Project Description:

problem #1

assume that the city of casco maintains its books and records in a manner that facilitates preparation of the fund financial statements. the city engaged in the following transactions related to its general fund during the current fiscal year. the city formally integrates the budget into the accounting records. the city does not maintain an inventory of supplies. all amounts are in thousands.

required: prepare, in summary form, the appropriate journal entries.

(a) the city council approved a budget with revenues estimated to be $600 and expenditures of $590.

(b) the city ordered supplies at an estimated cost of $25 and equipment at an estimated cost of $20.

(c) the city incurred salaries and other operating expenses during the year totaling $550. the city paid for these items in cash.

(d) the city received the supplies at an actual cost of $23.

(e) the city collected revenues of $595.

problem 2.

hometown charities annual fund raising drive in 2010 raised pledges of $600,000 of which $400,000 were collected in 2010 and $100,000 were collected in 2011. hometown charities estimates $75,000 of the remaining pledges will never be collected.

(a)the increase in unrestricted net assets in 2010 as a result of the fund raising drive is
a) $600,000.
b) $525,000.
c) $400,000.
d) $125,000.

(b)the increase in temporarily restricted net assets in 2010 as a result of the fundraising drive is
a) $600,000.
b) $525,000.
c) $400,000.
d) $125,000.

(c) in 2011, the change in temporarily restricted net assets is
a) $0
b) $100,000 decrease.
c) $100,000 increase.
d) $500,000 decrease.

(d) in 2011, the change in unrestricted net assets is
a) $0
b) $100,000 increase.
c) $100,000 decrease.
d) $500,000 increase.

problem 3.

howard city maintains the following funds:

1. general
2. special revenue
3. capital projects
4. debt service
5. enterprise
6. investment trust
7. permanent
8. agency

for each of the following transactions, indicate which fund would most likely be used to report the transaction:

a. the city collects $1 million of taxes for an independent fire district located within the city.
b. the city spends $1.2 million on street maintenance using the proceeds of a city gas tax dedicated for road and highway maintenance and improvements.
c. the city receives a bequest of $1.5 million. the donor’s will, requires that the principal amount be invested in perpetuity and that the earnings on the investment be used to maintain a city park to be renamed for the donor.
d. the city collects water and sewer fees of $4.2 million.
e. the city pays $4 million to a contractor for work on the new bridge.
f. the city receives $1.3 million to invest on behalf of the county.
g. the city pays its police officers wages of $325,000.
h. the city pays $2.2 million in bond interest on its general obligation debt.
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