Lebanon County’s general fund had the following transactions during the year: Activities and Related Amounts Activity Amount Transfer to a debt service fund $100,000 Payment to a pension trust fund 500,000 Purchase of equipment 300,000 What amount should Lebanon County report for the general fund as other financing uses in its governmental funds statement of revenues, expenditures, and changes in fund balances?

The Sunshine City had the following pre-closing account balances in its General Fund as of September 30, 20XX. Debits and credits are not separated; each account had its “normal” balance. Among the expenditures recorded this year is an amount expended on supplies ordered at the end of the previous year. Assume that encumbrances do not lapse and that the City did not to make the journal entry(s) necessary to re-establish the encumbrance in the current year.  The account names and amounts  Account    Amount Cash $ 75,000 Estimated Revenues Control   5,900,000 Revenues Control   5,900,000 Appropriations Control   5,750,000 Estimated Other Financing Sources Control   250,000 Other Financing Uses Control-Transfers Out   375,000 Expenditures Control   5,375,000 Taxes Receivable   785,000 Fund Balance-Unassigned 6/1 of the prior year   610,000 Estimated Other Financing Uses Control   600,000 Vouchers Payable   135,000 Encumbrances Control   33,000 Budgetary Fund Balance — Reserve for Encumbrances   33,000 Other Financing Sources Control-Transfers In   135,000 Budgetary Fund Balance (debit)   (100,000) Required Items Prepare all entries necessary to close the General Fund of the City of Mitchell. Prepare a Statement of Revenues, Expenditures, and Changes in Fund Balance for the General Fund for the City of Mitchell for the Year Ended September 30, 20XX. End with the ending fund balance. This is the GAAP operating statement. 

Check the fund level(s) or government-wide level where you could find this statement included in a annual comprehensive financial report (ACFR). It is possible that more than one item could be checked. The statement is “Statement of Fiduciary Net Position.”

Check the fund level(s) or government-wide level where you could find this statement included in an annual comprehensive financial report (ACFR). It is possible that more than one item could be checked. The statement is “Statement of Revenues, Expenses, and Changes in Fund Net Position.”

Choose one of the following to answer:   Sometimes not for profits will attempt to classify fund-raising expenses as program expenses by making the activities look educational in nature or promoting the mission of the organization. For such expenses to be reported as program expenses, what criteria must they meet?   What is the trigger for a Single Audit? Why does an entity need to have a Single Audit? 

Choose one of the following to discuss: What is the purpose of the Unrelated Business Income Tax (UBIT)? How is UBIT calculated?  Tell me about how and when a private foundation can be reclassified as a public charity. Why was this written into the law?

An organization of high school seniors performs services for patients at Mount Hospital. These students are volunteers and perform services that the hospital would not otherwise provide, such as wheeling patients in the park and reading to patients. They donated 5,000 hours of service to Mount Hospital in Year 2. At a minimum wage rate, these services would amount to $18,750, while it is estimated that the fair value of these services was $25,000. In the statement of activities, what amount should be reported as nonoperating revenue? Support your answer.

Calculate the program expense ratio if the following items had been correctly classified for a nongovernmental not for profit entity’s costs on its statement of activities for the current year and comment on whether the performance is good or not by evaluating the ratio: Services and Amounts Program Services Amount Fundraising $200,000 Medicine 230,000 Biomedical services 100,000 Support Activities Administrative $60,000 Information technology services 30,000

What is the treatment of multi-year pledges as required by FASB Statement No. 116?

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