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- 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…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.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.
- 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 city issues RO 20 million of general obligation bonds to improve the streets and roads. The city management set aside RO 1.5 million to meet its payment of principal and interest. The amount of liability that the city should report in its debt service fund is a. RO 21.5 million b. RO 20 million c. None of the options d. RO 18.5 millionRequired information Exercise 7-24 (Algo) Central Station Enterprise Fund [LO 7-5] [The following information applies to the questions displayed below.] The Town of Elizabeth operates an old train station as an enterprise fund. The train station is on the national register of historic buildings. Because the town has held the building for such a long time, the Central Station Fund has no long-term debt. The only capital assets recorded by the Central Station Fund are machinery and equipment. Businesses and individuals rent space in the building for private events, and the town provides all services related to the operation and maintenance of the building. Following is information related to the fund's operating activities. 1. Rental income of $94,434 was accrued based upon reservations. 2. Cash in the amount of $90,203 was received on accounts. 3. Cash expenses for the period included administrative services, $25,203; maintenance and repairs, $72,876; and utilities, $30,118. 4. The…
- 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 $035 The City of Sandwich purchased a swimming pool from a privateoperator as of April 1, 2020, for $400,000, of which $200,000 wasprovided by a one-time contribution from the General Fund, and$200,000 was provided by a loan from the First National Bank, securedby a note. The loan has an annual interest rate of 6 percent, payablesemiannually on October 1 and April 1; principal payments of $100,000are to be made annually, beginning on April 1, 2021. The city has acalendar year as its fiscal year. During the year ended December 31,2020, the following transactions occurred related to the City ofSandwich Swimming Pool:1.The amounts were received from the City General Fund and the FirstNational Bank.2.A loan was provided in the amount of $125,000 from the Water UtilityFund to provide working capital.3.The purchase of the pool was recorded. Based on an appraisal, itwas decided to allocate $100,000 to the land, $200,000 toimprovements other than buildings (the pool), and $100,000 to…Exercise 5-18 (Algo) General Capital Assets (LO 5-2, 5-4] Prepare journal entries for each of the following transactions entered into by the City of Loveland. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Round your final answers to the nearest whole dollar.) Fund / Governmental Activties Transaction General Journal Debit Credit 1. The city received a donation of land that is to be used by Parks and Recreation to develop a public park. At the time of the donation, the land had an acquisition value of $4,300,000 and was recorded on the donor's books at a historical cost of $3,600,000. 1 General Fund Governmental Activities 2. The Public Works Department sold machinery with a historical cost of $34,200 and accumulated depreciation of $28,250 for $5,525. The machinery had originally been purchased with special revenue funds. 2 General Fund Governmental Activities 3. A car was leased for the mayor's use. The first payment…
- Journal entries and financial statements—Capital Projects FundThe following transactions occurred during 2021:1. The City of Watersville approved the construction of an enclosed concert arena for a total cost of $75,000,000 in order to attract professional events. On the same day, a contract with a 6 percent retainage clause was signed with V.P. Construction Company for the arena. The arena will be financed by a $75,000,000 general obligation bond issue. Investment revenue of $4,000,000 was also included in the budget. {Assume that the budget is recorded in the accounts and encumbrance accounting is used.)2. Watersville received $76,000,000 from the sale of bonds, which included a premium of $1,000,000 over the $75,000,000 face value. The $1,000,000 premium was transferred immediately to the appropriate Debt Service Fund.3. The city invested $74,900,000 in securities.4. The contract signed with V.P. stipulated that the contract price included the architect fees. The architects were…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 $1,500,0003 The Village of Seaside Pines prepared the following enterprise fund Trial Balance as of December 31, 2024, the last day of its fiscal year. The enterprise fund was established this year through a transfer from the General Fund. Debits Credits Accounts payable $ 108,000 Accounts receivable $ 27,400 Accrued interest payable 30,600 Accumulated depreciation 49,000 Administrative and selling expenses 51,000 Allowance for uncollectible accounts 13,000 Capital assets 714,000 Cash 96,800 Charges for sales and services 561,000 Cost of sales and services 500,000 Depreciation expense 49,000 Due from General Fund 17,300 Interest expense 40,500 Interest revenue 5,300 Transfer in from General Fund 117,600 Bank note payable 630,400 Supplies inventory 18,900 Totals $ 1,514,900 $ 1,514,900 Required: Prepare the reconciliation of operating income to net cash provided by operating activities that would appear at…