Compute total annual expenses for this department

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Reference no: EM133204781

Government and Non-Profit Accounting Assignment -

Question 1 - Realizing the need of public transportation, the government of KSA has established a legally separate public benefit corporation named Metro City Transport. In the law establishing Metro City Transport, it was authorized to appoint Metro's entire governing body. When Metro City Transport went to prepare its financial statements, two questions were raised. Was Metro City Transport a government? And if it were a government, how should it prepare its Cash flow statement?

Required -

a. Discuss whether Metro City Transport is or is not a governmental entity. What are the specific factors in this situation that cause Metro to be one or the other? What are the other activities that any government does for its country?

b. Discuss the Standard Setters that Metro City Transport uses to prepare its Cash flow statement and what are the three standard setters that government organization should follow in preparing its Financial statements.

Question 2 - A department of a local government began operations at the beginning of the current fiscal year with $250,000 cash. During the fiscal year, the department made cash disbursements for the following:

# Salaries and other personnel costs, $100,000

# Office rent and utilities, $24,000

# Retirement of debt principal, $10,000; payment of interest, $2,200

# Purchased equipment at the beginning of the fiscal year for $30,000; the equipment is expected to last 6 years and have a salvage value of $6,000

# Photocopier rental, $10,500

Based on the preceding transactions, compute total annual expenditures for this department assuming it performs governmental-type activities and is accounted for in the General Fund.

Then compute total annual expenses for this department assuming it performs activities within an Enterprise Fund.

Question 3 - The following are the events and transactions related with a township for the year 2015. You are required to prepare necessary entries for Township for the year 2015.

a. The Township adopted a budget calling for appropriations of $500,000. The estimated revenues (all property taxes) were $450,000.

b. The Township sent property tax bills amounting to $450,000 to property owners.

c. Property owners paid $420,000 of property taxes to the Township.

d. A purchase order of $65,500 was sent to a vendor of supplies.

e. The supplies ordered in transaction d. were received in good order and the accompanying invoice of $55,000 was approved.

Question 4 - From the information below prepare Financial Statements

Cash	20,000
Taxes receivable, net	147,000
Investments	65,000
Due from other funds	68,000
Vouchers payable		39,000
Due to other funds		152,750
Unassigned fund balance		117,000
Estimated revenues	610,000
Appropriations		590,000
Budgetary fund balance		20,000
Revenues-taxes		590,175
Revenues-charges for services		14,080
Expenditures-personal services	287,125
Expenditures-supplies	29,680
Expenditures-capital outlay	244,000
Transfer in from debt service fund		32,500
Transfers out to capital projects fund	84,700	0
	$1,555,505	$1,555,505

Reference no: EM133204781

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