1. The following information pertains to Walnut Corners: 2016 governmental fund revenues that became measurable and available...

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1. The following information pertains to Walnut Corners: 2016 governmental fund revenues that became measurable and available in time to be used
for payment of 2016 liabilities ..................................... $16,000,000
Revenues earned in 2014 and 2015 and included in the
$16,000,000 indicated ................................................ 2,000,000
Sales taxes collected by merchants in 2016 but not required
to be remitted to Walnut Corners until January 2017 .............. 3,000,000
For the year ended December 31, 2016, Walnut Corners should recognize revenues of:
a $14,000,000
b $16,000,000
c $17,000,000
d $19,000,000
2. Capital City was awarded a $3,000,000 grant from the state. Of this grant, $1,500,000 was sent to the city and recorded in a special revenue fund. Qualified expenditures of that fund totaled $900,000 in the year that the grant was received. What amount of revenues should the city recognize with respect to the grant?
a $0
b $900,000
c $1,500,000
d $3,000,000
3. The following information pertains to property taxes levied by Coral City for the calendar year 2016:
Collections during 2016 ..................................................... $500,000
Expected collections during the first 60 days of 2017 .................. 100,000
Expected collections during the balance of 2017 ......................... 60,000
Expected collections during January 2018 ................................ 30,000
Estimated to be uncollectible ............................................... 10,000
Total levy ........................................................................ $700,000
What amount should Coral City report for 2016 net property tax revenues?
a $700,000
b $690,000
c $600,000
d $500,000
4. The following information pertains to Tedfred's general fund for 2017:
Appropriations $6,500,000
Expenditures 5,000,000
Other financing sources 1,500,000
Other financing uses 2,000,000
Revenues 8,000,000
In 2017, Tedfred's total fund balance increased by:
a $3,000,000
b $2,500,000
c $1,500,000
d $1,000,000
5. The following information pertains to Amber Township's general fund at December 31, 2016:
Total assets, including $200,000 of cash .......... $1,000,000
Total liabilities .......................................... 600,000
Fund balance-restricted ............................. 100,000
Appropriations do not lapse at year-end. At December 31, 2016, what amount should Amber report as fund balance- unassigned in its general fund balance sheet?
a $800,000
b $400,000
c $300,000
d $100,000
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Related Book For  answer-question

Advanced Accounting

ISBN: 978-0134472140

13th edition

Authors: Floyd A. Beams, Joseph H. Anthony, Bruce Bettinghaus, Kenneth Smith

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