Please answer question 1 [Para. 5-a-1] Chapter 5 Recording Capital Asset TransactionsStreet Improvement Capital Projects Fund and Governmental Activities at theGovernment-wide LevelDuring late 2022, the voters of the City of Smithville authorized tax-supported bondissues totaling $9,000,000 as partial financing for projects to construct the extension oftwo streets and the related curbs, culverts, and storm sewers in the city. The estimatedtotal cost of the projects, which are expected to extend over the next three years, was$11,200,000. In addition to the bond financing, voters also approved a special 1 cent salestax to assist in financing the projects. The sales tax begins January 1, 2023 and willcontinue for seven years. The sales tax is projected to generate $380,000 each year.Requireda. Prepare general journal entries as necessary to record the transactions describedbelow in the Street Improvement Fund general journal and, if applicable, in thegovernmental activities general journal. Do not record entries at this time in otheraffected funds; those entries will be made in the later chapters of this cumulativeproblem that cover the affected funds. Use account titles listed under the drop down[Account] menu. Be sure the year 2023 is selected from the drop-down [Year] menuand the appropriate paragraph number shown in bold-face font below is in the [Adddescription] box.1. [Para. 5-a-1] In early 2023, design plans and specifications for the first project,the Elm Street Project, were submitted by a construction engineering firm. Thefirm billed the Street Improvement Fund for $110,000.Required: Record this billing and the related Vouchers Payable liability in theStreet Improvement Fund and governmental activities journals. (Note: thistransaction was not encumbered.)

A capital project seems to be an investment in acquiring or developing a large fixed asset. Capital…

Chapter 5 Recording Capital Asset Transactions Street Improvement Capital Projects Fund and Governmental Activities at the Government-wide Level During late 2022, the voters of the City of Smithville authorized tax-supported bond issues totaling $9,000,000 as partial financing for projects to construct the extension of two streets and the related curbs, culverts, and storm sewers in the city. The estimated total cost of the projects, which are expected to extend over the next three years, was

Chapter 5 Recording Capital Asset Transactions Street Improvement Capital Projects Fund and Governmental Activities at the Government-wide Level During late 2022, the voters of the City of Smithville authorized tax-supported bond issues totaling $9,000,000 as partial financing for projects to construct the extension of two streets and the related curbs, culverts, and storm sewers in the city. The estimated total cost of the projects, which are expected to extend over the next three years, was

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The City of Matlock issues $20,000,000 face value of general obligation bonds for $19,920,000. The bonds will be used for the construction of new streets and sidewalks to make downtown more walkable. The City incurred $100,000 in bond issue costs. What is the amount of expenditures that the City report in its Capital Projects Fund? $108,000 $100,000 $8,000 $0
Financial statements for an Investment Trust Fund The Investment Trust Fund for Watson County had the following transactions and events during the calendar year 2022: 1. The cities of Turtle Creek and Pineview contributed $60,000 and $40,000 respectively, to an Investment Trust Fund operated by Watson County. 2. Investments totaling $75,000 were purchased. 3. Interest income from the investments during the year totaled $8,000. 4. The fund paid $1,500 to the county for investment management fees. 5. The investments increased in value by $3,000 6. Total income of $10,000 was paid to the two cities. Using the above information, prepare a statement of changes in fiduciary fund net position and a statement of fiduciary fund net position for Watson County for its fiscal year ending December 31, 2022. (Assume that Watson County's net position at the beginning of the year was zero.) Enter investment earnings in order of magnitude (largest to smallest dollar amounts).
Problem 5: Comparing the measurement focus and basis of accounting of governmental funds with the measurement focus and basis of accounting of proprietary funds The information below pertains to the Village of Brexitville for the year ended December 31, 2022. Purchased 10 HP printers at the beginning of 2022 for $11,000; the printers are expected to last 4 years and have a salvage value of $1,000; Paid $42,000 to the federal government representing the Village’s share of payroll taxes for FICA and Medicare; Paid $50,000 to retire bonds payable; paid interest on outstanding bonds of $1,000; Received a bill for $2,000 on January 2, 2023, from Peoples Gas for natural gas used to heat government facilities in November and December, 2022. Required: Compute total expenditures for the local government assuming transactions A, B, and D are recorded in the general fund, and transaction C is recorded in a debt service fund. Compute total expenses for the government assuming all transactions…
A capital projects fund for a new state legislative chamber building received $600,000 from a state grant and $900,000 from a transfer from the general fund. What amount should be reported, by the capital projects fund, as revenue? Multiple Choice $900,000 $0 $600,000 $1,500,000
4–10. Assume at the beginning of 2020 the Village of Ashlawn Street and Highway Fund (a special revenue fund) has cash of $336,000 offset by assigned fund balance in the same amount. 1.. During the year, the Village signed contracts for bridge repairs that amounted to $440,000.| 2.>The bridge repairs were completed and an invoice was received for $435,000, of which $362,000 was paid in cash. 3.>The special revenue fund reimbursed the General Fund for a payment the General Fund made on behalf of the Street and Highway Fund in the amount of $2,500. This amount is not related to the bridge repairs under the state grant. 4. The state government paid the Village $412,000 on work completed under the grant before year-end. Required:| a.>Prepare thejournal entries for the above transactions. Prepare Closing entries for year-end.| b.>Prepare a Statement of Revenues, Expenditures, and Changes in· Fund Balance for the special revenue fund. c.>Prepare a Balance Sheet.
ed k nces The citizens of Spencer County approved the issuance of $2,024,000 in 6 percent general obligation bonds to finance the construction of a courthouse annex. A capital projects fund was established for that purpose. The preclosing trial balance of the courthouse annex capital project fund follows: Trial Balance-December 31, 2024 Cash Contract payable Due from state government Encumbrances Expenditures-capital Intergovernmental grant Other Financing Sources: premium on bonds Other Financing Sources: proceeds sale of bonds Budgetary fund balance-Reserve for encumbrances Other Financing Uses: Transfer out Required A Complete this question by entering your answers in the tabs below. Required B Required C View transaction list Debits $916,000 Journal entry worksheet 1 208,000 116,000 1,862,000 65,000 $3,167,000 Required: a. Prepare any closing entries necessary at year-end. b. Prepare a Statement of Revenues, Expenditures, and Changes in Fund Balance for the courthouse annex capital…
Budgetary journal entries for a capital project Watson Township plans to build an auditorium. The plans were drawn by an architect who will complete the plans and bill the city for $115,000 after the bonds are issued. The township accepted a bid from Forrester Contractors for $9,200,000 for the entire project, which should take 2 years to build. It will not be started until October 1, 2021, so the projected completion date is September 30, 2023. The township's accounting supervisor plans to establish a Debt Service Fund to accumulate resources for repaying the bonds that will be issued to finance the project. These bonds will be serviced from property tax revenues and are expected to be issued at a face amount of $9,200,000. During 2021, $115,000 of investment revenue is expected to be available for construction purposes. The bonds will pay interest on April 1 and October 1 of each year, beginning in 2022. Prepare the journal entries needed to (1) record the budget and (2) the…
J2 Your city has decided to build a new library. The projected cost is $2 million. A bond issue for $1.2 million has been authorized, and the remainder is supposed to come from a contribution of $800,000 from the general fund. The bonds sold for $1.3 million, a premium of $100,000. Create the required journal entries for the payment and receipt of funds from the general fund.
From the following information you are required to prepare Statement of revenues, expenditure and changes in fund balances, other financing sources and statement of net assets 1. City has levied taxes worth RO 850000 out of which RO 75% has been collected. 2. City issued RO 750000 worth of bonds of RO 10 each at a discount of 10%. 3. City has received Grants worth RO 125000 as part of capital project fund 4. Issued RO 200000 long term bonds for the purpose of constructing government office. 5. Service department has earned RO 75000 out of which 25000 has not been received. 6. Service department has billed the other department RO 50000 out of which RO 10000 has not been paid.
Problem 5. A summary of the general fund transactions for the city of Wautoma for the year ended December 31, 2016, is as follows: A. A budget was approved, showing estimated revenues of $900,000, appropriations $875,000, transfers in of $27,000 from other funds, and required transfers of $20,000 to other funds. B. The outstanding encumbrance at the end of 2015 was $25,000. Amounts encumbered in the prior period are included in appropriations for 2016. C. Property taxes for $650,000 were levied. In past years, 1% of the property taxes levied proved uncollectible. D. Encumbrances for $25,000 had not been liquidated by the end of 2015 (see B). Invoices for all these items were received in 2016 and totaled $24,000. E. Collections from property taxes totaled $644,000, of which $20,000 represented collections on delinquent taxes. Delinquent taxes of $8,000 remain uncollected, on which a $3,000 allowance is carried. Remaining taxes Receivable - current and taxes receivable - delinquent were…
The following General Fund information is available for the preparation of the financial statements for the City of Eastern Shores for the year ended September 30, 2024: Inflow of Financial Resources: Property taxes Sales taxes Fees and fines Licenses and permits Intergovernmental Investment earnings Proceeds from sale of land Outflows of Financial Resources: Current: General government Public safety Public works Health and sanitation Culture and recreation Transfer to capital project fund Fund balance, October 1, 2023 Revenues: Taxes: Total Revenues Required: From the information given above, prepare a General Fund Statement of Revenues, Expenditures, and Changes in Fund Balance for the city of Eastern Shores General Fund for the year ended September 30, 2024. Note: Negative entries should be entered with a minus sign and will appear in parenthesis. CITY OF EASTERN SHORES Statement of Revenues, Expenditures, and Changes in Fund Balance General fund For the Year Ended September 30,…
A state constructs an office building. The construction is financed with: (1) a transfer of $1 million from the General Fund; (2) a grant of $3 million from the federal government; (3) bond proceeds of $6 million; and (4) earnings of $100,000 from temporary investment of bond proceeds. All transactions occur in one year. How much should be reported as Revenues in the Capital Projects Fund? $100,000 $1,100,000 $3,100,000 $10,100,000