Constant Problem -- City of Timeless Sunshine

 Essay upon Continous Problem - City of Everlasting Sun

Ongoing Problem – City of Everlasting Sunshine

Continuous Problem – City of Everlasting Sunshine


ESSENTIALS OF ACCOUNTING FOR GOVERNMENTAL AND NOT-FOR-PROFIT ORGANIZATIONS: 10TH EDITION Chapters 2 through 8 identify accounting and financial reporting by state and local governments. A continuous problem is presented to provide an overview in the reporting process, including preparation of finance basis and government-wide statements. The problem presumes the government is definitely using pay for accounting because of its internal record-keeping and then by year-end makes necessary adjustments to prepare the government-wide assertions. The problem under is provided in the same order since the textbook (beginning with Chapters several, and 4). Each chapter requires the preparation of journal items to record the events and transactions of governmental, exclusive, or fiduciary funds. For the General Account, use control accounts for the budgetary accounts, revenues, expenditures and encumbrances. For all additional funds, work with separate makes up about each type of revenue and expenditure/expense. At appropriate phases, preparation in the fund and government-wide transactions are required. The subsequent funds will be included in this group of problems: Government Funds General Special revenue—Street and Highway Fund Capital projects—City Corridor Annex Structure Fund Debt service—City Lounge Annex Financial debt Service Pay for Debt service—City Hall Financial debt Service Pay for Proprietary Funds Internal service—Stores and Services Fund Enterprise—Water and Sewer Fund Fiduciary Funds Private-purpose—Student Scholarship Account Pension trust—Fire and Police Retirement Fund


Continuous Difficulty – City of Everlasting Sun

Chapter several – Revised Accrual Accounting: Including the Part of Fund Balances and Budgetary Specialist & Part 4 – Accounting pertaining to the General and Special Income Funds The total amount Sheets with the General Pay for and the Road and Motorway Fund of the City of Timeless Sunshine as of December 31, 2011, comply with. These (beginning) balances have been entered in the proper general ledger accounts, as of 1/1/2012. CITY OF TIMELESS SUNSHINE Standard Fund Balance Sheet As of Dec 31, 2011 Assets Money Taxes receivable—delinquent Less: Believed uncollectible late taxes $80, 000 $215, 855 (37, 333) a hundred and seventy-eight, 522 Curiosity and fines receivable upon taxes 21 years old, 586 Less: Estimated uncollectible interest and penalties (4, 318) Credited from local government Total resources Liabilities and Fund Equity Liabilities: Accounts payable Due to other money Deferred revenues—property taxes Total liabilities Pay for equity: Account balance—assigned (for outstanding encumbrances) Fund balance—unassigned Total fund equity Total liabilities and fund fairness 17, 268 330, 1000 $605, 790

$154, 750 35, 250 20, 500 210, 000

$31, 1000 364, 790 395, 790 $605, 790

CITY OF TIMELESS SUNSHINE Avenue and Road Fund Balance Sheet As of December 31, 2011 Assets Funds Investments Due from local government $6, 500 55, 000 200, 1000


Ongoing Problem – City of Long lasting Sunshine Total assets Liabilities and Pay for Equity Financial obligations: Accounts payable Fund fairness: Fund balance—assigned for streets and roads Total liabilities and fund equity $6, 300 255, 200 $261, 500 $261, 500

3–C. This area of the constant problem goes on the General Fund and exceptional revenue pay for examples simply by requiring the recording and posting of the budgetary entries. To reduce clerical efforts required for the perfect solution is use control accounts for the budgetary accounts, revenues, costs and encumbrances. Subsidiary accounts are not needed. Budget information for the City includes: a) As of January 1, 2012, the City Authorities approved as well as the mayor authorized a budget asking for $10, seven hundred, 000 in property tax and other income, $9, 300, 000 in appropriations for expenditures, and $1, 280, 000 to be transferred to two debt services funds pertaining to the repayment of primary and interest. Record the budget for the overall Fund and post to...

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