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13, Governmental Accounting. The city begins the year with a fund balance of 56,80o. Of this, $2.000 is assigned for open encumbrances. Cash is 57,800 and payables are 51.000 a. Of the goods ordered last year, we receive supplies costing $1,500. S200 of the beginning used truck with delivery expected next year. The balance is for an longer in business. Our city cancelled the purchase order e write purchase for $500 of supplies and $200 c. Supplies costing $80 remain in our stockrooms at the end of the year asances is for a ordered from a supplier whlich is no orders for supplies$$,000. The cont of the goods received is $4.500. Purchase orders for the truck are outstanding at year-end The ending fund balance unassigned is a $75 b. $100 e. $180 d. $150 c. None of the above 14. Governmental Accounting Which of the following statements best describes the reporting process for profit seeking and governmental entities? have an objective to measure profitability b. In profit-seeking enterprises the measurement focus is on the flow of current financial resources, whereas the focus for government funds is on all economic resources r-secking enterprises the measurement focus is on the flow of all economic resources of the firm focus for governmental funds is on current financial resources whereas the focus govermm d. Both profit-seeking enterpri ises and governmental entities use the cash basis of accounting to record and report transactions. e. None of the above The following information pertains to property taxes levied by Sycamore City for 20X7: S 1.200,000 200,000 110,000 Collections during 20X7 Expected collections during the first 60 days of 20x8 Expected collections during the balance of 20X8 Expected collections during January 20x9 Estimated to be uncollectible 40,000 30,000 1,580,000 Total levy What amount should Sycamore report for 20X7 net property tax revenues? a. $1,200,000 b. S1,400,000 c. $1,550,000 $1,580,000 None of the above

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