Governmental and Nonprofit Accounting (11th Edition)
11th Edition
ISBN: 9780133799569
Author: Robert J. Freeman, Craig D. Shoulders, Dwayne N. McSwain, Robert B. Scott
Publisher: PEARSON
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Question
Chapter 7, Problem 2P
a.
To determine
Prepare
b.
To determine
Prepare capital project fund
c.1
To determine
Prepare statement of revenue, expenses, and changes in fund balance for the year ended December 31st, 20X3:
c.2
To determine
Prepare statement of revenue, expenses, and changes in fund balance with budgetary column for the year ended December 31st, 20X3:
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Students have asked these similar questions
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
Japes City issued $1,000,000 general obligation bonds at 101 to build a new city hall. As part of the bond issue, the city also paid a $500 underwriter fee and $2,000 in debt issue costs. What amount should Japes City report as other financing sources?
A.) $1,010,000
B.) $1,008,000
C.) $1,007,500
D.) $1,000,000
Prepare journal entries for each of the transaction:
1 The county authorized a new general obligation bond issue of $5 million par to construct an office building with ap contract price of $4,975.000. The bonds were issued for 4,980,000
2 The county levied real property taxes of $10,000,000. Eighty-five percent of the net taxes were collected immediately. Two percent of the total levy was estimated to be uncollected
3 The office building was completed, and the county paid the contract price to the contractor.
4 The General Fund transferred $500.000 to the Debt Service Fund.
5 The county paid $200.000 for interest on the bonds from the Debt Service Fund
6 $27,000 in membership fees was collected at the municipal pool
7 A county collects $130,000 in sales taxes on behalf of the cities within its boundaries
8 A private foundation contributes a stock portfolio with a fair value of $100,000 to the county. The earnings are to be used by the local park which is owned by and operated…
Chapter 7 Solutions
Governmental and Nonprofit Accounting (11th Edition)
Ch. 7 - When is a Capital Projects Fund used by a...Ch. 7 - Prob. 2QCh. 7 - What is the life cycle of a Capital Projects Fund?Ch. 7 - Why is each significant capital project usually...Ch. 7 - In what situations could several capital projects...Ch. 7 - Prob. 6QCh. 7 - Prob. 7QCh. 7 - Prob. 8QCh. 7 - Prob. 9QCh. 7 - Prob. 10Q
Ch. 7 - Prob. 11QCh. 7 - Prob. 12QCh. 7 - Which of the following general government capital...Ch. 7 - Budgets for Capital Projects Funds are a. often...Ch. 7 - Which of the following are sometimes reported as...Ch. 7 - Wakefield Heights sold 6,000,000 of general...Ch. 7 - Which of the following statements regarding the...Ch. 7 - Common expenditures in a Capital Projects Fund...Ch. 7 - Prob. 1.7ECh. 7 - In practice, which of the following is false...Ch. 7 - The funding sources for a Capital Projects Fund...Ch. 7 - Prob. 2.2ECh. 7 - When grant resources are received before...Ch. 7 - Bonds are sold to finance the construction of a...Ch. 7 - After restricted and committed levels of fund...Ch. 7 - Which of the following would not be reported on...Ch. 7 - The City of Hope received an unrestricted grant in...Ch. 7 - Expenditures are made in a Capital Projects Fund...Ch. 7 - A GAAP-based Statement of Revenues, Expenditures,...Ch. 7 - Prob. 2.10ECh. 7 - (General Ledger Entries) The following...Ch. 7 - (Long-Term Debt Issuances) Swenson Township issued...Ch. 7 - (Short Discussion and Analysis) Briefly discuss...Ch. 7 - (Statement of Revenues, Expenditures, and Changes...Ch. 7 - (Multiple Choice Problems and Computations)...Ch. 7 - Prob. 2PCh. 7 - (Statement of Revenues, Expenditures, and Changes...Ch. 7 - Prob. 6PCh. 7 - (CPF Journal EntriesBlue Earth County, Montana)...
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