question archive Problem 1: The following transactions occurred for the City of Dallas General Fund
Problem 1: The following transactions occurred for the City of Dallas General Fund
Subject:FinancePrice: Bought3
Problem 1: The following transactions occurred for the City of Dallas General Fund.
1)The budget prepared for the fiscal year included Total estimated revenues of $2,774,000 and appropriations of $2,693,000.
2)Encumbrances issued against the appropriations during the year were $931,000.
3)The current year's tax levy of $2,005,000 was recorded; uncollectibles were estimated as $65,000.
4)Collections of delinquent taxes from prior years' levies totaled $132,000; collections of the current year's levy totaled $1,459,000.
5)Invoices were received and approved for payment for items ordered in documents recorded as encumbrances in Transaction (2) of this problem. The estimated liability was $851,200. Actual costs were $850,500.
6)Revenue other than taxes collected during the year consisted of licenses and permits, $373,000; intergovernmental revenue, $400,000; and $66,000 of miscellaneous revenues.
7)Payments on Vouchers Payable totaled $1,505,000.
Prepare journal entries in the General Fund general journal to record the transactions
Problem 2)GASB 34 introduced the requirement for state and local governments to additionally report financial statements using a government-wide approach along with traditional governmental fund statements. Please describe the issues that occurred with government reporting prior to GASB 34, what benefits both sets of statements bring now, and key elements of both approaches included in the CAFR.
Problem 3: Using the City of New York's CAFR for 2020 as a guiding reference, describe each of the main sections of the report and the importance of each to the citizens to understand results. Describe 3 key activities that are included in the General Fund and where one might find detailed/useful information on these throughout the report.
GSB 34 CAN BE FOUND HERE https://www.gasb.org/st/summary/gstsm34.html
LINK TO CAFR to reference for Problems 2&3 is here https://comptroller.nyc.gov/wp-content/uploads/documents/CAFR2020.pdf
Please show ALL accounting work for problem 1 should be journal entry style
