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25-08-2018

Product code: Accounts-AW433

 

Application—Week 5

 

Part 2: Conversion of Enterprise Fund to Business-Type Activities

Town of Blue uses a fiscal year ended December 31. Following is the trial balance for Town of Blue Enterprise Funds for 2010:

 

             Debits ($)

 

              Credits ($)

Cash

               550,000

   

Accounts Receivable

               800,000

   

Allowance for uncollectible accounts

   

                 12,500

Due from Other Enterprise Funds

               125,000

   

Inventory

               101,000

   

Land

               880,000

   

Buildings

            1,290,000

   

Accumulated Depreciation - Buildings

   

               129,125

Equipment

               606,000

   

Accumulated Depreciation - Equipment

   

                   1,200

Vouchers Payable

   

               652,125

Due to Other Enterprise Funds

   

               125,000

Deferred Grant Revenues

   

               176,825

Bonds Payable

   

            1,500,000

Unamortized discount on bonds

               125,000

   

Net Assets

   

            1,696,025

Charges for Services

     

Water and Sewer

   

               425,000

Transit Authority

   

               125,000

Parks and Recreation

   

                 55,000

Transfers from General Fund

   

                 99,000

Investment Income

   

                 10,100

Gain on the sale of equipment

   

                   1,200

Water and Sewer Expenses

               325,000

   

Transit Authority Expenses

               131,000

   

Parks and Recreation Expenses

                 75,100

   
       
 

 $          5,008,100

 

 $          5,008,100

 

 

Application—Week 5

 

 

Part 1: Preparation of Statement of Activities for a Township

 

Cala Township uses a fiscal year ending on April 30. The following information is available for preparation of the statement of activities for Cala Township for 2010:

 

 

 

Dollars ($)

General property tax revenues

 

 3,000,000

Unrestricted grant revenues

 

                   1,500,000

Grants restricted to education

 

                 750,000

Capital grants restricted for transportation

 

                 900,000

Expenses:

   

General government

 

                 350,000

Public safety

 

                 150,000

Education

 

                 450,000

Transportation

 

                 679,000

Interest on loan for governmental activities

 

                   35,000

Transfers to Enterprise Funds

 

                 880,000

Water Enterprise Fund

   

Charges for services

 

                 550,000

Expenses

 

                 335,000

Tornado loss on general government building that was destroyed

 

                 150,000

Net Assets, governmental activities, beginning balance

 

               1,250,000

Net Assets, business type activities, beginning balance

 

                 786,000

 

 

Download Questions

The statement of activities for Gwinnett County is given below:-

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