statements and then for government-wide financial statements. a. A new truck for the sanitation department was ordered at a cost of $114,250. b. The city print shop did $3,600 worth of work for the school system (but has not yet been paid). c. A(n) $11 million bond was issued at face value to build a new road. d. The city transfers cash of $159,000 from its general fund to provide permanent financing for a municipal swimming pool that will be maintained as an enterprise fund. e. The truck ordered in (a) is received but at an actual cost of $116,650. Payment is not made at this time. f. The city transfers cash of $37,100 from its general fund to a capital projects fund. g. The city receives a state grant of $30,000 that must be spent to promote recycling by the citizens. h. The first $5,700 of the state grant received in (g) is expended as intended.

statements and then for government-wide financial statements. a. A new truck for the sanitation department was ordered at a cost of $114,250. b. The city print shop did $3,600 worth of work for the school system (but has not yet been paid). c. A(n) $11 million bond was issued at face value to build a new road. d. The city transfers cash of $159,000 from its general fund to provide permanent financing for a municipal swimming pool that will be maintained as an enterprise fund. e. The truck ordered in (a) is received but at an actual cost of $116,650. Payment is not made at this time. f. The city transfers cash of $37,100 from its general fund to a capital projects fund. g. The city receives a state grant of $30,000 that must be spent to promote recycling by the citizens. h. The first $5,700 of the state grant received in (g) is expended as intended.

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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