Question: The following information is available for the governmental funds of
The following information is available for the governmental funds of Tom’s Village. Prepare the governmental funds balance sheet for Tom’s Village. The village officials do not consider either Special Revenue Fund as particularly important to financial statementusers.
Answer to relevant Questions(Multiple Choice) The following information relates to the first three questions in the list that follows. A village levied property taxes in the amount of $ 800,000 for calendar year 2013. By year- end, the village had ...Prepare journal entries to record the following transactions, and identify all the affected funds. Many transactions require more than one journal entry. 1. The General Fund operating budget was approved as follows: ...Describe the difference in reporting capital assets and long- term debt in the governmental funds financial statements and reporting those elements for governmental activities in government-wide financial statements. (Multiple Choice) 1. In government- wide financial statements, for which activities is depreciation reported? a. Only for governmental activities b. Only for business- type activities c. For both governmental and business- ...When Oscar City prepared its fund balance sheet for the year ended December 31, 2012, the General Fund column contained the following items: Property taxes receivable— delinquent: $ 18,000; Allowance for uncollectible ...
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