Accounting For Governmental & Nonprofit Entities
18th Edition
ISBN: 9781259917059
Author: RECK, Jacqueline L., Lowensohn, Suzanne L., NEELY, Daniel G.
Publisher: Mcgraw-hill Education,
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Chapter 9, Problem 17.1EP
To determine
Identify the suitable condition for the given statement.
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For problems 40 through 43, use the following introductory information:
The City of Wolfe has issued its financial statements for Year 4 (assume that the city uses a calendar year). The city’s general fund is made up of two functions: (1) education and (2) parks. The city also utilizes capital projects funds for ongoing construction and an enterprise fund to account for an art museum. It also has one discretely presented component unit.
The government-wide financial statements indicated the following Year 4 totals:
Education had net expenses of $710,000.
Parks had net expenses of $130,000.
Art museum had net revenues of $80,000.
General revenues were $900,000; the overall increase in net position was $140,000.
The fund financial statements issued for Year 4 indicated the following:
The general fund had an increase of $30,000 in its fund balance.
The capital projects fund had an increase of $40,000 in its fund balance.
The enterprise fund had an increase of $60,000 in its net position.…
Balsam City's library board is appointed by the city council, which has agreed to subsidize the operating costs of the library at a material amount to be determined each year. In addition, the city is paying debt service on general obligation bonds issued to construct the library. Based on generally accepted accounting principles (GAAP) criteria for defining the reporting entity: Multiple Choice A. The library is a special purpose government. B. The library is a joint venture. C. The library is a component unit. D. The library is a jointly governed organization.
The City of Wilson receives a large sculpture valued at $240,000 as a gift to be placed in front of the municipal building. Which of the following is true for reporting the gift within the government-wide financial statements?a. A capital asset of $240,000 must be reported.b. No capital asset will be reported.c. If conditions are met, recording the sculpture as a capital asset is optional.d. The sculpture will be recorded but only for the amount paid by the city.
Chapter 9 Solutions
Accounting For Governmental & Nonprofit Entities
Ch. 9 - Prob. 1QCh. 9 - Prob. 2QCh. 9 - Prob. 3QCh. 9 - What is a component unit?Ch. 9 - Explain the difference between a blended and a...Ch. 9 - Prob. 6QCh. 9 - Prob. 7QCh. 9 - Prob. 8QCh. 9 - Give examples of items (transactions) that would...Ch. 9 - Prob. 10Q
Ch. 9 - Prob. 11QCh. 9 - Prob. 12CCh. 9 - The MDA for the 2016 City and County of Denver...Ch. 9 - Prob. 14CCh. 9 - Prob. 17.1EPCh. 9 - Prob. 17.2EPCh. 9 - Prob. 17.3EPCh. 9 - Interim government financial reports a. Are not...Ch. 9 - The comprehensive annual financial report (CAFR)...Ch. 9 - Prob. 17.6EPCh. 9 - The city council of Lake Jefferson wants to...Ch. 9 - Prob. 17.8EPCh. 9 - Prob. 17.9EPCh. 9 - Prob. 17.10EPCh. 9 - A positive unassigned fund balance can be found in...Ch. 9 - A city established a special revenue fund for gas...Ch. 9 - The county commission passed into law through an...Ch. 9 - Prob. 17.14EPCh. 9 - Prob. 17.15EPCh. 9 - Prob. 18EPCh. 9 - Prob. 19EPCh. 9 - The City of Lynnwood was recently incorporated and...Ch. 9 - Prob. 21EPCh. 9 - Prob. 22EPCh. 9 - Prob. 23EPCh. 9 - Prob. 24EPCh. 9 - You have recently started working as the...Ch. 9 - Prob. 26EPCh. 9 - Prob. 27EP
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- The City of Wolfe issues its financial statements for Year 4 (assume that the city uses a calendar year). The city's general fund is composed of two functions: (1) education and (2) parks. The city also utilizes capital projects funds for ongoing construction and an enterprise fund to account for an art museum. The city also has one discretely presented component unit. The government-wide financial statements indicate the following Year 4 totals. Education had net expenses of $636,000. Parks had net expenses of $150,000. Art museum had net revenues of $64,500. General revenues were $873,500. The overall increase in net position for the city was $152,000. The fund financial statements for Year 4 indicate the following: The general fund had an increase of $43,250 in its fund balance. The capital projects fund had an increase of $51,750 in its fund balance. The enterprise fund had an increase of $79,250 in its net position balance. Officials for the City of Wolfe define "available" as…arrow_forwardThe City of Wolfe issues its financial statements for Year 4 (assume that the city uses a calendar year). The city's general fund is composed of two functions: (1) education and (2) parks. The city also utilizes capital projects funds for ongoing construction and an enterprise fund to account for an art museum. The city also has one discretely presented component unit. The government-wide financial statements indicate the following Year 4 totals. Education had net expenses of $792,000. Parks had net expenses of $125,000. Art museum had net revenues of $52,750. General revenues were $1,108,250. The overall increase in net position for the city was $244,000. The fund financial statements for Year 4 indicate the following: The general fund had an increase of $32,750 in its fund balance. The capital projects fund had an increase of $61,750 in its fund balance. The enterprise fund had an increase of $61,250 in its net position balance. Officials for the City of Wolfe define "available" as…arrow_forwardA city starts a public library that has separate incorporation and gets some of its money for operations from the state and some from private donations. Indicate whether each of the following independent statements is true or false and briefly explain each answer. If the city appoints 9 of the 10 directors, it must report the library as a component unit. If the library is a component unit and its financial results are shown as part of the governmental activities of the city, it is known as a blended component unit. If the library appoints its own board but the city must approve its budget, the library must be reported as a blended component unit.arrow_forward
- The City of Wolfe issues its financial statements for Year 4 (assume that the city uses a calendar year). The city's general fund is composed of two functions: (1) education and (2) parks. The city also utilizes capital projects funds for ongoing construction and an enterprise fund to account for an art museum. The city also has one discretely presented component unit. The government-wide financial statements indicate the following Year 4 totals. Education had net expenses of $792,000. Parks had net expenses of $125,000. Art museum had net revenues of $52,750. General revenues were $1,108,250. The overall increase in net position for the city was $244,000. The fund financial statements for Year 4 indicate the following: The general fund had an increase of $32,750 in its fund balance. The capital projects fund had an increase of $61,750 in its fund balance. The enterprise fund had an increase of $61,250 in its net position balance. Officials for the City of Wolfe define "available" as…arrow_forwardThe City of Wolfe issues its financial statements for Year 4 (assume that the city uses a calendar year). The city's general fund is composed of two functions: (1) education and (2) parks. The city also utilizes capital projects funds for ongoing construction and an enterprise fund to account for an art museum. The city also has one discretely presented component unit. The government-wide financial statements indicate the following Year 4 totals. Education had net expenses of $792,000. Parks had net expenses of $125,000. Art museum had net revenues of $52,750. General revenues were $1,108,250. The overall increase in net position for the city was $244,000. The fund financial statements for Year 4 indicate the following: The general fund had an increase of $32,750 in its fund balance. The capital projects fund had an increase of $61,750 in its fund balance. The enterprise fund had an increase of $120,000 in its net position balance. Officials for the City of Wolfe define "available" as…arrow_forwardThe City of Wolfe issues its financial statements for Year 4 (assume that the city uses a calendar year). The city’s general fund is composed of two functions: (1) education and (2) parks. The city also utilizes capital projects funds for ongoing construction and an enterprise fund to account for an art museum. The city also has one discretely presented component unit. The government-wide financial statements indicate the following Year 4 totals. Education had net expenses of $684,000. Parks had net expenses of $172,000. Art museum had net revenues of $69,750. General revenues were $990,250. The overall increase in net position for the city was $204,000. The fund financial statements for Year 4 indicate the following: The general fund had an increase of $46,250 in its fund balance. The capital projects fund had an increase of $45,250 in its fund balance. The enterprise fund had an increase of $84,750 in its net position balance. Officials for the City of…arrow_forward
- The City of Wolfe issues its financial statements for Year 4 (assume that the city uses a calendar year). The city’s general fund is composed of two functions: (1) education and (2) parks. The city also utilizes capital projects funds for ongoing construction and an enterprise fund to account for an art museum. The city also has one discretely presented component unit. The government-wide financial statements indicate the following Year 4 totals. Education had net expenses of $622,000. Parks had net expenses of $105,000. Art museum had net revenues of $54,750. General revenues were $881,250. The overall increase in net position for the city was $209,000. The fund financial statements for Year 4 indicate the following: The general fund had an increase of $51,750 in its fund balance. The capital projects fund had an increase of $60,250 in its fund balance. The enterprise fund had an increase of $62,500 in its net position balance. Officials for the City of…arrow_forwardThe City of Wolfe issues its financial statements for Year 4 (assume that the city uses a calendar year). The city's general fund is composed of two functions: (1) education and (2) parks. The city also utilizes capital projects funds for ongoing construction and an enterprise fund to account for an art museum. The city also has one discretely presented component unit. The government-wide financial statements indicate the following Year 4 totals. Education had net expenses of $668,000. Parks had net expenses of $147,000. Art museum had net revenues of $59,500. General revenues were $972,500. The overall increase in net position for the city was $217,000. The fund financial statements for Year 4 indicate the following: The general fund had an increase of $32,500 in its fund balance. The capital projects fund had an increase of $62,250 in its fund balance. The enterprise fund had an increase of $63,250 in its net position balance. Officials for the City of Wolfe define "available" as…arrow_forwardThe City of Wilson receives a large sculpture valued at $240,000 as a gift to be placed in front of the municipal building. Which of the following is true for reporting the gift within the government-wide financial statements? A capital asset of $240,000 must be reported. No capital asset will be reported. If conditions are met, recording the sculpture as a capital asset is optional. The sculpture will be recorded but only for the amount paid by the city.arrow_forward
- The City of Wolfe has issued its financial statements for Year 4 (assume that the city uses a calendar year). The city’s general fund is made up of two functions: (1) education and (2) parks. The city also utilizes capital projects funds for ongoing construction and an enterprise fund to account for an art museum. It also has one discretely presented component unit.The government-wide financial statements indicated the following Year 4 totals:Education had net expenses of $710,000.Parks had net expenses of $130,000.Art museum had net revenues of $80,000.General revenues were $900,000; the overall increase in net position was $140,000.The fund financial statements issued for Year 4 indicated the following:The general fund had an increase of $30,000 in its fund balance.The capital projects fund had an increase of $40,000 in its fund balance.The enterprise fund had an increase of $60,000 in its net position.Officials for Wolfe define “available” as current financial resources to be paid…arrow_forwardThe City of Wolfe has issued its financial statements for Year 4 (assume that the city uses a calendar year). The city’s general fund is made up of two functions: (1) education and (2) parks. The city also utilizes capital projects funds for ongoing construction and an enterprise fund to account for an art museum. It also has one discretely presented component unit.The government-wide financial statements indicated the following Year 4 totals:Education had net expenses of $710,000.Parks had net expenses of $130,000.Art museum had net revenues of $80,000.General revenues were $900,000; the overall increase in net position was $140,000.The fund financial statements issued for Year 4 indicated the following:The general fund had an increase of $30,000 in its fund balance.The capital projects fund had an increase of $40,000 in its fund balance.The enterprise fund had an increase of $60,000 in its net position.Officials for Wolfe define “available” as current financial resources to be paid…arrow_forwardThe City of Wolfe has issued its financial statements for Year 4 (assume that the city uses a calendar year). The city’s general fund is made up of two functions: (1) education and (2) parks. The city also utilizes capital projects funds for ongoing construction and an enterprise fund to account for an art museum. It also has one discretely presented component unit.The government-wide financial statements indicated the following Year 4 totals:Education had net expenses of $710,000.Parks had net expenses of $130,000.Art museum had net revenues of $80,000.General revenues were $900,000; the overall increase in net position was $140,000.The fund financial statements issued for Year 4 indicated the following:The general fund had an increase of $30,000 in its fund balance.The capital projects fund had an increase of $40,000 in its fund balance.The enterprise fund had an increase of $60,000 in its net position.Officials for Wolfe define “available” as current financial resources to be paid…arrow_forward
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