ACCT 567 Comprehensive Set of Transactions Problem 9-4

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ACCT 567 Comprehensive Set of Transactions Problem 9-4
Comprehensive Set of Transactions. The City of Lynnwood was recently incorporated…

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ACCT 567 Comprehensive Set of Transactions Problem 9-4

ACCT 567 Comprehensive Set of Transactions Problem 9-4

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Comprehensive Set of Transactions

The City of Lynnwood was recently incorporated and had the following transactions for the fiscal year ended December 31, 2011.

  1. The city council adopted a General Fund budget for the fiscal year. Revenues were estimated at $2,000,000 and appropriations were $1,990,000.
  2. Property taxes in the amount of $1,940,000 were levied. It is estimated that $9,000 of the taxes levied will be uncollectible.
  3. A General Fund transfer of $25,000 in cash and $300,000 in equipment (with accumulated depreciation of $65,000) was made to establish a central duplicating internal service fund.
  4. A citizen of Lynnwood donated marketable securities with a fair value of $800,000. The donated resources are to be maintained in perpetuity with the city using the revenue generated by the donation to finance an after school program for children, which is sponsored by the parks and recreation function. Revenue earned and received as of December 31, 2011, was $40,000….