Problem: Indicate (i) how each of the following transactions impacts the fund balance of the General Fund for fund-based financial statements and (ii) what the impact is on the net asset balance of the governmental funds for government- wide financial statements.
1) Issue a five-year bond for $6 million to finance general operations.
2) Pay cash fo $149,000 for a truck to be used by the police department
3) The fire department pays $17,000 to a government motor pool that services the vehicles of only the police and fire departments.
4) Levy property taxes of $75,000 for the current year that will not be collected until four months into the subsequent year.
5) Receive a grant for $7000 that must be returned unless the money is spent according to the stipulations of the conveyance.
6) Make sales of $20 million during the current year. The government charges a 5 percent sales tax. Half of this amount is to be collected
10 weeks after the end of the year. "Available"has been defined by the government as 75 days.
7) Order a computer for the school system at an anticipated cost of $23,000
8) A cash transfer of $18,000 is approved from the General Fund to a Capital Projects Fund.