• +44-190-022-0819 +44-190-022-0819
  • +1-248-268-9041 +1-248-268-9041
  • +61288800241 +61288800241

SEARCH SOLUTION

Search your solution from list of 1000+ questions

25-08-2018

Product code: Accounts-AW432

 

Application—Week 4

Part 1:  Statement of Cash Flow for Enterprise Fund

The following information is available for the Enterprise Fund of Luis County:

                                                                                                            Dollars ($)

  1. Cash received from sales to the public                                                  525,000
  2. Cash received from sales to other governments                                    175,000
  3. Cash paid to employees                                                                           25,000
  4. Cash paid to suppliers                                                                  12,500
  5. Cash received from operating grants                                         125,500
  6. Cash paid for equipment (capital assets)                                                66,000
  7. Cash received from sale of equipment (gain of $3,000)                         13,000
  8. Cash received from capital grants                                                  8,000
  9. Cash paid on interest paid to finance building expansion                            500
  10. Capital assets donated by developers                                            6,000
  11. Purchase of investments from cash restricted for capital bonds              76,000
  12. Cash transfer to General Fund for general capital assets                         55,000
  13. Interest received on investments restricted for capital assets        6,700
  14. Cash received from sale of bonds for building expansion                     100,000
  15. Unrestricted cash, beginning balance                                          75,000
  16. Restricted cash, beginning balance                                              25,000

 

Luis County uses a calendar year for its fiscal year.

 

Application—Week 4

 

Part 2:  Financial Statements and Closing Entries for Pension Trust Funds

Green County has the following pension trust fund trial balance available for fiscal year ending

October 31, 2010:      

 

 Debits ($)

 

 Credits ($)

Cash

  55,000

   

Due from the General Fund

     12,500

   

Interest Receivable

       1,100

   

Investments

     35,250

   

Annuity Benefits Payable

   

       4,000

Net Assets Held in Trust for Pension Benefits

   

     66,550

Additions - Net Increase in Fair Value

   

       1,200

Additions – Green County Contributions

   

     12,500

Additions - Employee Contributions

   

     25,000

Additions - Investment Interest Income

   

         100

Deductions - Annuity Benefits Payments

       5,500

   
       
 

 $ 109,350

 

 $ 109,350

 

Download Questions

Analysis of Louis county Enterprise fund statement The analysis clear shows that there is increase in restricted and unrestricted cash balance as calculated below:-

Related Questions in (Accounting)

13-01-2018

Solution: The Journal of Helene Berr and Rue Ordener, Rue Labat 2 evidences that prove the difficulty and destructiveness that the people had to face in those four years. As mentioned by Berr (2009, p.23), in h ...

18-01-2018

Solution: Employee communication highlights the sharing of ideas and information. In this competitive business world, information exchange is essential among employees to develop team performance effectively. m ...

18-01-2018

Solution: As per Section 1 of the Thirteenth year plan describes about China’s two key objectives that will be accomplished if the National People’s Congress or the standing committee of this party passes t ...

18-01-2018

Solution: (Feldman 2005) reference information extraction to be one of the weightiest pre-processing method that escalates the text mining potential significantly. Pre-processing is an essential part in informa ...

18-01-2018

Solution: The pro forma income statement represents a trending statement that includes the probable net income value for the company considering the current growth and decline rates valid throughout the period ...

18-01-2018

Solution: Mode is defined as the value which occurs more frequently in the data set. The mode for non-business is 82 while for business is only 59. P value can be calculated from z table . As per z table p valu ...

18-01-2018

Solution: ABC assumes that there are different activities involved in different processes that cause costs andthe product, services, and customers are reasons for those activities. The UK customer segment is br ...

19-01-2018

Solution: Residual earnings valuation method is used to calculate the intrinsic value of the stock based on the expected residual income of the company in the coming years. The residual income is discounted bac ...