P6-10 (Moderate, 75 minutes)
1. GF Transfer out to Debt Service Fund 1,500,000
2. DSF Expenditures—bond principal 1,000,000
Expenditures—interest 500,000
Matured bonds payable 1,000,000
3. DSF Transfer out to General Fund 300,000
4. GF Budgetary fund balance reserved for encumbrances 295,000
Encumbrances 295,000
P6-11 (Moderate, 45 minutes)
1. GF Budgetary fund balance reserved for encumbrances 80,000
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2. CPF Cash 19,900,000
3. GF Encumbrances—capital outlay 8,900
Budgetary fund balance reserved for encumbrances 8,900
5. GF Cash 3,000
Other financing source—sale of equipment 3,000
6. DSF Expenditures—interest 4,000,000
Expenditures—bond principal 1,000,000
7. DSF Property tax receivable 4,000,000
8. CPF Budgetary fund balance reserved for encumbrances 1,500,000
10. GF Budgetary fund balance reserved for encumbrances 300,000
Encumbrances—capital lease 300,000
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P6-12 (Moderate, 45 minutes)
2012
GF Expenditures—capital outlay 75,152
Other financing sources—capital leases 75,152
2013
GF Expenditures—capital lease principal 5,440
Expenditures—interest on capital leases 4,560
P6-13 (Moderate, 40 minutes)
1. GF Cash 500
Other financing sources—sale of equipment 500
3. GF Cash 100,000
Property tax receivable 100,000
5. DSF Expenditures—interest 800,000
Matured interest payable 800,000
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6. DSF Expenditures—bond principal 3,000,000
7. GF Transfer out to Debt Service Fund 6,000,000
8. No entry is necessary.
9. CPF Encumbrances 5,000,000
Budgetary fund balance reserved for encumbrances 5,000,000
10. CPF Budgetary fund balance reserved for encumbrances 500,000
11. GF Budgetary fund balance reserved for encumbrances 140,000
P6-14 (Moderate, 45 minutes)
2012
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2013
GF Expenditures—capital lease principal 3,542
P6-15 (Difficult, 45 minutes)
1. GF Estimated revenues 900,000
Estimated other financing sources 200,000
2. GF Budgetary fund balance reserved for encumbrances 125,000
Encumbrances 125,000
3. The only entry that was made during the year was:
GF Cash 390,000
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GF Property tax receivable 500,000
4. DSF Expenditures—bond principal 500,000
5. GF Equipment 245,000
Loss on sale of equipment 225,000
6. GF Transfer out to Debt Service Fund 100,000
7. GF Cash 100,000
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P6-16 (Moderate: 30 minutes)
1. Cash 500,000
2. Investments 500,000
3. Cash 30,000
4. Expenditures – administrative 2,000
5. Transfer out to Teddy Library Special Revenue Fund 25,000
6. Investments 8,000
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Village of Radnor
Dough Permanent Fund
Balance Sheet
December 31, 2012
Assets Fund Balance
Village of Radnor
Dough Permanent Fund
Statement of Revenues, Expenditures, and Changes in Fund Balance
Year Ended December 31, 2012
Revenues:
Other financing uses – transfer to Teddy Library
Special Revenue Fund 25,000
SUMMARY PROBLEM
Part a. Capital Projects Fund:
1. Estimated revenues – intergovernmental grants 1,000,000
2. Investments 3,000,000
3. Cash 600,000
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4. Cash 425,000
5. Estimated other financing sources – long-term debt 400,000
6. Encumbrances 5,000,000
7. Cash 3,015,000
8. Budgetary fund balance reserved for encumbrances 4,600,000
Encumbrances 4,600,000
To reverse encumbrance.
9. Retainage payable 230,000
Cash 230,000
To record balance due on approved contract work.
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10. Advance received on grant 600,000
11. Transfer out to Debt Service Fund 40,000
11. Cash 40,000
12. Expenditures – bond principal 210,000
Expenditures – bond interest 210,000
Matured bond principal payable 210,000
13. Cash 440,000
14. Matured bond principal payable 210,000
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Part b. Capital Projects Fund
Leisure City
Capital Projects Fund
Pre-Closing Trial Balance
December 31, 2013
Dr Cr
Estimated revenues – intergovernmental grants 600,000
Expenditures – capital outlay 5,000,000
Transfer out to Debt Service Fund 40,000
Leisure City
Debt Service Fund
Pre-Closing Trial Balance
December 31, 2013
Dr Cr
Cash 60,000
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Part c.
Capital Projects Fund
There are no balance sheet accounts for the Capital Projects Fund.
Leisure City
Capital Projects Fund
Statement of Revenues, Expenditures, and Changes in Fund Balance
For the Year Ended December 31, 2013
Revenues:
Intergovernmental grants $ 600,000
Other Financing Sources (Uses):
Debt Service Fund
Leisure City
Debt Service Fund
Balance Sheet
December 31, 2013
Leisure City
Debt Service Fund
Statement of Revenues, Expenditures, and Changes in Fund Balance
For the Year Ended December 31, 2013
Revenues $ 0
Expenditures:
Excess of expenditures over revenues (420,000)
Other Financing Sources (Uses)
Transfer in from General Fund 440,000
Part d.
Leisure City
Capital Projects Fund
Budgetary Comparison Statement
For the Year Ended December 31, 2013
Original Final
Budget Budget Actual
Revenues:
Intergovernmental grants $1,000,000 $ 600,000 $ 600,000
Other Financing Sources (Uses):
Long-term debt issued 0 400,000 400,000
Bond issue premium 0 0 25,000