Questions from Advanced Accounting

Q: The City of Coyote mailed property tax bills for 2018 to its

The City of Coyote mailed property tax bills for 2018 to its citizens during August 2017. Paymentscould be made early to receive a discount. The levy becomes legally enforceable on February 15,2018. A...

Q: The City of Coyote mailed property tax bills for 2018 to its

The City of Coyote mailed property tax bills for 2018 to its citizens during August 2017. Paymentscould be made early to receive a discount. The levy becomes legally enforceable on February 15,2018. A...

Q: In 2017, the City of Coyote received a $320,

In 2017, the City of Coyote received a $320,000 cash grant from the state to reduce air pollution.Assume that although a special revenue fund could have been set up, the money remained in thegeneral f...

Q: During 2017, the City of Coyote’s General Fund received $10

During 2017, the City of Coyote’s General Fund received $10,000, which was recorded as a generalrevenue when it was actually a program revenue earned by its park program. a. What was the correct overa...

Q: During the current year, a government buys land for $80

During the current year, a government buys land for $80,000. Which of the following is not true? a. The land could be reported as an asset by the business-type activities in the government-widefinanci...

Q: The City of Bagranoff holds $90,000 in cash that

The City of Bagranoff holds $90,000 in cash that will be used to make a bond payment when thedebt comes due early next year. The assistant treasurer had made that decision. However, justbefore the end...

Q: The board of commissioners of the City of Hartmoore adopted a general

The board of commissioners of the City of Hartmoore adopted a general fund budget for the yearending June 30, 2017, that included revenues of $1,000,000, bond proceeds of $400,000, appropriationsof $9...

Q: A city orders a new computer for its general fund at an

A city orders a new computer for its general fund at an anticipated cost of $88,000. Its actual costwhen received is $89,400. Payment is subsequently made. Prepare all required journal entries forboth...

Q: Cash of $90,000 is transferred from a city’s general

Cash of $90,000 is transferred from a city’s general fund to start construction on a police station. Thecity issues a bond at its $1.8 million face value. The police station is built for $1.89 million...

Q: The governmental funds of the City of Westchester report $445,

The governmental funds of the City of Westchester report $445,000 in assets and $140,000 inliabilities. The following are some of the assets reported by this government. ∙ Prepaid items—$7,000. ∙ Cash...