Questions from Advanced Accounting

Q: A county transfers cash of $60,000 from its general

A county transfers cash of $60,000 from its general fund to a debt service fund. What is reported on the county’s fund financial statements? a. No reporting is made. b. Other Financing Sources increas...

Q: A city transfers cash of $20,000 from its general

A city transfers cash of $20,000 from its general fund to an enterprise fund to pay for work per- formed by the enterprise fund for the school system. How does the city report this transfer on its gov...

Q: On February 1, 2020, when the spot rate was $

On February 1, 2020, when the spot rate was $1.00 per Swiss franc, Blue Bogey Company (BBC) fore- casted the purchase of component parts on May 1, 2020, at a price of 100,000 Swiss francs. On that dat...

Q: On January 1, 2020, Hi-Speed.com acquired

On January 1, 2020, Hi-Speed.com acquired 100 percent of the common stock of Wi-Free Co. for cash of $730,000. The consideration transferred was allocated among Wi-Free’s net assets...

Q: A city transfers cash of $20,000 from its general

A city transfers cash of $20,000 from its general fund to an enterprise fund to pay for work done by the enterprise fund for the school system. What is reported on the city’s fund financial statements...

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

The board of commissioners of the City of Hartmoore adopts a general fund budget for the year ending June 30, 2020. It includes revenues of $1,000,000, bond proceeds of $400,000, appropriations of $90...

Q: A city transfers cash of $90,000 from its general

A city transfers cash of $90,000 from its general fund to start construction on a police station. The city issues a bond at its $1.8 million face value. The police station is built for a total cost of...

Q: A local government has the following transactions during the current fiscal period

A local government has the following transactions during the current fiscal period. Prepare journal entries without dollar amounts, first for fund financial statements and then for government-wide fin...

Q: Prepare journal entries for the City of Pudding’s governmental funds to record

Prepare journal entries for the City of Pudding’s governmental funds to record the following transactions, first for fund financial statements and then for government-wide financial statements. a. A n...

Q: Prepare journal entries for a local government to record the following transactions

Prepare journal entries for a local government to record the following transactions, first for fund financial statements and then for government-wide financial statements. a. The government sells $900...