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Assume that the City of Fort Smith maintains its books and records in a manner that...

Assume that the City of Fort Smith maintains its books and records in a manner that facilitates the preparation of fund financial statements. For each of the following events indicate in which fund(s) of the city the event would be recorded and justify your fund selection.

A.)The city collected property taxes levied for the general operations of the city.

B.)The city collected property taxes levied to pay principal and interest on bonds issued several years in the past to construct a new fire station.

C.)The city collected property taxes levied on a specific area of the city for the purposes of providing more frequent snow removal than is enjoyed by the rest of the city. D.) The city sold bonds to finance the construction of a new city hall.

E.)The city sold bonds to finance major renovations at the city-owned electric utility.

F.) The city purchased a street sweeping machine.

Solutions

Expert Solution

a General Fund The general fund is used to account for the general activities of a governmental entity
b Debt Service Fund The debt service fund is used to account for payments of principal and interest on debt incurred to finance general government activities.
c Special Revenue Fund the resources are used for the purpose required
d Capital Project Fund A new City Hall is a general government asset. The Capital Project Fund is used to account for the resources held for the purpose of construction and/or acquisition of major capital facilities. It is also used to account for the construction and/or acquisition of those assets.
e Enterprise Fund Governments use enterprise funds to account for activities for which there comparable activities in the private sector. If the electric utility is accounted for in an enterprise fund, all fixed assets and all long-term debt associated with those activities will be accounted for in the enterprise fund
F General Fund The general fund is used to account for the general activities of a governmental entity

ekkarill92 answered 1 year ago
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