Govt assignment csi
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This document provides a group assignment for a government accounting course. It includes 3 problems involving journal entries, financial statements, and accounting for governmental and enterprise funds. Problem 1 involves journal entries for transactions of a city government. Problem 2 requires journal entries, trial balance, and financial statements for a city debt service fund. Problem 3 requires preparation of financial statements for a city parking facilities enterprise fund.
Govt assignment csi
- 1. Civil Service Institute Department of Accounting and Finance Course: Government Accounting Group Assignment (Maximum of Five Students) Carrying Value: 30 Marks Deadline: 12 May, 2017 at 6:00 PM EAT Work out all of the following problems Problem 1. Make all necessary entries in the appropriate governmental fund general journal for each of the following transactions entered into by the City of Hargeisa. 1. The city received a donation of land that is to be used by Parks and Recreation for a park. At the time of the donation, the land had a fair value of $5,200,000 and was recorded on the donor’s books at a historical cost of $4,500,000. 2. The Public Works Department sold machinery with a historical cost of $35,100 and accumulated depreciation of $28,700 for $6,400. The machinery had originally been purchased with special revenue funds. 3. A car was leased for the mayor’s use. Since the term of the lease exceeded 75 percent of the useful life of the car, the lease was capitalized. The first payment was $550 and the present value of the remaining lease payments was $30,000. 4. During the current year, a capital projects fund completed a new public safety building that was started in the prior year. The total cost of the project was $9,720,000. Financing for the project came from a $9,000,000 bond issue that was sold in the prior year, and from a $720,000 federal capital grant received in the current year. Current year expenditures for the project totaled $1,176,000. The full cost is attributed to the building since it was constructed on city-owned property.
- 2. Problem 2 The City of Hargeisa has established a Debt Service Fund to retire a serial bond of $1,200,000, 3%, maturing 10 years. The cash received by the Debt Service Fund comes from the General Fund and assessed property tax from beneficiaries of street development. The following transactions related to the activities in the Debt Service Fund: a) The FY 2012 budget of the City’s Debt Service Fund is as follows: Estimated Revenue, $400,000; Estimated Other Financing Sources, $1,100,000; Appropriation, $200,000; Estimated Other Financing Uses, $1,000,000. b) On July 1, the General Fund has transferred $156,000. The City paid the first installment to bondholders ($120,000 bond repayment; $36,000 interest) c) On August 31, assessed property tax, $160,000, is recognized by the Debt Service Fund d) On October 1, the City received $156,000 from the General Fund e) The City received property tax of $100,000 which was recognized earlier. Required 1) Record the above transactions in the Debt Service Fund general journal 2) Prepare a trial balance as of 31 December, 2012 3) Prepare a statement of revenue, expenditure, and changes in fund balance 4) Prepare a balance sheet as of 31 December 2012
- 3. Problem 3 The City of Dalton accounts for its parking facilities as an enterprise fund. For the year ended December 31, 2011, the pre-closing trial balance for the Parking Facilities Fund is provided
- 4. Required a) Prepare the statement of revenues, expenses, and changes in fund net assets for the Parking Facilities Fund as of December 31, 2011. b) Prepare the statement of net assets for the Parking Facilities Fund as of December 31, 2011.