257 rvey City Comprehensive Case Special Remedand prepare final GENERAL FUND REQUIREMENTS 20x4 transactions and events for the Harvey City General Pundare presented conclude the Cieneral Pund case from Chapter 4 and 5. and events of the Harvey City Gel Fund in the co s t het. (A different solution speech may be desired by your pro ) Prepare the statement of revenues expenditures, and changes in fundance for the Hervey City General Pund for the Harvey Prepare the balance sheet for the Honey General Fund A 1 tence of General de pe r s and suppliesondered were received for Me Estimand Aca S 10.000 General government.... Public safety. Highways and streets....... Health and sanitation ...... Parks and recreation ..... Totals 60,000 S 10,000 32.500 59,700 36,000 000 $16, 200 30,000 $168.000 26. Materials and supplies were used by General Fund departments during the years follows General government....... Public safety..**** Highways and streets.... Health and sanitation Parks and recreation Tocal... $ 11.000 35.000 75.000 39.400 30.000 $190, 700 27. The city entered into a capital lease for parks and recreation equipment on December 31 The capitalizable cost of the equipment was $90,000, including a downpayment of S10.000 28. A lawsuit has been filed against the city related to an accident that occurred during the fiscal year. A city employee is at fault. The city expects to settle the lawsuit by sometime late in the next fiscal year and considers it probable that the city will lose $62,000. 29. The city contributed $60,200 to the city Police and Fire Pension Trust Fund. The city's net pension liability of its sinele employer defined benefit pension plan increased from $75.000 to $92,000 at year end. Assume that the only deferred amount is a deferred inflow of resources from actual investment income of the pension plan exceeding the expected amount by $10,000 in the current year. None of the net pension liability is due and payable and none is to be allocated to enterprise activities. 3. The General Pund received $250,000 from the Addiction Prevention Special Revenue Fund in partial repayment of the interfund loan 31. The city paid vouchers payable of $500,000 The budetary accounts, including encumbrances, were closed at year end. (Close the bude petary accounts in the transactions columns.) 258 CHAPTER 6 Exp o elopment Grants ECONOMIC DEVELOPMENT SPECIAL REVENUE FUND rt o p of the larvey CH deer and trans beginning that hue Fund and Economic Development Special Revenue Fund Requirements Spa Rever the caname Develop Prepare a wise C ers of the le created in Chap al Fundsheet t dets in the appropriate columns of the worksheet (A different solu ned if desired by your profesor Prepare the preclosing trial balance in the appropriate worksheet colum as the closing Enter the preclosing trial balance amounts yo r ance sheet da m n, appropriate Prepare the statement of revenues expenditures, and changes in fund hat Economic Development Special Revenue Fund Prepare the 2x4 balance sheet for the Economic Development Special Revenu d. Special Revenue Fund und of Harvey Development Special Revenue Fund Beginning Trial Balance The trial balance of the Feapomie Development Special Revenue Fund of Har January 1, 20X4. is presented here. Harvey City Economic Development Special Revenue Fund Tral Balance January 1, 20X4 Debir $342.230 125.000 Cash Investments ........ Accrued Salaries Payablo Vouchers Payable... Fund Balance Totals 5 45 82.0 384730 S457230 5467230 Economic Development Special Revenue Fund Budget The Economic Development Special Revenue Fund budget was adopted by the city coun The adopted budget included estimated operating grant revenues of $930,000 and est The adopted budge investment income of $40,000. Appropriations of $945.000 were adopted for en development programs TRANSACTIONS AND EVENTS-20X4 1. Record the hudest 2. The city received a $1.500,000 economic developenent grant from the state's Department of Economic Development. The grant cash was received and is to be used in certains fied efforts to attract new businesses to the city and surrounding area. 3. The city purchased investments of S1.300.000. The erant requires that all investment from the investment of the grant proceeds mest be used for economic development 4. The city received interest on its investments, S55.000 5. The city incurred and vouchered $40000 of sconomic development expenditures qualify under the state grant program 6. The city paid salaries of $75.000 to economic development personnel. The payment $450 of accrued salaries payable from the prior year. The salaries expenditures under the grant program 7. The city sold investments costing $800,000 for $815,000. & The city paid $800,000 on vouchers payable for economic development 9. The fair value of the investments of the Economic Development Special Revenue year end increased by $1,700. In addition, accrued interest on the investments al was $12,000. 10. Accrued salaries payable at year end totaled $200. 11. Grant revenues for the year were recorded (if not recorded earlier). 12. The budgetary accounts were closed at year end. (Close the budgetary transactions columns.) investments at year and selary accounts in the 257 rvey City Comprehensive Case Special Remedand prepare final GENERAL FUND REQUIREMENTS 20x4 transactions and events for the Harvey City General Pundare presented conclude the Cieneral Pund case from Chapter 4 and 5. and events of the Harvey City Gel Fund in the co s t het. (A different solution speech may be desired by your pro ) Prepare the statement of revenues expenditures, and changes in fundance for the Hervey City General Pund for the Harvey Prepare the balance sheet for the Honey General Fund A 1 tence of General de pe r s and suppliesondered were received for Me Estimand Aca S 10.000 General government.... Public safety. Highways and streets....... Health and sanitation ...... Parks and recreation ..... Totals 60,000 S 10,000 32.500 59,700 36,000 000 $16, 200 30,000 $168.000 26. Materials and supplies were used by General Fund departments during the years follows General government....... Public safety..**** Highways and streets.... Health and sanitation Parks and recreation Tocal... $ 11.000 35.000 75.000 39.400 30.000 $190, 700 27. The city entered into a capital lease for parks and recreation equipment on December 31 The capitalizable cost of the equipment was $90,000, including a downpayment of S10.000 28. A lawsuit has been filed against the city related to an accident that occurred during the fiscal year. A city employee is at fault. The city expects to settle the lawsuit by sometime late in the next fiscal year and considers it probable that the city will lose $62,000. 29. The city contributed $60,200 to the city Police and Fire Pension Trust Fund. The city's net pension liability of its sinele employer defined benefit pension plan increased from $75.000 to $92,000 at year end. Assume that the only deferred amount is a deferred inflow of resources from actual investment income of the pension plan exceeding the expected amount by $10,000 in the current year. None of the net pension liability is due and payable and none is to be allocated to enterprise activities. 3. The General Pund received $250,000 from the Addiction Prevention Special Revenue Fund in partial repayment of the interfund loan 31. The city paid vouchers payable of $500,000 The budetary accounts, including encumbrances, were closed at year end. (Close the bude petary accounts in the transactions columns.) 258 CHAPTER 6 Exp o elopment Grants ECONOMIC DEVELOPMENT SPECIAL REVENUE FUND rt o p of the larvey CH deer and trans beginning that hue Fund and Economic Development Special Revenue Fund Requirements Spa Rever the caname Develop Prepare a wise C ers of the le created in Chap al Fundsheet t dets in the appropriate columns of the worksheet (A different solu ned if desired by your profesor Prepare the preclosing trial balance in the appropriate worksheet colum as the closing Enter the preclosing trial balance amounts yo r ance sheet da m n, appropriate Prepare the statement of revenues expenditures, and changes in fund hat Economic Development Special Revenue Fund Prepare the 2x4 balance sheet for the Economic Development Special Revenu d. Special Revenue Fund und of Harvey Development Special Revenue Fund Beginning Trial Balance The trial balance of the Feapomie Development Special Revenue Fund of Har January 1, 20X4. is presented here. Harvey City Economic Development Special Revenue Fund Tral Balance January 1, 20X4 Debir $342.230 125.000 Cash Investments ........ Accrued Salaries Payablo Vouchers Payable... Fund Balance Totals 5 45 82.0 384730 S457230 5467230 Economic Development Special Revenue Fund Budget The Economic Development Special Revenue Fund budget was adopted by the city coun The adopted budget included estimated operating grant revenues of $930,000 and est The adopted budge investment income of $40,000. Appropriations of $945.000 were adopted for en development programs TRANSACTIONS AND EVENTS-20X4 1. Record the hudest 2. The city received a $1.500,000 economic developenent grant from the state's Department of Economic Development. The grant cash was received and is to be used in certains fied efforts to attract new businesses to the city and surrounding area. 3. The city purchased investments of S1.300.000. The erant requires that all investment from the investment of the grant proceeds mest be used for economic development 4. The city received interest on its investments, S55.000 5. The city incurred and vouchered $40000 of sconomic development expenditures qualify under the state grant program 6. The city paid salaries of $75.000 to economic development personnel. The payment $450 of accrued salaries payable from the prior year. The salaries expenditures under the grant program 7. The city sold investments costing $800,000 for $815,000. & The city paid $800,000 on vouchers payable for economic development 9. The fair value of the investments of the Economic Development Special Revenue year end increased by $1,700. In addition, accrued interest on the investments al was $12,000. 10. Accrued salaries payable at year end totaled $200. 11. Grant revenues for the year were recorded (if not recorded earlier). 12. The budgetary accounts were closed at year end. (Close the budgetary transactions columns.) investments at year and selary accounts in the