The Following Information Regarding the Fiscal Year Ended September 30,2014,was
The following information regarding the fiscal year ended September 30,2014,was drawn from the accounts and records of the Mayberry County general fund: Required: Prepare a statement of revenues,expenditures,and changes in fund balance for the Mayberry County general fund for the year ended September 30,2014.
Peking County incurred the following transactions during 2014: 1.Marketable securities were donated to support the county's bike and nature trails.The donor acquired the securities for $35,000 ten years earlier;however,their current market value was $200,000.The donor specified that all income from the securities be used for the trails.The principal is to be held intact for an indefinite period of time. 2.Computer equipment was ordered for general fund departments.The estimated cost was $48,000. 3.The county received the computer equipment.The actual cost was $47,750,of which $42,000 was paid to the vendor before year-end. 4.The county sold a (general government)dump truck that originally cost $55,000.The county sold the truck at auction for $3,300.The book value of the truck at the time of sale was $0. 5.The government leased equipment for the general government under a capital lease agreement.The present value of the minimum lease payments was $120,000.The county made an initial down payment of $10,000. Required: Prepare journal entries for each of the above transactions.Identify the appropriate fund or funds used by Peking County.
Middlefield County incurred the following transactions during 2014: 1.The county authorized a new general obligation bond issue of $5 million par to construct an office building with a contract price of $4,975,000.The bonds were issued for $4,980,000. 2.The county levied real property taxes of $10,000,000.Eighty-five percent of the net taxes were collected immediately.Two percent of the total levy was estimated to be uncollectible. 3.The office building was completed and the county paid the contract price to the contractor. 4.The General Fund transferred $500,000 to the Debt Service Fund. 5.The county paid $200,000 for interest on the bonds from the Debt Service Fund. Required: Prepare journal entries for each of the above transactions.Identify the appropriate fund or funds used by Middlefield County.
Address the following situations separately. 1.For the budgetary year beginning July 1,2014,Coastal City expected the following cash flow resources: In the budgetary entry,what amount did Coastal City record for estimated revenues? 2.During the fiscal year ended June 30,2014,Western County issued purchase orders totaling $7,000,000.Western County received $6,500,000 of invoiced goods at the encumbered amounts and paid $6,100,000 toward them before year-end. How much were Western County's encumbrances on July 1,2014? 3.The following information pertains to property taxes levied ($1,035,000 total)by Southern Township for the calendar year 2014: What amount did Southern Township report for property tax revenues in 2014? 4.The following information pertains to Northern City's general fund for 2014: At what amount will Northern City's total fund balance increase (decrease)in 2014?