Questions and Answers of Government And Not For Profit Accounting

On December 1, 20Xl, Nolanville issued $10 million of 30-year, 8 percent bonds for $9.78 million, a price that reflects a semiannual yield of 4 .1 percent. Interest ($400,000 per semiannual period)
The balance sheet and a comparative statement (budgetto- actual) of revenues, expenditures, and changes in fund balance of Parkville's general obligation debt service fund is presented as follows.1.
Bond refundings are most likely to result in an economic gain whena. The bonds are subject to arbitrageb. There is an inverted yield curvec. The bonds were initially issued at a premiumd. The bonds
The following summarizes the history of the Sharp City Recreation Center.1. In Year l , the city constructed the building at a cost of $1,500,000. Of this amount, $1,000,000 was financed with bonds
The following totals were drawn from Independence City's "Schedule of Changes in Capital Assets by Function and Activity," included in the city's financial statements for the year ending June 30,
In the management discussion and analysis accompanying its 20XS financial statements, Tiber County reported that "for the fifth consecutive year revenues exceeded expenditures." However, a note
In 20XO , Bantham County incurred $80 million in costs to construct a new highway. Engineers estimate that the useful life of the highway is 20 years .1. Prepare the entry that the county should make
A city's ACFR indicated the following:Credit risk. As of September 30, the U.S. Treasuries and the U.S. Agency Bonds were rated AAA by Standard & Poor's. The local government investment pool was
As indicated in the chapter, the GASE takes a different position with respect to capitalization of interest during periods of construction than does the FASB. Inasmuch as there appears to be little
A government owns shares of common stock in a publicly owned company, the stock of which is widely traded. Such an investment would be categorized asa. A Level 1 investment.b. A Level 2 investment.c.
A government acquires as an investment a 30-year U.S. Treasury bond having a face value of $10,000. At the end of year 20, with 10 years remaining until maturity, the bond had a fair value of
Manor County was awarded a state grant to establish evening athletic programs for at-risk youth. The $3.6 million award, to cover the calendar year 20X2, was announced on November 15, 20Xl.According
A state government provided several grants to school districts and local governments during its fiscal year ending August 31.1. On August 1, 20Xl, it announced a $2 million grant to a local school
Assume that Nolanville's fiscal year ends on December 31.Nolanville's payroll for one of its departments is $15,000 per week. It pays its employees on the Thursday of the week following that in which

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