Q1. Realizing the need of public transportation, the government of KSA has established a legally separate public benefit corporation named Metro City Transport. In the law establishing Metro City Transport, it was authorized to appoint Metro’s entire governing body. When Metro City Transport went to prepare its financial statements, two questions were raised. Was Metro City Transport a government? And if it were a government, how should it prepare its Cash flow statement?
a. Discuss whether Metro City Transport is or is not a governmental entity. What are the specific factors in this situation that cause Metro to be one or the other? What are the other activities that any government does for its country?
b. Discuss the Standard Setters that Metro City Transport uses to prepare its Cash flow statement and what are the three standard setters that government organization should follow in preparing its Financial statements.
Q2.A department of a local government began operations at the beginning of the current fiscal year with $250,000 cash. During the fiscal year, the department made cash disbursements for the following:
# Salaries and other personnel costs, $100,000
# Office rent and utilities, $24,000
# Retirement of debt principal, $10,000; payment of interest, $2,200
# Purchased equipment at the beginning of the fiscal year for $30,000; the equipment is expected to last 6 years and have a salvage value of $6,000
# Photocopier rental, $10,500
Based on the preceding transactions, compute total annual expenditures for this department assuming it performs governmental-type activities and is accounted for in the General Fund.
Then compute total annual expenses for this department assuming it performs activities within an Enterprise Fund.
Q3. The following are the events and transactions related with a township for the year 2015. You are required to prepare necessary entries for Township for the year 2015.
a. The Township adopted a budget calling for appropriations of $500,000. The estimated revenues (all property taxes) were $450,000.
b. The Township sent property tax bills amounting to $450,000 to property owners.
c. Property owners paid $420,000 of property taxes to the Township.
d. A purchase order of $65,500 was sent to a vendor of supplies.
e. The supplies ordered in transaction d. were received in good order and the accompanying invoice of $55,000 was approved.
Q4. From the information below prepare Financial Statements (table provided in the assignment file)
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