Questions from Financial Accounting

Q: The City of Batavia ordered new computer equipment for $21,

The City of Batavia ordered new computer equipment for $21,000 on November 3, 20X2. The equipment had not been received by December 31, 20X2, Batavia’s fiscal year-end. Required: Assum...

Q: The financial reports of governmental entities must provide footnote disclosure of the

The financial reports of governmental entities must provide footnote disclosure of the deposit and investment risks the entity faces. GASB 40 amended GASB 3. The GASB requires disclosures of (1) the...

Q: Georgetown purchased supplies on August 8, 20X2, for $3

Georgetown purchased supplies on August 8, 20X2, for $3,600. At the fiscal year-end on September 30, the inventory of supplies was $2,800. Required: Assume that Georgetown uses the consum...

Q: Belle Valley incurred $100,000 of salaries and wages for

Belle Valley incurred $100,000 of salaries and wages for the month ended March 31, 20X2. How should this be recorded on that date?

Q: What financial statements must be prepared for the governmental funds? For

What financial statements must be prepared for the governmental funds? For the enterprise funds?

Q: Prepare journal entries for Iron City’s general fund for the following

Prepare journal entries for Iron City’s general fund for the following, including any adjusting and closing entries on December 31, 20X1: Acquired a three-year fire insurance policy for $5,400 on Sep...

Q: How are the proceeds from a bond issue accounted for in governmental

How are the proceeds from a bond issue accounted for in governmental funds? Where are these proceeds reported on the governmental funds’ statement of revenues, expenditures, and changes in fund balanc...

Q: Gilbert City had the following transactions involving resource inflows into its general

Gilbert City had the following transactions involving resource inflows into its general fund for the year ended June 30, 20X8: The general fund levied $2,000,000 of property taxes in July 2...

Q: What are the primary differences between a permanent fund (governmental)

What are the primary differences between a permanent fund (governmental) and a private-purpose trust fund (fiduciary)?

Q: Benson City had the following transactions involving resource outflows from its general

Benson City had the following transactions involving resource outflows from its general fund for the year ended June 30, 20X8: During March 20X8, the general fund transferred $150,000 to a...