Calculation on Government & Not-for-Profit entities, Accounting

Assignment Question(s):                                                    (Marks. 5)

 

Don't use plagiarized sources. Get Your Custom Essay on
Calculation on Government & Not-for-Profit entities, Accounting
Get a plagiarism free paper Just from $13/Page
Order Essay

Q1. State whether these statements are true or false.  Discuss why the false statements are false.

  1. An entity is likely to be a governmental entity if a controlling majority of its governing body is appointed by governmental officials.
  2. The objective of a government is to provide services to its constituents.
  3. AICPA pronouncements have approximately the same level of authority as articles appearing in the Journal of Accountancy.
  4. The objective of a not-for-profit organization is to provide services to its constituents.
  5. By definition, all funds have cash, financial resources, and capital resources.
  6. The objective of a business organization is to enhance the wealth of its owners.

 

 

Q2. 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.

 

 

 

 

 

Q3. The council of the Town of Tulia approved the 2013 budget as follows:

 

Budgeted 2013 revenues from:

Property taxes                                                                             $5,000,000

Sales taxes                                                                                  $1,000,000

Appropriations for 2013:

Salaries                                                                                       $4,600,000

Materials                                                                                    $1,200,000

Equipment                                                                                     $100,000

 

During 2013, the town’s mayor presented the council with a budget revision to increase the amount of appropriation for salaries by $10,000.  The council approved this budget revision.

 

Required:

  1. Prepare the general journal entry necessary to initially record the budget.
  2. Prepare the general journal entry necessary to record the budget revision.

 

 

 

 

 

 

 

 

 

 

Q4. Following is a trial balance for Nadia Day Care, as of July 31, 2013, the end of its first month of business. Based on the trial balance, prepare an income statement for the month ended July 31, 2013, and a balance sheet as of July 31, 2013.

 

Debits        Credits

Cash                                                                                       $27,400

Accounts receivable                                                                      500

Prepaid rent                                                                                2,500

Equipment                                                                                  6,000

Accumulated depreciation, equipment                                                          $100

Accounts payable                                                                                             300

Salaries payable                                                                                                240

Interest payable                                                                                                133

Notes payable                                                                                              20,000

Capital                                                                                     10,000

Revenues                                                                                                     11,500

Operating expense                                                                     1,000

Salary expense                                                                           1,840

Utility expense                                                                              300

Interest expense                                                                            133

Rent expense                                                                              2,500

Depreciation expense                                                                    100                  

Totals                                                                                $42,273       $42,273

 

 

Master Homework
Order Now And Get A 20% Discount!
Pages (550 words)
Approximate price: -

Advantages of using our writing services

Custom Writing From Scratch

All our custom papers are written by qualified writers according to your instructions, thus evading any case of plagiarism. Our team consists of native writers from the USA, Canada, and the Uk, making it convenient for us to find the best to handle your order.

Unlimited Free Revisions

If you feel your paper didn't meet all your requirements, we won't stop till it's perfect. You're entitled to request a free revision within 7 days after we submit your paper.

Quality Writing In Any Format

If you have issues with citing sources and referencing, you need not worry. Our writers are highly knowledgeable in referencing, including APA/MLA/Havard/Chicago/Turabian and all other formatting styles.

Fast Delivery And Adherence To The Deadline

All our custom papers are delivered on time, even the most urgent. If we need more time to perfect your paper, we may contact you via email or phone regarding the deadline extension.

Originality & Security

At Master Homework, your security and privacy is our greatest concern. For this reason, we never share your personal information with third parties. We use several writing tools to ensure your paper is original and free from plagiarism.

24/7 Customer Support

Our agents are online 24 hours a day, 7 days a week, and are always ready to serve you. Feel free to contact us through email or talk to our live agents whenever you need assistance with your order.

Try it now!

Calculate the price of your order

We'll send you the first draft for approval by at
Total price:
$0.00

How it works?

Follow these simple steps to get your paper done

Place your order

Fill in the order form and provide all details of your assignment.

Proceed with the payment

Choose the payment system that suits you most.

Receive the final file

Once your paper is ready, we will email it to you.

Our Services

We work nonstop to see the best client experience.

Pricing

Flexible Pricing

We offer pocket-friendly prices that coincide with the preferred client's deadline.

Communication

Admission help & Client-Writer Contact

Our support team is always ready to ensure vital interaction between you and the writer whenever you need to elaborate on something.

Deadlines

Paper Submission

We deliver our papers early within the stipulated deadlines. We are glad to help you if there should be an occurrence of any alterations required.

Reviews

Customer Feedback

Your review, positive or negative, is of great concern to us and we take it very seriously. We are, consequently adjusting our policies to ensure the best customer/writer experience.