The following applies to Q #7-8 A special district accounts for its general fund

Question

The following applies to Q #7-8 A special district accounts for its general fund (its only fund) on a modified accrual basis. In a particular period it engaged in the following transactions: It issued S20 million in long - term bonds. It acquired several tracts of land at a total cost of $4 million, paying the entire amount in cash It sold a portion of the land for $1 million, receiving cash for the entire amount. The tract sold had cost $0.8 million .It repaid $2 million of the bonds . It lost a lawsuit and was ordered to pay $9 million over three years. It made its first cash payment of $3 million. 7. The total Expenditure reported in the General Fund is b. $3 Mill C. $4 Mill d. $7 Mill 8?The total "Other Finance Source" reported in the General Fund is a. $20 reported in General Fund's Balance Sheet b. $20 reported in General Fund's Revenue, Expenditures and Changes in Fund Statement c. $21 reported in General Fund's Balance Sheet d. $21 reported in General Fund's Revenue, Expenditures and Changes in Fund Statement 9.Missing data can be derived, and journal entries constructed, from information in the accounts. The following schedule shows the amounts related to supplies that a city debited and credited to the indicated accounts during a year (not necessarily the year-end balances), excluding closing entries. The city records its budget, encumbers all its expenditures, and initially vouchers all payments. All revenue was collected in cash. Some information is missing. By reconstructing the entries that the city made during the year, you are to Determine the missing data and construct the journal entries (in summary form), excluding closing entries. (in thousands) Debits S117 Credits Cash S? Estimated revenues Revenues Vouchers payable Appropriations Encumbrances Expenditures Reserved for encumbrances? Fund balance-unassigned 115 70 54 58 93 120 Revenue-Credit should be va si17 b. $115 c.$120

Explanation / Answer

Ans 7. Total Expenditure reported in the general fund is as follows

Expenditure on tracts of land = $4 million

Lost of lawsuit cost for 1 year = $3 million

Total $7 million

Ans 8. The total other finance sources are as follows

Issue of long term bonds = $20 million

Sale of land = $1 million

Total $21 million

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