Acct321 Working on a accounting question

Acct321 Working on a accounting question

Learning Goal: I’m working on a accounting question and need support to help me learn.

structions – PLEASE READ THEM CAREFULL

• The Assignment must be submitted on Blackboard (WORD format only) via allocated folder.

• Assignments submitted through email will not be accepted.

• Students are advised to make their work clear and well presented, marks may be reduced for poor presentation. This includes filling your information on the cover page.

• Students must mention question number clearly in their answer.

• Late submission will NOT be accepted.

• Avoid plagiarism, the work should be in your own words, copying from students or other resources without proper referencing will result in ZERO marks. No exceptions.

• All answered must be typed using Times New Roman (size 12, double-spaced) font. No pictures containing text will be accepted and will be considered plagiarism).

• Submissions without this cover page will NOT be accepted.

Answer all Questions (Total Marks 5)

1. Identify the governmental, business and fiduciary type of activities carried on by the government of KSA. Give examples of the organizations in KSA. (Mark 1)

2. The council of the Town of Fursan approved the 2019 budget as follows: (Mark 1)

Budgeted 2019 revenues from:

Property taxes$4,000,000

Sales taxes$1,000,000

Appropriations for 2019:

Salaries$3,600,000

Materials$1,000,000

Equipment$100,000

During 2019, the town’s mayor presented the council with a budget revision to increase the amount of appropriation for salaries by $50,000. The council approved this budget revision.

Required:

a.Prepare the general journal entry necessary to initially record the budget.

b.Prepare the general journal entry necessary to record the budget revision.

3. Prepare entries to record the following transactions and events related to Max County’s tax revenues for the year beginning January 1, 2013: (Mark 1)

a.To raise property tax revenue of $750,000, the County bills its property owners a total of $752,000, providing $2,000 for uncollectible and refundable taxes.

b.During the year, taxpayers pay a total of $650,000 in property taxes.

c.Edam declares bankruptcy, owing the County $2,000 in property taxes. The County writes off the unpaid amount as uncollectible.

d.The state collects sales taxes on behalf of Max County. It sends the County $150,000 for sales taxes collected during the year.

e.At year-end, the County declares all unpaid property taxes to be delinquent

4. From the information below prepare Financial Statements (Mark 2)

Cash	20,000
Taxes receivable, net	147,000
Investments	65,000
Due from other funds	68,000
Vouchers payable		39,000
Due to other funds		152,750
Unassigned fund balance		117,000
Estimated revenues	610,000
Appropriations		590,000
Budgetary fund balance		20,000
Revenues-taxes		590,175
Revenues-charges for services		14,080
Expenditures-personal services	287,125
Expenditures-supplies	29,680
Expenditures-capital outlay	244,000
Transfer in from debt service fund		32,500
Transfers out to capital projects fund	84,700	0
	$1,555,505	$1,555,505

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