Question: The City of rises had general obligation debt outstanding in the amount of $64,000. The assessed valuation of property in the city is $800,000,000. The state applies a 10 percent debt limit, based on assessed valuation. The debt margin to be reported in the City's statistical section of the CAFR would be?
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- 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,…During fiscal year 2019, a municipality issued the following debt instruments: Tax anticipation notes : $2,500,000 Utility bonds : 3,000,000 General obligation bonds : 8,000,000 How much of this debt should be reported in the fund financial statement?1
- Hi there, Need help with question, thanks!Determine the correct debit account from among the choices below: a. Expenditures b. Extraordinary Items c. Encumbrances d. Answer not included in the above selections The Debt Service Fund recognizes a principal payment that is currently due on a Bond debt. Answer 1 A contract is signed with ABC Construction for a project related to the Capital Projects Fund in the amount of $8,400,000. Answer 2 The city invests 30% of the bond proceeds in short term investments. Answer 3 A city’s water supply is contaminated by terrorists. Costs of clean-up, disposal, and importation of a fresh water supply total $50,000,000. Answer 4 The General Fund incurs and pays salaries totaling $400,000. Answer 53. The following information is available for the preparation of the government-wide financial statements for the City of Northern Pines for the year ended June 30, 2024: Expenses: General government $ 10,712,000 Public safety 22,500,000 Public works 11,290,000 Health and sanitation 6,010,000 Culture and recreation 4,198,000 Interest on long-term debt, governmental type 450,000 Water and sewer system 10,710,000 Parking system 412,000 Revenues: Charges for services, general government 1,206,000 Charges for services, public safety 210,000 Operating grant, public safety 800,000 Charges for services, health, and sanitation 2,580,000 Operating grant, health, and sanitation 1,210,000 Charges for services, culture, and recreation 1,998,000 Charges for services, water, and sewer 11,588,000 Charges for services, parking system 388,000 Property taxes 27,900,000 Sales taxes 17,600,000 Investment earnings, business-type 325,000 Special item—gain on…
- During the current year, the City of Plattsburgh recorded the following transactions related to its property taxes: 1. Levied property taxes of $6,650,000, of which 2 percent is estimated to be uncollectible. 2. Collected current property taxes amounting to $6,015,000. 3. Collected $57,000 in delinquent taxes and $4,800 in interest and penalties on the delinquent taxes. These amounts had been recorded as Deferred Inflows of Resources in the prior year. 4. Imposed penalties and interest in the amount of $7,200 but only expects to collect $6,200 of that amount. 5. Reclassified uncollected taxes and interest and penalties as delinquent. These amounts are not expected to be collected within the first 60 days of the following fiscal year. Required a. Prepare journal entries to record the property tax transactions in the General Fund. b. Prepare journal entries to record the property tax transactions in the governmental activities journal. c. Determine the amount of property tax revenue…During the current year, the City of Plattsburgh recorded the following transactions related to its property taxes: Levied property taxes of $6,590,000, of which 2 percent is estimated to be uncollectible. Collected current property taxes amounting to $5,973,000. Collected $52,900 in delinquent taxes and $4,800 in interest and penalties on the delinquent taxes. These amounts had been recorded as Deferred Inflows of Resources in the prior year. Imposed penalties and interest in the amount of $7,400 but only expects to collect $6,200 of that amount. Reclassified uncollected taxes and interest and penalties as delinquent. These amounts are not expected to be collected within the first 60 days of the following fiscal year. Required Prepare journal entries to record the property tax transactions in the General Fund. Prepare journal entries to record the property tax transactions in the governmental activities journal. Determine the amount of property tax revenue recognized during the…During the current year, the City of Plattsburgh recorded the following transactions related to its property taxes: Levied property taxes of $6,670,000, of which 2 percent is estimated to be uncollectible. Collected current property taxes amounting to $6,035,000. Collected $58,000 in delinquent taxes and $4,800 in interest and penalties on the delinquent taxes. These amounts had been recorded as Deferred Inflows of Resources in the prior year. Imposed penalties and interest in the amount of $6,600 but only expects to collect $6,200 of that amount. Reclassified uncollected taxes and interest and penalties as delinquent. These amounts are not expected to be collected within the first 60 days of the following fiscal year. Question Prepare journal entries to record the property tax transactions in the General Fund.
- During the current year, the City of Plattsburgh recorded the following transactions related to its property taxes: Levied property taxes of $6,670,000, of which 2 percent is estimated to be uncollectible. Collected current property taxes amounting to $6,035,000. Collected $58,000 in delinquent taxes and $4,800 in interest and penalties on the delinquent taxes. These amounts had been recorded as Deferred Inflows of Resources in the prior year. Imposed penalties and interest in the amount of $6,600 but only expects to collect $6,200 of that amount. Reclassified uncollected taxes and interest and penalties as delinquent. These amounts are not expected to be collected within the first 60 days of the following fiscal year. Required Prepare journal entries to record the property tax transactions in the General Fund.1. A city issues bond anticipation notes on October 21, 2020. It refunds the notes with 30-year bonds in January 2021. In its financial statements for the fiscal year ending December 31, 2020, which are issued in April 2021, it should report the bond anticipation notes as obligationsa. in both its government-wide statement of net position and a governmental fund balance sheet.b. in its government-wide statement of net position but not its governmental fund balance sheet.c. in its governmental fund balance sheet but not its government-wide statement of net position.d. in neither its governmental fund balance sheet nor its government-wide statement of net position. 9. A city issues revenue anticipation notes on October 21, 2020. It repays the notes in January 2021. In its financial statements for the fiscal year ending December 31, 2020, which are issued in April 2021, it should report the revenue anticipation notes as obligationsa. in both the government-wide statement of net position…Breneman City reported bonds payable of $5,500,000 in the governmental activities column of its statement of net position for fiscal year ended June 30, 2021. During fiscal year ended June 30, 2022, the City issued bonds payable totaling $1,000,000, and made principal payments on bonds payable totaling $220,000. Prepare the three journal entries required to adjust the governmental funds statements to the government-wide statements for fiscal year ended June 30, 2022.
