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In: Accounting

There wasn't an answer for this question, I'm looking to verify my answers with another individual....

There wasn't an answer for this question, I'm looking to verify my answers with another individual. This pertains to the following question:

https://www.chegg.com/homework-help/essentials-of-accounting-for-governmental-and-not-for-profit-organizations-13th-edition-chapter-1-problem-9qe-solution-9781259741012

Here is what I came up with by trying to fit the descriptions to each defined fund(s):

a. Capital Projects
b. Agency Funds, Special Revenue Funds
c. Capital Projects
d. Permanent Funds
e. Private-purpose Trust Funds
f. Enterprise Funds
g. Pension Trust Fund, Internal Service Fund, General Fund

I haven't used this service before so I'm not sure if this is the appropriate way to use it. Any feedback would be appreciated. Thank you.

Solutions

Expert Solution

Please post the question instead of posting the link.

For each of the items below, identify which fund(s) would be used to account for the itemand provide a justification for your answer. Type of Fund Explanation
a. A city government issued general obligation bonds to finance the construction of a new jail. Capital project Fund Capital projects because it is designated for a new building
b. A tax of $1.00 per residential phone number is collected by a city government from thephone company. This amount is required by state law to be used for the operation of the911 emergency phone system Special Revenue Funds Special Revenue Funds because the tax revenue is restricted by state law for a purpose other than capital project or debt service
c. A county government expended $1 million to expand the water treatment plant Enterprise Funds a capital project, water departments are typically reported as enterprise funds
d. A donor provided investments totaling $4 million to create an endowment, the earnings of which will be used to provide scholarships. Private-purpose Trust Funds This is a trust fund in which the income benefits individuals.
e. A donor provided $50,000 to be used to purchase newspaper and magazine subscriptionsfor the public library. There is no requirement that the original principal may not be spent Special Revenue Funds Since the resources are restricted by the donor, they would be reported in a special revenue fund.
f. A city government sold surplus street maintenance trucks for $10,000. General fund Since the resources are not restricted or committed to a particular purpose, the general fund would be the appropriate fund
g. A city government contributed $500,000 to a pension plan administered by the city for itsteachers, public safety employees, and employees of the water department. General fund, Enterprise Funds and Pension Trust Fund Contributions on behalf of the teachers and  public safety employees will be paid by the general fund .Water departments are typically reported as enterprise funds.The amounts contributed by the general and enterprise funds will be received by the pension trust fund for investment.

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