Reference no: EM131045834
Q1. Explain Financial Reporting Objectives of federal government
Q.2 Martin Township decides to construct a new city hall. Based on the following data, prepare a statement of revenues, expenditures, and changes in fund balance for Martin Township's Capital Projects Fund. All transactions occur within the calendar year 2013.
a.The Fund starts and ends the year with a zero fund balance.
b.The Fund's financing sources for the city hall project were: long-term bond proceeds - $5 million; operating transfer from the General Fund - $2 million; state grant - $1 million; interest from the temporary investment of cash - $70,000.
c.Total outlays for constructing the new city hall were: construction costs - $7,200,000; design and construction supervision fees - $600,000.
d.City laws require that, whenever bonds are used, any remaining difference between total financing sources and construction costs must be transferred to the Debt Service Fund. Therefore, $270,000 was transferred to the Debt Service Fund.
Q.3 Following are December 31, 2013 pre-closing trial balances (budgetary accounts excluded) for the General Fund, Debt Service Fund, and Capital Projects Fund for Hebert County. Prepare a governmental funds balance sheet and a statement of revenues, expenditures, and changes in fund balances as of and for the year ended December 31, 2013. The General Fund had encumbrances of $25 outstanding on December 31, 2013. (All amounts are in thousands of dollars.)
Debits Credits
General Fund
Cash$1,900
Property taxes receivable - delinquent 330
Allowance for uncollectible property taxes $ 10
Accounts payable 120
Deferred revenues 250
Unassigned fund balance, January 1, 2013 1,720
Revenues - property taxes 3,200
Revenues - licenses and fees 350
Revenues - parks admissions fees 40
Investment income 220
Expenditures - general government 360
Expenditures - public safety 1,800
Expenditures - public works 840
Expenditures - parks and culture 350
Transfer out to Debt Service Fund 250
Transfer out to Capital Projects Fund 80____Totals $5,910 $5,910
Debt Service Fund
Cash $70
Assigned fund balance, January 1, 2013 $60
Expenditures - bond principal 110
Expenditures - interest 130
Transfer in from General Fund ___250
Totals $310 $310
Capital Projects Fund
Cash $240
Expenditures - capital outlay 420
Transfer in from General Fund $80
Proceeds of bonds___580
Totals $660 $660
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