For each of the following events or transactions, identify the fund that will be affected. 1....

For each of the following events or transactions, identify the fund that will be affected.

1. A city government provides electricity services to residents for a fee.

2. A printing shop was established to handle the printing needs of a county government.

3. A philanthropist donates $1 million for zoo maintenance, only earnings can be used.

4. A city government collects sales taxes on behalf of the state and for some of its counties and municipalties. (Only identify one of the two funds that would be impacted by this event.)

5. Interest is paid on a state government's general obligation bonds.

Solutions

Expert Solution

ekkarill92 answered 1 year ago

Next > < Previous

Related Solutions

For each of the following transactions, indicate the accounts affected and whether the accounts affected are...

For each of the following transactions, indicate the accounts affected and whether the accounts affected are an asset, a liability, an equity, an income or an expense. Also indicate whether the accounts are being increased or decreased and whether the increase or decrease is a debit or credit. Ignore GST. 1. Owner gave their personal computer to the business. 2. Employed a secretary. 3. Purchased supplies on credit. 4. Paid a creditor using an electronic transfer. 5. Invoiced a customer...

Consider the market for minivans. For each of the events listed below, identify which of the determinants of demand or supply are affected.

Consider the market for minivans. For each of the events listed below, identify which of the determinants of demand or supply are affected. Also indicate whether demand or supply is increased or decreased. Then show the effect on the price and quantity of minivans.a. People decide to have more children.b. A strike by steelworkers raises steel prices.c. Engineers develop new automated machinery for the production of minivans.d. The price of SUVs rises.e. A stock market crash lowers people’s wealth.

For each of the following events, indicate the accounts affected, whether they would increase or decrease,...

For each of the following events, indicate the accounts affected, whether they would increase or decrease, and the amount by which they would change. Also demonstrate that the accounting equation will remain in balance after these effects are reported. If the event should not to be recorded as a transaction, state so. A. Borrowed $7,000,000 cash, signing a promissory note. B. Bought a factory for $800,000, paying $200,000 in cash and signing a promissory note for $600,000. C. Rented equipment...

Indicate (i) how each of the following transactions impacts the fund balance of the general fund,...

Indicate (i) how each of the following transactions impacts the fund balance of the general fund, and its classifications, for fund financial statements and (ii) what impact each transaction has on the net position balance of the Government Activities on the government-wide financial statements. a.Issue a 5-year bond for $6 million to finance general operations. b.Pay cash of $149,000 for a truck to be used by the police department. c.The fire department pays $17,000 to a government motor pool that...

Indicate (i) how each of the following transactions impacts the fund balance of the general fund,...

Indicate which governmental fund would most likely be used to record the following events and transactions:...

Indicate which governmental fund would most likely be used to record the following events and transactions: A) debt service fund B) permanet fund C) general fund D) Special Revenue Fund E) Capital projects fund --The City sent property tax bills to taxpayers to help cover day-to-day operations. --The City received a Federal grant fund an alternative sentencing program. --Cash was transferred to this fund to accumulate resources to pay general obligation bond debt. --Received $2,000,000 in Federal grant money to...

q15 Milford Corporation had the following transactions and events: Indicate whether each of the below transactions...

q15 Milford Corporation had the following transactions and events: Indicate whether each of the below transactions would increase, decrease, or have no effect on assets, liabilities, and key categories within shareholders’ equity. Shareholders’ Equity Assets Liabilities Share Capital Retained Earnings Accumulated Other Comprehensive Income Total Shareholders’ Equity (1) Issued preferred shares for cash. (2) Declared a cash dividend on the preferred shares. (3) Paid the cash dividend declared in transaction (2). (4) Issued common shares for cash. (5) Issued common...

During the year, an enterprise fund had a number of transactions that affected the various net...

During the year, an enterprise fund had a number of transactions that affected the various net positions of the fund. You should analyze the transactions in the grid below, and the record the adjusting entries. The first transaction is analyzed for you as an example. 1. Net income for the year was $250,000. 2. Depreciation expenses for the year totaled $93,000. 3. Equipment with a carrying amount of $324,000 was sold for $398,000. 4. Principal payments of $96,000 were made on...

Which component of GDP will be affected by each of the following transactions involving General Motors?...

Which component of GDP will be affected by each of the following transactions involving General Motors? If you believe that a transaction will affect all of the components of GDP, briefly explain why. a. you purchase a new Chevrolet Silverado pick up from a GM dealer. b. You purchase a 2017 Chevrolet Silverado from a friend. c. GM purchases door handles for the Silverado from an auto parts manufacturer in Indiana. d. GM produces 1,000 Silverado‘s in a factory in...

A. Record the following transactions in the appropriate fund. Water Utility Fund 1. Billed General Fund...

A. Record the following transactions in the appropriate fund. Water Utility Fund 1. Billed General Fund $40,000 for water usage and the citizens of NWTC $285,000 for water usage. 2. Collected $40,000 from General Fund and $275,000 from citizens from water billings. 3. Received and paid bill from Computer Services Fund of $45,000. 4. Purchased equipment costing $25,000 (paid cash). 5. Paid following bills: a. Salary and fringes - $100,000 b. Supplies - $10,000 c. Repairs and Maintenance - $15,000...

Subjects