Questions from Accounting for Government and Non-Profit

Q: For more than 100 years, the financial statements of the Town

For more than 100 years, the financial statements of the Town of Fordville have consisted of a statement of cash receipts and a statement of cash disbursements prepared by the town treasurer for each...

Q: Review the computer generated budgetary comparison report presented below for the Lincoln

Review the computer generated budgetary comparison report presented below for the Lincoln City Culture and Recreation Department as of July 1 of its fiscal year ending December 31, 2016, and respond t...

Q: The following information is provided about the Town of York’s General Fund

The following information is provided about the Town of York’s General Fund operating statement and budgetary accounts for the fiscal year ended September 30, 2016. (Note: The town has no restricted,...

Q: On February 15, 2016, the Town of Evergreen police chief’s

On February 15, 2016, the Town of Evergreen police chief’s administrative assistant is preparing a purchase order to place an order for a new computer. The computer is estimated to c...

Q: The Town of Willingdon adopted the following General Fund budget for fiscal

The Town of Willingdon adopted the following General Fund budget for fiscal year 2017: Estimated revenues: Taxes………………………………………………….…. $15,000,000 Intergovernmental...

Q: The City of Hinton’s General Fund had the following post-closing

The City of Hinton’s General Fund had the following post-closing trial balance at April 30, 2016, the end of its fiscal year: During the year ended April 30, 2017, the following tr...

Q: Jacqueline Ponce de Leon, a descendent of Juan Ponce de Leon

Jacqueline Ponce de Leon, a descendent of Juan Ponce de Leon, made a cash contribution of $1,500,000 to the City of Fountains to create and maintain a large dramatic fountain in front of City Hall in...

Q: During fiscal year 2017, the City of Hickory Hills issued purchase

During fiscal year 2017, the City of Hickory Hills issued purchase orders to various vendors in the amounts shown for the following functions of the city: General Government…………………………………..$ 164,200 P...

Q: On July 1, 2017, the beginning of its fiscal year

On July 1, 2017, the beginning of its fiscal year, Ridgedale County recorded gross property tax levies of $4,200,000. The county estimated that 5 percent of the taxes levied would be uncollectible. As...

Q: The City of Troy collects its annual property taxes late in its

The City of Troy collects its annual property taxes late in its fiscal year. Consequently, each year it must finance part of its operating budget using tax anticipation notes. The notes are repaid upo...