23 Jul EXPLAIN HOW TO REPORT THE FOLLOWING TRANSACTIONS/BALANCES IN THE FINANCIAL STATEMENTS OF AN ENTERPRISE FUND.
1. Explain how to report the following transactions/balances in the financial statements of an Enterprise Fund. If assumptions are necessary, state them clearly.Amount Description a. $500,000 Capital grant received in cash, but not yet earnedb. $1,200,000 Capital grant earned, but not collected until 90 days after year endc. $75,000 Estimated uncollectible accounts related to current year salesd. $300,000 Deferred interest expense adjustment credit balance at year ende. $50,000 Amortization of deferred interest expense adjustment credit Balancef. $1,000,000 cost Reassignment at year end of a general capital asset as an $350,000 Acc. Depr. Enterprise Fund capital assetg. $89,000 Operating grant earned and collected during the yearh. $100,000 Accrued interest on Enterprise Fund long-term bonds payablei. $65,000 Free services provided to General Fund departmentsj. $20,000 Charges for services provided to other Enterprise Funds2. Below is a list of transactions related to taxes for the state and county. 1. The County Tax Agency Fund has been established to account for the countys duties of collecting the county and state property taxes. The levies for the year 2015 were $600,000 for the County General Fund and $480,000 for the state. It is expected that uncollectible taxes will be $10,000 for the state and $15,000 for the county.2. Collections were $300,000 for the county and $240,000 for the state.3. The county is entitled to a fee of 1% of taxes collected for other governments. The amounts due to the state and to the County General Fund are paid except for the col-lection fee due to the County General Fund.4. The fee is transmitted from the Tax Agency Fund to the County General Fund.5. Uncollectible taxes in the amount of $5,000 for the state and $6,000 for the county are written off.a. Prepare the general journal entries required to record the above transactions in the County Tax Agency Fund. b. Prepare the general journal entries required to record the above transactions in the General Fund of the state and County as applicable. c. Prepare the GAAP-based Statement of Net Position for the Tax Agency Fund. Assume that the beginning balances of taxes receivable were county, $120,000, and state, $96,000.
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