uestion 1 1.)The board of commissioners of the city of Shell adopted a General Fund budget for the year ending June 30, 2013, which indicated revenues of $1,300,000, bond proceeds of $520,000, appro
uestion 1
| The board of commissioners of the city of Shell adopted a General Fund budget for the year ending June 30, 2013, which indicated revenues of $1,300,000, bond proceeds of $520,000, appropriations of $1,170,000, and operating transfers out of $390,000. Please record the transaction in the fund financial statement. Shell City transfers $108,000 from the General Fund to the Debt Service fund. $100,000 for principal and $8,000 interest. Please record the transaction in the fund financial statement and governments wide financial statements. shell City ordered a new computer at an anticipated cost of $115,000. The computer was received with an actual cost of $115,220. Payment was subsequently. Please record the transaction in the fund financial statement and governments wide financial statements. A not for not profit hospital spent 40,000 on medical equipment. This amount was received as restricted gift for this purpose. A not for not profit university gave scholarships in the amount of $70,000 to students. A $910,000 bond was issued to build a new road. The bonds carried a 6% interest rate and are due in 10 years. Please record the transaction in the fund financial statement and governments wide financial statements. Shell City purchased $40,000 office supplies. During the year $35,000 of these supplies were used. Please record the transaction in the fund financial using the purchase method. A private not-for-profit healthcare organization offering services for a fee. It rendered services of $300,000 to patients. Of this amount 75% will be paid by patients, and the remaining amount is to be paid by third party insurance providers. $25,000 will be adjusted based contractual insurance agreements. A city starts a solid waste landfill during 2020. When the landfill was opened the city estimated that it would fill to capacity within 5 years and that the cost to cover the facility would be $1.5 million which will not be paid until the facility is closed. At the end of 2020 the facility was 20% full. A- Record the transaction if he landfill is viewed as an enterprise and on government-wide financial statements. B- Record the transaction if he landfill is viewed as a general fund and on fund financial statements.
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