bond principal. As a consequence, the general long-term debt account group reporteda. an increase in the amount available in debt service funds and an increase in the fund balance.b. an increase in the amount available in debt service funds and an increase in the amount to be provided for bonds.c. an increase in the amount available in debt service funds and a decrease in the amount to be provided for bonds.d. no changes in any amount until the bond principal is actually paid.
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- Here is the preclosing December 31, 2020 trial balance for the general fund of Lancaster County: All numbers are in thousands. Debit $ 371,000 113,000 Estimated revenues 1,290,000 Estimated other financing sources 60,000 General expenditures 1,015,000 25,000 Cash Taxes receivable Capital outlay Debt service: principal payments Debt service: interest payments Transfers out Due from other funds Allowance for uncollectible taxes Accounts payable Due to other funds Property tax revenues Speeding ticket revenues Transfers in Bond proceeds Appropriations Estimated other financing uses Fund balance-unassigned Totals 2,000 8,000 20,000 12,000 Credit $45,000 50,000 21,000 950,000 400,000 8,000 50,000 1,085,000 22,000 285,000 $2,916,000 $2,916,000 By how much do the closing entries at the end of 2020 increase fund balance- unassigned? $37,000 $40,000 $73,000 $95,000The pre-closing trial balance for the general fund of Lancaster Company at December 31, 2019 is given below. Credit Debit $362,000 113,000 1,290,000 60,000 Cash Taxes receivable Estimated revenues Estimated other financing sources Expenditure Transfers out Capital Outlay Debt service-principal Debt service-interest Allowance for uncollectible taxes Accounts payable Property tax revenues Other revenues Proceeds from bonds Transfers in Appropriations Estimated other financing uses Fund balance----unassigned Totals Multiple Choice O O о $380,000 What is the total fund balances-unassigned reported on 2019 balance sheet (after the closing entries)? $425,000 $475,000 1,015,000 20,000 25,000 2,000 8,000 $285,000 $2,895,000 $ 45,000 50,000 950,000 400,000 50,000 8,000 1,085,000 22,000 285,000 $2,895,000The City of Mayville had total fund balance in its General Fund of $200,000 on December 31, 2019. The City of Maysville’s General Fund balance sheet for its December 31, 2019 year end shows inventory of $8,000 and prepaid rent of $10,000. The City also had $60,000 of outstanding encumbrances in its General Fund at year-end. In December 2019, a grantor provided the City with $42,000 that must be used to buy musical instruments for the City’s youth orchestra. No instruments had been purchased at year-end. How much should the City report as unassigned fund balance in its General Fund on December 31, 2019? $38,000 $60,000 $80,000 $102,000 $120,000
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