ACCT 360 Week 7 Problem Assignment | Accounting Assignment Help 1 | Franklin University
- Franklin University / ACCT 360
- 25 Jan 2019
- Price: $10
- Other / Other
ACCT 360 Week 7 Problem Assignment | Accounting Assignment Help 1 | Franklin University
P10-3 (Worksheet and Statements) The City of Lynn operates its
municipal airport. The trial balance of the Airport Fund as of January 1, 20X0,
was as follows:
|
Cash |
37,000 $ |
|
|
Accounts
Receivable |
50,000 |
|
|
Allowance
for Uncollectible Accounts |
2,000 $ |
|
|
Land |
200,000 |
|
|
Structures
and Improvements |
700,000 |
|
|
Accumulated
Depreciation—Structures and Improvements |
50,000 |
|
|
Equipment |
250,000 |
|
|
Accumulated
Depreciation—Equipment |
90,000 |
|
|
Vouchers
Payable |
48,000 |
|
|
Capital
Improvements Bonds Payable |
800,000 |
|
|
Net
Position |
|
247,000 |
|
$1,237,000 |
$ 1,237,000 |
The following transactions took place during the year:
1.
Revenues collected in cash: aviation revenues, $340,500; concession
revenues, $90,000; revenues from airport management, $30,000; revenues from sales
of petroleum products, $10,500.
2.
Expenses (all paid in cash with the exception of $24,000, which remained
unpaid at December 31) were operating, $222,000; maintenance, $75,000; general
and administrative, $73,000.
3.
Bad debts written off during the year, $1,900.
4.
The vouchers payable outstanding on January 1, 20X0, were paid.
5.
Bond principal paid during the year, $50,000, along with interest of
$40,000.
6.
The remaining accounts receivable ($48,100) outstanding on January 1,
20X0, were collected.
7.
Accounts receivable on December 31, 20X0, amounted to $30,000, all
applicable to aviation revenues, of which $1,400 is estimated to be
uncollectible.
8.
Accrued interest payable at year end, $3,000.
9.
Depreciation charges:
|
Structures
and Improvements |
14,000 $ |
|
Equipment |
21,000 |
Required
a.
Prepare a worksheet to reflect the beginning trial balance, the
transactions and adjustments during 20X0, the revenues and expenses of the year
(or closing entries), and the ending statement of net position data.
b.
Compute the beginning and ending balances of each of the three net
position components.
c.
Prepare a Statement of Net Position for the Airport Fund as of December
31, 20X0.
d.
Prepare a Statement of Revenues, Expenses, and Changes in Fund Net
Position for the Airport Fund for the fiscal year ended December 31, 20X0.
P11-1 (Cash Flow Statement
Classifications) Use the letter beside the appropriate cash flow statement
classification to indicate the section of the cash flow statement in which each
of the following transactions of an Internal Service Fund should be reported.
a. Cash flows from operating
activities.
b. Cash flows from noncapital
financing activities.
c. Cash flows from capital and
related financing activities.
d. Cash flows from investing
activities.
e. Either b or c, additional
information required. Explain.
f. None of the above. Explain.
1. Cash purchase of equipment
2. Transfer received from the
General Fund
3. Payment of accounts payable
created by the acquisition of supplies on credit
4. A cash contribution by the
General Fund for the purpose of financing half the cost of new equipment
5. Payment of capital lease
payments
6. Cash received from the
collection of billings to other departments
7. Cash paid for investments in
bonds of other governments
8. Transfer to another fund
9. Cash received from borrowing
on a short-term basis for operations
10. Interest paid on the
short-term borrowing
USA 
India