Acct321 Saad A1

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