Analyses of the existing year operating expenses account

Assignment Help Financial Accounting

Reference no: EM132820

Question :

1. A "payment in lieu of tax" of $300,000-evaluated at 10 percent of its operating income-was made from the Township's use Enterprise Fund to its General Fund.

2. Water Enterprise Fund billings to other funds for services were as given:

General Fund $600,000

Special Revenue Fund $50,000

Total $650,000

3. The Township transferred $1,800,000 from the General Fund to give initial financing for the township's Ray Robinson Memorial Golf Course Enterprise Fund.

4. Equipment with cost of $120,000 was transferred from a General Fund department to the Utilities Enterprise Fund department halfway throughout its useful life. Consider zero residual value.

5. Additional general government judgment and claims liabilities of $1,200,000 were recognized, of which $170,000 is due and payable.

6. A three-year, interest-free loan of $2,300,000 was made from the General Fund to the recently established Golf Course Enterprise Fund.

7. Analyses of the existing year Operating Expenses account shown that $5,000 charged to the Utilities Enterprise Fund could be charged to a Special Revenue Fund.

Reference no: EM132820

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