1- Why is depreciation not recorded in governmental typefunds? 2- In its General Fund balance sheet

Get perfect grades by consistently using www.custompaperwriting.org. Place your order and get a quality paper today. Take advantage of our current 20% discount by using the coupon code GET20


Order a Similar Paper Order a Different Paper

1- Why is depreciation not recorded in governmental typefunds? 2- In its General Fund balance sheet at December 31, 2015,Abbotsford City reported Property taxes receivable of $40,000,deferred property tax revenues of $15,000, and an allowance foruncollectible taxes of $0. At the start of the year 2016,Abbotsford City made the following journal entry to record itsproperty tax levy: Property taxesreceivable           950,000 Allowance for refunds and uncollectibletaxes                             10,000                        Revenues – property taxes                940,000 During the year 2016, the city collected all the property taxesreceivable outstanding at December 31, 2015. It also collected$920,000 of the receivables recognized at the beginning of 2016,and wrote off $6,000 of receivables against the allowance account.On December 31, 2016, the Abbotsford City finance director made thefollowing determinations regarding the property taxes outstandingat that date: a.    All outstanding property taxes would becollected, so there was no need for the allowance for uncollectibleproperty taxes. b.   The City would collect about $15,000 of theoutstanding property taxes receivable during the first 60 days of2017 and the remainder during the latter part of 2017.
Required:       Calculate how much property tax revenues Abbotsford City shouldrecognize in 2016.   3- Prepare entries to record the following transactions relatedto acquisition of capital assets by a city.
Remark: The city does not use encumbranceaccounting.
             Identify the fund(s) used.            a.    The city issues general obligation bonds inthe amount of $900,000, receiving cash for the full face amount ofthe bonds. The cash will be used to buy capital assets.            b.   The city buys a prefabricated building for $750,000,using part of the bond proceeds. The building is delivered and theinvoice for the building is approved.            c.    The invoice approved in b. is paid.            d.   The General Fund transfers cash of $55,000 toanother fund in anticipation of the payment of the firstinstallment of interest ($30,000) and principal ($25,000) on thedebt.            e.    The first installment of debt service on bondsissued in a.      becomes due andpayable.            f.    Debt service on the bonds issued in a. ispaid. . . .

Do you need help with this or a different assignment? We offer CONFIDENTIAL, ORIGINAL (Turnitin/LopesWrite/SafeAssign checks), and PRIVATE services using latest (within 5 years) peer-reviewed articles. Kindly click on ORDER NOW to receive an A++ paper from our masters- and PhD writers.

Get a 15% discount on your order using the following coupon code SAVE15


Order a Similar Paper Order a Different Paper

Save your time - order a paper!

Get your paper written from scratch within the tight deadline. Our service is a reliable solution to all your troubles. Place an order on any task and we will take care of it. You won’t have to worry about the quality and deadlines

Order Paper Now