Question
In: Accounting
Major Funds Lenox County provides the following information on its governmental and enterprise funds: Fund Assets...
Major Funds
Lenox County provides the following information on its governmental and enterprise funds:
| Fund | Assets | Liabilities | Revenues | Expenditures/ Expenses |
|---|---|---|---|---|
| General fund | $64,000 | $57,600 | $544,000 | $626,400 |
| Grants special revenue fund | 44,000 | 34,800 | 160,000 | 77,600 |
| Parks and recreation special revenue fund | 1,600 | 1,040 | 32,000 | 33,600 |
| Licensed gaming special revenue fund | 6,400 | 5,600 | 52,000 | 49,600 |
| Roads capital projects fund | 11,200 | 9,600 | 160,000 | 162,400 |
| Bridges capital projects fund | 28,000 | 24,000 | 96,000 | 92,000 |
| Buildings capital projects fund | 32,000 | 24,000 | 80,000 | 78,400 |
| Water enterprise fund | 168,000 | 160,000 | 712,000 | 624,000 |
| Airport enterprise fund | 520,000 | 496,000 | 760,000 | 762,400 |
In the governmental funds financial statements, which of these funds are reported separately as major funds?
Calculate the thresholds:
| Element | Total for Governmental Funds |
10% Test | Total for Governmental and Enterprise Funds |
5% Test |
|---|---|---|---|---|
| Assets | Answer | Answer | Answer | Answer |
| Liabilities | Answer | Answer | Answer | Answer |
| Revenues | Answer | Answer | Answer | Answer |
| Expenses/expenditures | Answer | Answer | Answer | Answer |
Solutions
Expert Solution
| Lenox County provides | ||||
| Government Fund | ||||
| Asset $ | Liabilities$ | Revenue $ | Expenditure / Expenses$ | |
| General Fund | 64,000 | 57,600 | 5,44,000 | 6,26,400 |
| Grant Special Revenue Fund | 44,000 | 34,800 | 1,60,000 | 77,600 |
| Park and receation Special Revenue fund | 1,600 | 1,040 | 32,000 | 33,600 |
| License gaming Special Revenue fund | 6,400 | 5,600 | 52,000 | 49,600 |
| Roads Capital Project fund | 11,200 | 9,600 | 1,60,000 | 1,62,400 |
| Bridge Capital Project fund | 28,000 | 24,000 | 96,000 | 92,000 |
| Building Capital Project fund | 32,000 | 24,000 | 80,000 | 78,400 |
| Total Government Fund -A | 1,87,200 | 1,56,640 | 11,24,000 | 11,20,000 |
| Enterprise Fund | ||||
| Water Enterprise fund | 1,68,000 | 1,60,000 | 7,12,000 | 6,24,000 |
| Airport Enterprise fund | 5,20,000 | 4,96,000 | 7,60,000 | 7,62,400 |
| Total Enterprise Fund -B | 6,88,000 | 6,56,000 | 14,72,000 | 13,86,400 |
| Total Government+ Enterprise fund (A+B) | 8,75,200 | 8,12,640 | 25,96,000 | 25,06,400 |
| Threshold Calculation | Total Government Fund $(A) | 10% test(10%*A) | Total Government Fund+ Enterprise Fund $(B) | 5% test(5%*B) |
| Asset | 1,87,200 | 18,720 | 8,75,200 | 43,760 |
| Liability | 1,56,640 | 15,664 | 8,12,640 | 40,632 |
| Revenue | 11,24,000 | 1,12,400 | 25,96,000 | 1,29,800 |
| Expenditure | 11,20,000 | 1,12,000 | 25,06,400 | 1,25,320 |
| Under Government Fund , Major fund dispaly separately would be | ||||
| Grant Special Revenue Fund | ||||
| Roads Capital Project fund | ||||
| Bridge Capital Project fund | ||||
| Building Capital Project fund | ||||
ekkarill92 answered 9 months agoRelated Solutions
Here is information for a county government: Governmental funds Enterprise funds Total assets and deferred outflows...
Here is information for a county government:
Governmental funds
Enterprise funds
Total assets and deferred outflows
$ 45,000,000
$ 40,000,000
Total liabilities and deferred inflows
44,000,000
38,000,000
Total revenues
250,000,000
290,000,000
Total expenditures/expenses
242,000,000
260,000,000
The county has four special revenue funds, with the following
characteristics:
Beach preservation
Health education
Community protection
Emergency
call service
Total assets and deferred outflows
$ 2,000,000
$ 4,000,000
$ 4,800,000
$ 1,900,000
Total liabilities and deferred inflows
1,000,000
3,500,000
1,800,000
1,100,000
Total revenues
20,000,000...
Here is information for a county government: Governmental funds Enterprise funds Total assets and deferred outflows...
Here is information for a county government:
Governmental funds
Enterprise funds
Total assets and deferred outflows
$ 45,000,000
$ 102,000,000
Total liabilities and deferred inflows
16,000,000
48,000,000
Total revenues
250,000,000
280,000,000
Total expenditures /expenses
242,000,000
160,000,000
The county has four capital projects funds, with the following
characteristics:
Road
fund
Bridges
fund
Buildings
fund
Equipment
fund
Total assets and deferred outflows
$ 8,000,000
$ 4,000,000
$ 3,500,000
$ 7,000,000
Total liabilities and deferred inflows
1,500,000
1,200,000
2,000,000
3,000,000
Total revenues
24,000,000...
Here is information for a county government: Governmental funds Enterprise funds Total assets and deferred outflows...
Here is information for a county government:
Governmental funds
Enterprise funds
Total assets and deferred outflows
$ 45,000,000
$ 40,000,000
Total liabilities and deferred inflows
44,000,000
38,000,000
Total revenues
250,000,000
290,000,000
Total expenditures/expenses
242,000,000
260,000,000
The county has four special revenue funds, with the following
characteristics:
Beach preservation
Health education
Community protection
Emergency
call service
Total assets and deferred outflows
$ 2,000,000
$ 4,000,000
$ 4,800,000
$ 1,900,000
Total liabilities and deferred inflows
1,000,000
3,500,000
1,800,000
1,100,000
Total revenues
20,000,000...
which of the following funds is a governmental fund? a. enterprise fund b. debt service fund...
which of the following funds is a governmental fund?
a. enterprise fund
b. debt service fund
c. internal service fund
d. custodial fund
The following information (presented in thousands) is available for the Cumberland County Utility Enterprise Fund during...
The following information (presented in thousands) is available
for the Cumberland County Utility Enterprise Fund during the
current year:
The beginning balance for cash and cash equivalents was $86,810
and for restricted cash was $12,438.
The utility collected $2,500 in customer deposits throughout the
year. Deposits of $1,100 were returned, and accounts of $200 were
written off.
Cash paid to vendors totaled $20,269, while cash paid to
employees was $35,230.
The utility repaid revenue bonds restricted for capital
acquisitions in...
The following information (presented in thousands) is available for the Cumberland County Utility Enterprise Fund during...
The following information (presented in thousands) is available
for the Cumberland County Utility Enterprise Fund during the
current year: The beginning balance for cash and cash equivalents
was $87,810 and for restricted cash was $12,954. The utility
collected $2,500 in customer deposits throughout the year. Deposits
of $1,100 were returned, and accounts of $200 were written off.
Cash paid to vendors totaled $20,233, while cash paid to employees
was $35,260. The utility repaid revenue bonds restricted for
capital acquisitions in...
GOVERNMENTAL ACCOUNTING: Prepare the journal entries for the following (note-the bureau is an enterprise fund) 1....
GOVERNMENTAL ACCOUNTING: Prepare the journal entries for the
following (note-the bureau is an enterprise fund)
1. The board of the Bureau of Electricity and Water apporved the
construction of a new office building. The construction, including
planning and architect fees, was estimated to be $900,000
2. In July, the office building contract was signed for the
amount of $865,000
3. In October, the Bureau's office construction was completed.
Of the contracted amount from above, a portion was paid but the...
Explain Governmental Funds and its types?
Explain Governmental Funds and its types?
Which of the following is true regarding proprietary funds? A. When an Enterprise Fund is used,...
Which of the following is true regarding
proprietary funds?
A.
When an Enterprise Fund is used, expenses are accrued only if
they are expected to be paid within 60 days of year end.
B.
An Enterprise Fund may not be used if the fund receives a
subsidy from another fund.
C.
An Internal Service Fund is used if the main customers paying
for the service are other funds or agencies of the government.
D.
An Enterprise Fund must be used...
1. Describe in your own words the difference between governmental funds and enterprise funds. 2.Discuss the...
1. Describe in your own words the difference between
governmental funds and enterprise funds.
2.Discuss the pros and cons of requiring a "Balanced Budget".
How can public budgets be manipulated in order to give them the
appearance of being "in balance"?
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