Harrison City operates a water utility fund as an enterprise fund. You are provided with the following information for year 2021: 1. The beginning net position balances are net investment in capital assets, S650,000; restricted, S8,000; and unrestricted, S480,000. 2. Bonds in the amount of $200,000 were issued and immediately used to acquire capital assets from the bond proceeds at a cost of $200,000. At the end of year, depreciation on the assets was $10,000. The enterprise fund also had paid back $40,000 of the debt principal. 3. Cash receipts for customer deposits totaled $3,000 for the year. 4. Additional depreciation totaled S12,000. 5. Net income for year 2021 was $300,000 (Note: this amount includes any item that needs to be included in net income from 2. to 4. above) Required: Compute the following items as of December 31, 2021: 1. Net position --- net investment in capital assets 2. Net position --- restricted

Harrison City operates a water utility fund as an enterprise fund. You are provided with the following information for year 2021: 1. The beginning net position balances are net investment in capital assets, S650,000; restricted, S8,000; and unrestricted, S480,000. 2. Bonds in the amount of $200,000 were issued and immediately used to acquire capital assets from the bond proceeds at a cost of $200,000. At the end of year, depreciation on the assets was $10,000. The enterprise fund also had paid back $40,000 of the debt principal. 3. Cash receipts for customer deposits totaled $3,000 for the year. 4. Additional depreciation totaled S12,000. 5. Net income for year 2021 was $300,000 (Note: this amount includes any item that needs to be included in net income from 2. to 4. above) Required: Compute the following items as of December 31, 2021: 1. Net position --- net investment in capital assets 2. Net position --- restricted

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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For the following event, prepare journal entries under a governmental fund (using modified accrual), necessary worksheet entries, and government-wide financial statements (using accrual basis of accounting). At year end, additional general obligation bonds were issued at 102 with a face value of $1,000,000. J/E under Modified Accrual Account Debited [Select) Worksheet Entries Account Debited [Select] [Select] Account Credited [Select] [Select] Account Credited [Select [Select] Amount Debited [Select] Amount Debited 1.000.000 [Select) Amount Credited 1,000,000 [Select] Amount Credited 1.000.000 [Select]
You are given the following post-closing trial balance for the Special Assessment Capital Projects Fund of the city of Stone Creek as of January 1, 2018. The project was started last year and should be completed in June of 2018. Debit CreditCash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 290,000Contracts Payable—Retained Percentage. . . . . . . . . . . 60,000Fund Balance—Restricted . . . . . . . . . . . . . . . . . . . . . . . . . 150,000Fund Balance—Assigned for Encumbrance . . . . . . . . . 80,000Totals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 290,000 290,000The special assessments are collected by the debt service fund, which also makes payments of principal and interest on special assessment bonds. The city has…
Lisa County issued $5,000,000 of general obligation bonds at 101 to finance a capital project. The $50,000 premium was to be used for payment of interest. The transactions involving the premium should be accounted for in thea. capital projects funds, the debt service funds, and the general long-termdebt account group.b. capital projects funds and debt service funds only.c. debt service funds and the general long-term debt account group only.d. debt service funds only.
The Principal City prepared the Trial Balance of the corporate-type fund as of December 31, 20X1. The enterprise fund was established this year through a transfer from the general fund. Debits Credits Accounts payable 96,000 Accounts receivable 32,000 Accrued interest payable 28,000 Accumulated depreciation 45,000 Administrative and selling expenses 47,000 Allowance for uncollectible accounts 12,000 Capital assets 712,000 Cash 89,000 Charges for sales and services 550,000 Cost of sales and services 479,000 Depreciation expense 45,000 Due from general fund 17,000 Interest expense 40,000 Interest revenue 4,000 Transfer in from general fund 119,000 Bank note payable Supplies inventory 625.000 18,000 Totals 1,479,000 1,479,000 After having studied the Trial Balance of the company and the required resources of this module: 1.Prepare the fund's closing entries as of December 31, 20X1. 2.Prepare the Statement of Revenues, Expenses, and Changes in Fund Net Position for the year ending December…
On October 1, 2019, the City of Thomasville issued $5,000,000 in 4%, general obligation bonds at 101 for the purpose of constructing an addition to City Hall. The premium was transferred to a debt service fund. A total of $4,968,750 was used to construct the addition, which was completed prior to June 30, 2020. The remaining funds were transferred to the debt service fund. The bonds were dated October 1, 2019, and paid interest on April 1 and October 1. The first of 20 annual principal payments of $250,000 is due October 1, 2020. The fiscal year for Thomasville is July 1 - June 30.How would the construction costs be reported at year-end? As an expenditure of the capital projects fund and an expense in the government-wide Statement of Activities. As an expenditure of the capital projects fund only. As an expenditure of the capital projects fund and a capital asset in the government-wide Statement of Net Position. As a capital asset in the Statement of Net Position only.
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Santa Maria Village received voter approval to issue bonds for construction of a bike path, including restrooms and picnic shelters, along village oceanfront. The finance department has discussed three different financing mechanisms. As a new accountant for the village, you want to be prepared to record each option. Required Prepare journal entries for capital projects fund and the government-wide governmental activities general journal for each of the following unrelated transactions. (The General Fund should not be used.) (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Fund/ Governmental Transaction General Journal Debit Activities 1. The village sells $3,600,000 of 3 percent construction-related bonds at par. The construction is related to governmental activities. Capital Projects Fund Record the sale of $3,600,000 3% construction-related bonds at par in connection with governmental activities in Capital Projects…
Trapper City issued 30-year bonds for the purpose of building a new City Hall. The proceeds of the bonds are deposited in the General Fund. For the governmental fund financial statements, in what fund will Bonds Payable appear? General Fund. Internal service fund. Permanent Fund. Debt Service Fund. Bonds Payable do not appear in governmental fund financial statements.
During 2019, a county debt service fund receives $5,000,000 from the general fund for budgeted payment of principal and interest on general obligation bonds. The debt service fund makes $4,000,000 in interest and $1,000,000 in principal payments. How is this reported on the debt service fund’s 2019 operating statement? a. Expenditures, $4,000,000; revenues, $5,000,000 b. Expenditures, $4,000,000; other financing sources, $5,000,000 c. Expenditures, $5,000,000; other financing sources, $5,000,000 d. Expenditures, $5,000,000; revenues $5,000,000
The City of Arnold maintains a Public Employee Retirement Trust Fund for its public safety employees. During the year ended June 30, 2020, the following transactions occurred 1. The City contributed $ 2,400,000 in cash to the plan. Employee members contributed an additional $ 2,400,000 2. Annuity benefits in the amount of $240,000 were recorded as liabilities. 3. Annuity benefits, previously recorded as liabilities, were paid in cash in the amount of $95,000. 4. Investment income received in cash amounted to $100,000. In addition. $15.000 in interest receivable was accrued at year-end: 5. Additional investments in the amount of $1,100,000 were purchased. 6. The market value of investments decreased by $5,465. I Required: Prepare journal entries for the above transactions on the books of the City of Arnold Public Safety Employee Retirement Trust Fund. ALTAE NA51 O (Mac)
Cullumber College pooled the individual investments of three of its funds on December 31, 2024. The recorded value and the fair market value of the investments on December 31, 2024, are presented here: Loan fund Quasi-endowment fund Life income fund Total Recorded Value $112,000 116,600 144,400 $373,000 Fair Value $99,000 138,600 158,400 $396,000 During 2025, the investment pool earned dividends of $10,400 and interest of $16,200 and distributed cash in these amounts to the respective funds. Realized gains on transactions of the investment pool amounted to $23,000 and were reinvested in securities held in the pool.
The following information is available for the preparation of the government-wide financial statements for the City of Northren Pines fot the year ended June 30,2020: Expenses: General government $11,960,000; Public Safety $23,900.000; Public Works $11,290,000 Health and sanitation $6,010,000, Culture and recreation $4,198,000; Interest on long term debt, governmental type $721,000; Water and Sewer system $10,710,000 Parking system $409,000 Revenues: Charges for service, general governemnt $1,510,000; Charges for services, public safety $210,000; Operating grant, public safety $798,000; Charges for services health and sanitation $2,335,000; Operating grant, health and sanitation $1,210,000; Charges for service, culture and recreation $1,998,000; Charges for services, water and sewer $11,588,000; Changes for services, parking system $388,000; Property Taxes $27,112,000; Sales Taxes $20,698,000 investment earnings, business-type $325,000; Special Item - gain on sale of unused land,…

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