50.1K

Verified Solution

Link Copied!

PLEASE ALL THE LETTERS ARE REQUIRED

to service County Service Fund had the old Excel-Based Problems 6-13. Jefferson County operates a centralized motor poolt At the end of 2016, the Motor Pool Internal Servi account balances: Credits Debits $ 6,500 18,000 35.000 4,000 Due from General Fund Cash 6-14. R Capital assets Supplies inventory Accounts payable Accrued wages payable Accumulated depreciation Advance from enterprise fund $ 5,500 300 6.500 25.000 26.200 $63,500 Net position in the amount Sunt totaled $98.00 $63,500 Total The following events took place during 2017: Additional supplies were purchased on account in the $38,000. 7 Services provided to other departments on account totaled A total of $68,000 was for departments in the General E $30,000 for enterprise fund departments. 3. Supplies used amounted to $36,700. 4. Payments made on accounts payable amounted to $38,800. 5. Cash collected from the General Fund totaled $62.000, and cash col. lected from the enterprise fund totaled $30,000. 6. Salaries were paid in the amount of $48,700. Included in this amount is the accrued wages payable at the end of 2016. All of these are determined to be part of the cost of services provided. 7. In a previous year, the enterprise fund loaned the motor pool money under an advance for the purpose of purchasing garage equipment. In the current year, the motor pool repaid the enterprise fund 50.000 this amount. 8. On July 1, 2017, the Motor Pool Fund borrowed $12.000 from bank, signing a 12 percent note that is due in two years will interest payments on June 30. The borrowings are not related tal asset purchases but were made to provide working cap Additional information includes: 9. Depreciation for the year amounted to $6,900. 10. The payment of interest on the note is payable on unpaid wages relating to the final week of the year oli are not related to capi ayable on June 30, 2018 e year totaled $770 Proprietary Funds 179 the Excel template provided (a separate tab is provided for each of the Using the Excel temp requirements): a. Prepare journal entries and post entries to the T-accounts. b. Prepare closing entries. c. Prepare a Statement of Revenues, Expenses, and Changes in Fund Net Position. d. Prepare a statement of Net Position. e. Prepare a Statement of Cash Flows for the year. Rural County is an agricultural community located hundreds of miles from any metropolitan center. The County established a Television Reception improvement Fund to serve the public interest by constructing and operat- ang television translator stations. sion translator stations. TV translator stations serve communities un the signals of free over-the-air TV stations because locause of the large that cannot rooniun the to service County Service Fund had the old Excel-Based Problems 6-13. Jefferson County operates a centralized motor poolt At the end of 2016, the Motor Pool Internal Servi account balances: Credits Debits $ 6,500 18,000 35.000 4,000 Due from General Fund Cash 6-14. R Capital assets Supplies inventory Accounts payable Accrued wages payable Accumulated depreciation Advance from enterprise fund $ 5,500 300 6.500 25.000 26.200 $63,500 Net position in the amount Sunt totaled $98.00 $63,500 Total The following events took place during 2017: Additional supplies were purchased on account in the $38,000. 7 Services provided to other departments on account totaled A total of $68,000 was for departments in the General E $30,000 for enterprise fund departments. 3. Supplies used amounted to $36,700. 4. Payments made on accounts payable amounted to $38,800. 5. Cash collected from the General Fund totaled $62.000, and cash col. lected from the enterprise fund totaled $30,000. 6. Salaries were paid in the amount of $48,700. Included in this amount is the accrued wages payable at the end of 2016. All of these are determined to be part of the cost of services provided. 7. In a previous year, the enterprise fund loaned the motor pool money under an advance for the purpose of purchasing garage equipment. In the current year, the motor pool repaid the enterprise fund 50.000 this amount. 8. On July 1, 2017, the Motor Pool Fund borrowed $12.000 from bank, signing a 12 percent note that is due in two years will interest payments on June 30. The borrowings are not related tal asset purchases but were made to provide working cap Additional information includes: 9. Depreciation for the year amounted to $6,900. 10. The payment of interest on the note is payable on unpaid wages relating to the final week of the year oli are not related to capi ayable on June 30, 2018 e year totaled $770 Proprietary Funds 179 the Excel template provided (a separate tab is provided for each of the Using the Excel temp requirements): a. Prepare journal entries and post entries to the T-accounts. b. Prepare closing entries. c. Prepare a Statement of Revenues, Expenses, and Changes in Fund Net Position. d. Prepare a statement of Net Position. e. Prepare a Statement of Cash Flows for the year. Rural County is an agricultural community located hundreds of miles from any metropolitan center. The County established a Television Reception improvement Fund to serve the public interest by constructing and operat- ang television translator stations. sion translator stations. TV translator stations serve communities un the signals of free over-the-air TV stations because locause of the large that cannot rooniun the

Answer & Explanation Solved by verified expert

See Answer