Anonymous
timer Asked: Apr 20th, 2020

Question Description

This is a 3 Part

Part 1:

Given the following information, create the journal entries required for each of the situations described:

Estimated revenues
Property taxes
$1,250,000
Fines and forfeits
80,000
Intergovernmental
500,000
Total
$1,830,000
Appropriations
General
$300,000
Streets
50,000
Public safety
800,000

Total
$ 1,150,000
  1. Make the journal entry to record the adoption of the annual budget.
  2. Make the journal entries necessary to record the following cash revenues that were received:
Property taxes
$800,000
Fines and forfeits
73,000
Intergovernmental
300,000

Total
$1,173,000
  1. Purchase orders were issued for the following goods and services:
General
$285,000
Streets
50,000
Public safety
670,000

Total
$ 1,005,000
  1. Purchase orders were fulfilled based upon the following estimated and actual costs:
Estimated
Actual
General
$285,000
$280,000
Streets
50,000
50,000
Public safety
670,000
660,000

Total
$ 1,005,000
$ 990,000


Part 2: 750 Words Minimum

Your city has decided to build a new library. The projected cost is $2 million. A bond issue for $1.2 million has been authorized, and the remainder is supposed to come from a contribution of $800,000 from the general fund. The bonds sold for $1.3 million, a premium of $100,000. Create the required journal entries for the following transactions:

  • The budget for the library
  • The payment and receipt of funds from the general fund
  • The issuance of the bonds
    • Assume that the premium remained in the capital projects fund.
    • Identify all of the funds required for these entries.
    • Discuss how the bond premium could be disposed.

In general terms, compare and contrast how expenditures are controlled in the general fund and in debt service funds. Explain why differences would occur.


Part 3: 750 Words Minimum

Review the Comprehensive Annual Financial Report (CAFR) for 2013 from the city of Cedar Falls, Iowa, and answer the following questions.

  • Explain how Cedar Falls follows the Government Accounting Standards Board (GASB) Statement No. 34. Create a brief outline that showcases the flow.
  • Read the management discussion and analysis (MD&A) section on page 18 and describe 2 or more significant areas that were addressed by management.
  • From the notes of the financial statements starting on page 46, describe which accounting policies are being utilized by the city.
  • What did you discover in the statistical section?
    • How is the city doing?
    • Provide an analysis.
    • Examine the funds listed under the budget on page 37 and discuss how they are being utilized by Cedar Falls. Include some examples of items that would be included in these funds and any restrictions that might apply.
    • By looking at the budget starting on page 81, choose 2 different funds and discuss how they are being utilized by Cedar Falls. Include some examples of items that would be included in these funds and any restrictions that might apply.
  • Define and give examples of the infrastructure assets that are held by Cedar Falls.
  • Describe the circumstances, and provide the journal entries for the 2 entries that are going in to the general fund.
    • For example, 1 entry goes into the debt service fund and 1 goes into the capital projects fund.

The link for the above in case http://www.cedarfalls.com/DocumentCenter/View/3037...


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