The governing board of wolekete town approved a street improvement program excepted to cost birr 500,000 and authorized a birr 300,000 bond issue to partially finance the improvement the reaming sources needed are to be provided by a federal grant and an internal fund transfer. Capital projects fund accounting records were established and the plane and authorizes recorded in by memorandum entry. The following transactions took place in connection with this project. 1.proceeds of the bond sale bitt 303000 were recoreded in capital project found etc

The governing board of wolekete town approved a street improvement program excepted to cost birr 500,000 and authorized a birr 300,000 bond issue to partially finance the improvement the reaming sources needed are to be provided by a federal grant and an internal fund transfer. Capital projects fund accounting records were established and the plane and authorizes recorded in by memorandum entry. The following transactions took place in connection with this project. 1.proceeds of the bond sale bitt 303000 were recoreded in capital project found etc

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 General Fund collected $625,000 in accrued taxes, which was transferred to the debt service fund; $400,000 of this amount was used to retire outstanding serial bonds and the remainder was used to make the interest payment on the outstanding serial bonds. Required: Record the transection under General Fund and debt service fund
The City of Stillwater's Airport Authority is included in the reporting entity as an Enterprise Fund. The trial balance for the Airport on June 30, 2018, included the following information: Debit Credit Cash Accounts Receivable Land Plant and Equipment Accumulated Depreciation Accounts Payable Bonds Payable Net Position: 762,453 41,346 3,485,663 25.441.366 12,739,880 60,605 282,809 15,904,340 743,194 29,730,828 Invested in Capital Assets, Net of Related Debt Unrestricted Total 29,730,828 1) Charge for services of $1,245,585 and receipts from customers of $1,213,330. 2) Additions for improvements other than buildings were added for a total cost of $156,996. All fixed asset additions were paid by June 30, 2018. 3) Operating expenses were Interest expense was Payments were made to suppliers Interest was paid 4) Transfers in from the General fund totaled: 2,469,127 22,625 1,586,894 22,625 2,741,794 5) Adjusting entries were as follows: Estimated uncollectible accounts reccivable: 12,456…
Residents of the town of Sunny View, Arizona authorized a $5,000,000 renovation to theirhistoric town hall on November 15, 2022. Financing for the project consists of $2,500,000 froma 5 percent serial bond issue, $1,500,000 from a state grant, and $1,000,000 from the GeneralFund. Debt service for the serial bonds will be provided by a one-quarter-cent city sales taximposed on every dollar of sales in the city. Required: Complete the necessary journal entries to record the related transactions in the town's capitalprojects fund, debt service fund, and governmental activities at the government-wide level. Youmay ignore entries in the General Fund. The town has a calendar year-end. n. The sales tax collections for debt service amounted to $250,000. o. Central Paving and Construction gave a final billing to the town for $2,000,000. Upon last inspection by the Public Works Department, a leak was discovered in the roof.p. Public works employees installed a new sidewalk and landscaping at a…
The county of Santa Clara is building a new park. The main financing source will be $1,000,000 bond issue. In addition, the general fund will transfer $100,000 transfer to fund the capital project. Please record the journal entries for the Capital Project Fund & the Government-Wide financial statements. 1. The county has signed a contract with Spectacular Construction to construct the park $1,000,000 2.The $1,000,000 bonds were issued at par 3. Spectacular Construction billed the county of Santa Clara $1,000,000 upon completion of the project 4. The park is completed
Please answer complete and properly
Nn.36. Subject :- Accounting
Ibri township issued the following bonds during the year. The bond issued to purchase equipment for vehicle repair service that is accounted for in an internal service fund RO 30,000, The bonds issued to construct a new city hall RO 10,000 The bonds issued to improve its water utility, which is accounted for in an enterprise fund RO 50,000. The amount of bond issued to be reported in the general fund is a. RO 10,000 b. RO 50,000 c. None of the options d. RO 30,000
The following transactions occurred in the City of Jim-town Enterprise Fund: 1. Equipment belonging to the Enterprise Fund was sold for $300. 2. The proceeds from the sale of the asset were transferred to the General Fund. 3. Cash, $2,800, was paid for construction costs. The cash was paid out of unrestricted cash available for any Enterprise Fund purpose i.e., was not set aside strictly for capital asset construction or acquisition. 4. Paid principal, $18, and interest, $59, on a mortgage note. 5. The Enterprise Fund collected $12,500 from external customers and $2,500 from the General Fund for services. 6. The City signed a lease for equipment. The present value of the future payments and fair value of the equipment is $5,000, and the City made a down payment of $500 7. Proceeds of bonds issued to refund previously outstanding bonds that had been issued to finance plant expansion several years earlier, $18,000. 8. Interest paid on the refunding bonds, $1,080. 9. Cash proceeds from…
A $40 million contract is awarded by a county for construction of a building. Bonds are issued to finance construction, in the amount of $40 million. During the first year, $10 million is paid in cash to contractors for work done. At year-end, the capital projects fund reports the following fund balances: Question 43 options: a) Unavailable: $40 million b) Restricted $20 million, Committed: $10 million c) Restricted: $40 million d) Restricted: $30 million
As of July 1, 2017, the Village of Boiling Springs decided to purchase a privately operated swimming pool and to create a swimming pool (enterprise) fund. During the year, the following transactions occurred: A permanent contribution of $600,000 was received from the general fund. b.Revenue bonds were sold at par in the amount of $1,200,000. c.Several items were purchased for cash, with a cost breakdown as follows: land, $300,000; building, $400,000, land improvement, $400,000; equipment, $200,000; and supplies, $150,000. d.Charges for services amounted to $600,000, all received in cash. Cash expenses included salaries of $200,000; utilities of $100,000; and interest of $72,000. f.Supplies were consumed in the amount of $120,000. Depreciation was recorded as follows: building, $20,000, land improvement, $20,000; and equipment, $20,000. The books were closed. Close all accounts to net position. Required: Prepare a Statement of Revenues, Expenses, and Changes in Fund Net…
Crimson City borrows $3,000,000 to build a new addition for city hall. During the year, they constructed the new addition spending $3,250,000. At what amount would the new addition be reported on the debt service fund's balance sheet? $3,000,000 $250,000 0 $3,250.000
1. The General Fund collected $625,000 in accrued taxes, which was transferred to the debt service fund; $400,000 of this amount was used to retire outstanding serial bonds and the remainder was used to make the interest payment on the outstanding serial bonds. Required: Record the transection under General Fund and debt service fund