23 Sep Q1. The following are statements for the use of Proprietary
Q1. The following are statements for the use of Proprietary Funds State whether the following are true or false. For the false items, explain why they are false. a.Enterprise Funds are used only when all services are provided to non-governmental entities, and Internal Service Funds are used only when all services are provided to governmental agencies that are a part of the reporting government. b.Enterprise Funds use the economic resources measurement focus and full accrual basis of accounting only when they want to compute the costs of services; otherwise, they use the current financial resources measurement focus and modified accrual basis of accounting. Q.2. Towry School District accepts donations that are used to provide awards to graduating seniors. Record the following transactions in the Towry Private Purpose Trust Fund – Awards Fund.Also, prepare a statement of changes in fiduciary net position for the Fund for the year ended December 31, 2013.This is the first year of operation for the Towry Private Purpose Trust Fund – Awards Fund. a.Hannah Banana, noted philanthropist, donates marketable securities worth $600,000 to the District, stipulating that all earnings on the securities be used for awards to graduates. b.The District receives dividends on the securities in the amount of $15,000. c.The District makes various awards to graduating seniors in the amount of $20,000. d.When the District prepares financial statements at the end of the year, the marketable securities have a fair value of $590,000. Q3. Following are December 31, 2013 trial balances (budgetary accounts excluded) for the General Fund, Debt Service Fund, and Capital Projects Fund for Hebert County. Prepare a governmental funds balance sheet and a statement of revenues, expenditures, and changes in fund balances as of and for the year ended December 31, 2013. The General Fund had encumbrances of $25 outstanding on December 31, 2013. DebitsCredits General Fund Cash$1,900 Property taxes receivable – delinquent330 Allowance for uncollectible property taxes$10 Accounts payable120 Deferred revenues250 Unassigned fund balance, January 1, 20131,720 Revenues – property taxes3,200 Revenues – licenses and fees350 Revenues – parks admissions fees40 Investment income220 Expenditures – general government360 Expenditures – public safety1,800 Expenditures – public works840 Expenditures – parks and culture350 Transfer out to Debt Service Fund250 Transfer out to Capital Projects Fund80____Totals$5,910$5,910 Debt Service Fund Cash$70 Assigned fund balance, January 1, 2013$60 Expenditures – bond principal110 Expenditures – interest130 Transfer in from General Fund___250 Totals$310$310 Capital Projects Fund Cash$240 Expenditures – capital outlay420 Transfer in from General Fund$80 Proceeds of bonds___580 Totals$660$660
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