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modern advanced accounting
Advanced Accounting 14th Edition Joe Ben Hoyle, Thomas Schaefer, Timothy Doupnik - Solutions
The City of Pfeiffer starts the year of 2020 with the general fund and an enterprise fund. The general fund has two activities: education and parks/recreation. For convenience, assume that the general fund holds $123,000 cash and a new school building costing $1 million. The city utilizes
The City of Bernard starts the year of 2020 with the following unrestricted amounts in its general fund: cash of $20,000 and investments of $70,000. In addition, it holds a small building bought on January 1, 2019, for general government purposes for $300,000 and a related long-term debt of
The following information pertains to the City of Williamson for 2020, its first year of legal existence. For convenience, assume that all transactions are for the general fund, which has three separate functions: general government, public safety, and health and sanitation.Receipts:Property taxes
The County of Maxnell decides to create a waste management department and offer its services to the public for a fee. As a result, county officials plan to account for this activity as an enterprise fund. Prepare journal entries for this operation for the following 2020 transactions. Also prepare
A city government adds streetlights within its boundaries at a total cost of $300,000. These lights should burn for at least 10 years but can last significantly longer if maintained properly. The city develops a system to monitor these lights with the goal that 97 percent will be working at any one
On January 1, 2020, the City of Graf pays $60,000 for a work of art to display in the local library. The city will take appropriate measures to protect and preserve the piece. However, if the work is ever sold, the money received will go into unrestricted funds. Officials view the work as
On January 1, 2020, a rich citizen of the Town of Ristoni donates a painting valued at $300,000 to be displayed to the public in a government building. Although this painting meets the three criteria to qualify as an artwork, town officials choose to record it as an asset. The gift has no
The City of Lawrence opens a solid waste landfill in 2020 that is at 54 percent of capacity on December 31, 2020. City officials had initially anticipated closure costs of $2 million but later that year decided that closure costs would actually be $2.4 million. None of these costs will be incurred
On January 1, 2020, the City of Hastings creates a solid waste landfill that it expects to reach capacity gradually over the next 20 years. If the landfill were to be closed at the current time, closure costs would be approximately $1.2 million plus an additional $700,000 for postclosure work. Of
The City of Raylan has a rather large warehouse that it no longer needs. The city had previously used the warehouse to store supplies and equipment for the school system, police department, and other public service functions. It has a remaining expected life of 18 years with no expected residual
The City of Leonard decides to lease school desks for its school system rather than buy them because the lessor will do all scheduled maintenance. On January 1, 2020, the school system leases 5,000 school desks for four years. After that, they will be returned to the manufacturer. Payment will be
Use the same information as in (8). What amount of deferred lease revenue will Reynolds report on its statement of net position as of December 31, 2020, assuming that the county recognizes revenue on a straight-line method?a. Zerob. $487,419c. $500,000d. $511,790
Use the same information as in (8). What amount of depreciation expense will Reynolds report in its government-wide financial statements for 2020?a. Zerob. $52,581c. $100,000d. $112,581
Use the same information as in (8). What is the total amount of expenditures that Webster will report on its fund financial statements for the governmental funds for 2020?a. $112,581b. $136,954c. $600,000d. $712,581
Use the same information as in (8). What liability balance will Webster report on its governmentwide financial statements on December 31, 2020?a. $463,048b. $487,419c. $511,790d. $517,419
Reynolds County has three large trucks with a total net book value of $600,000 and remaining lives of six years with no expected residual value. County officials lease the trucks to the City of Webster on January 1, 2020, for six years. Based on a negotiated annual implicit interest rate of 5
The accountants for a city are attempting to determine the proper reporting for a new transaction so that financial statements will be in conformity with U.S. generally accepted accounting principles. They are unable to find any authoritative answer. What should happen next?a. The city will receive
In governmental accounting, what is the difference between an acquisition and a merger? What differences exist between the accounting for an acquisition and for a merger?
For a state or local government, what is the difference between program revenues and general revenues? Why is that distinction important?
The Willingham Museum qualifies as a component unit of the City of Willingham. How does an activity or function meet the requirements to be deemed a component unit of a primary government?
What effect does application of the modified approach have on reporting within the government-wide financial statements?
What does a state or local government normally include in its management’s discussion and analysis (MD&A)? Where does a state or local government present this information?
A city believes its new landfill will fill to capacity gradually over a 10-year period. At the end of the first year of operations, the landfill is only 7 percent filled. How much liability for closure and postclosure costs should be recognized on government-wide financial statements? How much
Pittston County has an empty school building with a net book value of $700,000 and a remaining life of 10 years with no expected residual value. The building is leased to the City of Lincoln at the start of the current year for 10 years. Annual payments are set at $103,565 to reflect Pittston’s
Why does the operation of a solid waste landfill create significant reporting concerns for many local governments?
At the start of Year 1, the City Peacock leases 30 computers for use by various officials in school administration and public safety at a total cost of $90,000 per year. The first lease payment is made immediately. The contracts are for five years, the expected life of the computers. After that
A teacher employed by the City of Lights qualifies for a defined benefit pension plan. The city sets up a pension trust fund to monitor the resources held for these future payments. How is the amount of net pension liability to be reported in the government-wide financial statements determined?
The accountants for a city government are attempting to determine the appropriate method of reporting a series of unique financial transactions. They review all of the authoritative sources of United State. GAAP but have not located an answer. What action should they take next?
Authoritative US. GAAP for state and local governments is divided into two categories, with the first category having more authority than the second. What sources of U.S. GAAP are found in both of these categories?
The City of Bainland has been undergoing financial difficulties because of a decrease in its tax base caused by corporations leaving the area. On January 1, 2020, the city has a fund balance of only $400,000 in its governmental funds. In 2016, the city had revenues of $1.4 million and expenditures
In 2020, the City of Coyote receives a $320,000 cash grant from the state to reduce air pollution. Although a special revenue fund could have been set up, the money remains in the general fund. The cash was received immediately but will have to be returned if the city does not lower its air
During 2020, the City of Coyote received $10,000, which was recorded as a general revenue in the general fund. It was actually a program revenue earned by the city’s park program.a. What was the correct overall change for 2020 in the net position reported on the governmentwide financial
The City of Coyote mails property tax bills for 2021 to its citizens during August 2020. Payments could be made early to receive a discount. The levy becomes legally enforceable on February 15, 2021. All money the government receives must be spent during 2021 or later. The total assessment is
The City of Coyote mails property tax bills for 2021 to its citizens during August 2020. Property owners could make payments early to receive a discount. The levy becomes legally enforceable on February 15, 2021. All money received by the city must be spent during 2021 or later. The total
The City of Coyote records an art display within its general fund. The display generates revenues of $9,000 this year as well as expenditures of $45,000 ($15,000 in expenses and $30,000 to buy land for the display). The CPA firm determines that the city should report this program as an enterprise
On December 30, 2020, the City of Coyote borrows $20,000 for the general fund on a 60-day note. In that fund, the city records Cash and Other Financing Sources. In the general information, this city reports a $30,000 overall increase in the fund balance of the general fund. What was the correct
During 2020, the City of Coyote contracts to build a bus stop for schoolchildren costing $10,000 as a special assessments project. The city collects $10,000 from directly affected citizens. The government has no obligation in connection with this project. The city records both a $10,000 revenue and
The following are transactions of the City of Grayson. Indicate how each of the following transactions affects the fund balance of the general fund, and its classifications, for fund financial statements. Then describe the effect each transaction has on the net position balance of the Government
On December 1, 2020, a state government awards a city government a grant of $1 million to be used specifically to provide hot lunches for all schoolchildren. No money is received until June 1, 2021. For each of the following, indicate whether the statement is true or false and, if false, explain
Government officials of the City of Johnson expect to receive general fund revenues of $400,000 in 2020 but approve spending only $380,000. Later in the year, as they receive more information, they increase the revenue projection to $420,000. Officials also approve the spending of an additional
The following transactions relate to the general fund of the city of Lost Angels for the year ending December 31, 2020. Prepare a statement of revenues, expenditures, and other changes in fund balance for the general fund for the period to be included in the fund financial statements. Assume that
A city has only one activity, its school system. The school system is accounted for within the general fund. For convenience, assume that, at the start of 2020, the school system and the city have no assets. During the year, the city assesses property taxes of $400,000. Of this amount, it collects
The following trial balance is taken from the General Fund of the City of Jennings for the year ending December 31, 2020. Prepare a condensed statement of revenues, expenditures, and other changes in fund balance. Also prepare a condensed balance sheet. Deblt Credit Accounts Payable. Cash 90,000 $
Following are descriptions of transactions and other financial events for the City of Tetris for the year ending December 2020. Not all transactions have been included here. Only the general fund formally records a budget. No encumbrances were carried over from 2019.Paid salary for police officers
A city transfers cash of $90,000 from its general fund to start construction on a police station. The city issues a bond at its $1.8 million face value. The police station is built for a total cost of $1.89 million. Prepare all necessary journal entries for these transactions for both fund and
The board of commissioners of the City of Hartmoore adopts a general fund budget for the year ending June 30, 2020. It includes revenues of $1,000,000, bond proceeds of $400,000, appropriations of $900,000, and operating transfers out of $300,000. If this budget is formally integrated into the
A city transfers cash of $20,000 from its general fund to an enterprise fund to pay for work done by the enterprise fund for the school system. What is reported on the city’s fund financial statements?a. No reporting is made.b. Other Financing Sources increase by $20,000. Other Financing Uses
A city transfers cash of $20,000 from its general fund to an enterprise fund to pay for work performed by the enterprise fund for the school system. How does the city report this transfer on its government-wide financial statements?a. No reporting is made.b. Other Financing Sources increase by
A county transfers cash of $60,000 from its general fund to a debt service fund. What is reported on the county’s fund financial statements?a. No reporting is made.b. Other Financing Sources increase by $60,000. Other Financing Uses increase by $60,000.c. Revenues increase by $60,000.
A town transfers cash of $60,000 from its general fund to a debt service fund. What does the town report in its government-wide financial statements?a. No reporting is made.b. Other Financing Sources increase by $60,000. Other Financing Uses increase by $60,000.c. Revenues increase by $60,000.
Which of the following is an example of an interactivity transaction?a. A city transfers money from the general fund to a debt service fund.b. A city transfers money from a capital projects fund to the general fund.c. A city transfers money from a special revenue fund to a debt service fund.d. A
A city issues a 60-day tax anticipation note to fund operations until the collection of sufficient tax money. How does the city record this liability?a. The liability should be reported in the government-wide financial statements, whereas an other financing source should be shown in the fund
The state government passes a law requiring all localities to upgrade their water treatment facilities. The state then awards a grant of $500,000 to the Town of Midlothian to help pay for the resulting cost. What type of revenue is this grant?a. Derived tax revenueb. Imposed nonexchange revenuec.
At the end of the current year, a government reports $9,000 as a fund balance—assigned in connection with an encumbrance. What information does this balance convey?a. A donor has given the government $9,000 that must be used in a specified fashion.b. The government has made $9,000 in commitments
Which of the following statements is true concerning the recording of a budget?a. At the beginning of the year, a debit is made to Appropriations.b. A debit to the Budgetary Fund Balance account indicates an expected surplus for the period.c. At the beginning of the year, a debit is made to
During the current year, the City of Jones buys land for $80,000. Which of the following is not a possibility?a. The land could be reported as an asset by the business-type activities in the government-wide financial statements.b. The land could be reported as an asset by the governmental
A citizen donates investments valued at $22,000 to the City of Townsend. The citizen stipulates that the investments be held. Any resulting income must be used to help maintain the city’s cemetery. In which fund should the city report this investment?a. Special revenue fundsb. Capital projects
In government-wide financial statements, how do intra-activity and interactivity transactions differ? How does a state or local government report each type of transaction?
How does a state or local government report interfund transfers in the fund financial statements for the governmental funds?
What is a special assessment project? Describe the reporting of a special assessment project.
How is the issuance of a long-term bond reported on fund financial statements for a governmental fund? How is the issuance of a long-term bond reported on government-wide financial statements?
When does a government recognize a receivable for property tax assessments? When is the associated revenue recognized?
What are the two different ways that a state or local government can report the cost and use of supplies and prepaid items on fund financial statements for governmental funds?
At what point does a governmental fund report an expenditure?
What is an encumbrance? When is an encumbrance recorded? What happens to this balance? How are encumbrances reported in government-wide financial statements?
Why are budgetary entries recorded in several of the individual funds of a state or local government?
Fund financial statements have separate columns for each activity. Which activities are reported individually in this manner?
What are the five fund types within the governmental funds? What events do each of these five fund types report?
What are the three categories of funds? What funds are included in each of these three categories?
In applying the current financial resources measurement focus, when are liabilities recognized in fund financial statements for the governmental funds?
How has the dual system of financial statements affected the financial reporting of state and local governments?
How have users’ needs impacted the development of accounting principles for the reporting of state and local government units?
You have been engaged to do the accounting for the termination and liquidation of the Miller, Smith, and Tavares partnership. Miller has requested an immediate distribution of cash from the partnership that is being questioned by the other partners. Although Miller currently has a positive balance
One of your colleagues has been hired by the Todd, Johnson, and Samuels partnership to guide it through the liquidation process. The partnership currently has cash in a bank account that exceeds the amount it owes creditors, and has other assets consisting of equipment, land, and a building. Each
Go to the website www.cedarfair.com and click on “Investors,” then “Investor Information,” “Financial Reports,” and “Annual Reports.” Then click on “2017 Annual Report on 10-K” to access the 2017 Form 10-K annual report for Cedar Fair, L.P.Review the financial statements and the
Following is a series of independent cases. In each situation, indicate the cash distribution to be made to partners at the end of the liquidation process. Unless otherwise stated, assume that all solvent partners will reimburse the partnership for their deficit capital balances.Part AThe Buarque,
On January 1, the partners of Van, Bakel, and Cox (who share profits and losses in the ratio of 5:3:2, respectively) decide to terminate operations and liquidate their partnership. The trial balance at this date follows:The partners plan a program of piecemeal conversion of the partnership’s
The Simpson, Hart, Bobb, and Reidel partnership has terminated operations and is undergoing liquidation. Sales commissions and other liquidation expenses are expected to total $19,000. The partnership’s balance sheet prior to the commencement of liquidation is as follows:Prepare a predistribution
The following balance sheet is for a partnership in which the partners have decided to terminate operations and liquidate assets. The partners estimate liquidation expenses will be $10,000.Prepare a proposed schedule of liquidation to carry out a preliminary distribution of partnership assets at
A local dental partnership has been liquidated and the final capital balances areAtkinson, capital (40% of all profits and losses) . . . . . . . . . . . . . . $ 70,000Kaporale, capital (30%) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,000Dennsmore, capital
A partnership has the following account balances at the date of termination: Cash, $80,000; Noncash Assets, $660,000; Liabilities, $320,000; Bell, capital (50 percent of profits and losses), $200,000; Mann, capital (30 percent), $120,000; Scott, capital (20 percent), $100,000. The following
When a partnership is liquidated, how is the final distribution of partnership cash made to the partners?a. Equallyb. According to the profit and loss ratioc. According to the final capital account balancesd. According to the initial investment made by each of the partners
How are safe payments to partners calculated when cash becomes available for distribution?
What is the purpose of a statement of partnership liquidation? What information does it convey to its readers?
What is the difference between the termination of a partnership and the liquidation of partnership property?
Steve Reese is a well-known interior designer in Fort Worth, Texas. He wants to start his own business and convinces Rob O’Donnell, a local merchant, to contribute the capital to form a partnership. On January 1, 2019, O’Donnell invests a building worth $52,000 and equipment valued at $16,000
A partnership of attorneys in the St. Louis, Missouri, area has the following balance sheet accounts as of January 1, 2021:According to the articles of partnership, Athos is to receive an allocation of 50 percent of all partnership profits and losses, while Porthos receives 30 percent, and Aramis,
Kimble, Sykes, and Gerard open an accounting practice on January 1, 2019, in Chicago, Illinois, to be operated as a partnership. Kimble and Sykes will serve as the senior partners because of their years of experience. To establish the business, Kimble, Sykes, and Gerard contribute cash and other
Gorman and Morton form a partnership on May 1, 2019. Gorman contributes cash of $50,000; Morton conveys title to the following properties to the partnership:The partners agree to start their partnership with equal capital balances. No goodwill is to be recognized.According to the articles of
In the early part of 2021, the partners of Hugh, Jacobs, and Thomas sought assistance from a local accountant. They had begun a new business in 2020 but had never used an accountant’s services. Hugh and Jacobs began the partnership by contributing $150,000 and $100,000 in cash, respectively. Hugh
On January 1, 2020, the dental partnership of Angela, Diaz, and Krause was formed when the partners contributed $30,000, $58,000, and $60,000, respectively. Over the next three years, the business reported net income and (loss) as follows:2020 . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Purkerson, Smith, and Traynor have operated a bookstore for a number of years as a partnership. At the beginning of 2021, capital balances were as follows:Purkerson . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $60,000Smith . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
The partnership agreement of Jones, King, and Lane provides for the annual allocation of the business’s profit or loss in the following sequence:Jones, the managing partner, receives a bonus equal to 20 percent of the business’s profit.Each partner receives 15 percent interest on average
The Prince-Robbins partnership has the following capital account balances on January 1, 2021:Prince, Capital . . . . . . . . . . . . . . . . . . . . . . . . . . . $70,000Robbins, Capital . . . . . . . . . . . . . . . . . . . . . . . . . . 60,000Prince is allocated 80 percent of all profits and
A partnership begins its first year with the following capital balances:Alexander, Capital . . . . . . . . . . . . . . . . . . . . . . . . $ 90,000Bertrand, Capital . . . . . . . . . . . . . . . . . . . . . . . . . 100,000Coloma, Capital . . . . . . . . . . . . . . . . . . . . . . . . . .
Patrick has a capital balance of $120,000 in a local partnership, and Caitlin has a $90,000 balance. These two partners share profits and losses by a ratio of 60 percent to Patrick and 40 percent to Caitlin. Camille invests $60,000 in cash in the partnership for a 20 percent ownership. The goodwill
A partnership has the following capital balances with partners’ profit and loss percentages indicated parenthetically:Burks (35%) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $280,000Donovan (40%) . . . . . . . . . . . . . . . . . . . . . . . . . . . 300,000Watkins (25%) . . . . . .
A partnership has the following capital balances with partners’ profit and loss percentages indicated parenthetically:Henry (50%) . . . . . . . . . . . . . . . . . . . . . . . . . . . . $135,000Thomas (30%) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 85,000Catherine (20%) . . . . . .
How does partnership accounting differ from corporate accounting?a. The matching principle is not considered appropriate for partnership accounting.b. Revenues are recognized at a different time by a partnership than is appropriate for a corporation.c. Individual capital accounts replace the
Read several of the following articles as well as any other published pieces that describe the work of the accountant in bankruptcy cases:Restructuring for a Positive Return,” CMA Management, December 2005/January 2006.“Alternatives to Bankruptcy Liquidation,” Agency Sales, February
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