1)Would someone review my homework assignment to let me know if there are any mistakes?the question is on the attached. recorded journal entries for permanent fund. Attachment named Gullufsen_Exam3Problem2.docx

2) Would someone also review my homework assignment to let me know if there are any mistakes? the question is on the attached. recorded journal entries for enterprise fund. Attachment named Gullufsen_Exam3Prob1.docx

3) Would someone also review my short homework assignment to me know if there are any mistakes? the question is a CAFR question and wants numbering from 1-10 to indicate the order in which each element should appear. Attachment named Gullufsen_Exam3Prob3.docx

Thank you!

Acct 379 Fall 2015 Exam #3 Chapters 9-11 Take Home Problem #1 (of 3) 8 Points Name: Stacy Gullufsen___________________________________________________ Falmouth City owns and operates a mini-bus system which it accounts for in an enterprise fund. Prepare journal entries to record the following transactions, which occurred in a recent year. a) The mini-bus system issued $5 million of 8 percent revenue bonds at par and used the proceeds to acquire new mini-buses. Mini-bus system Revenue bonds payable To record the issuance of the revenue bonds $5,000,000 $5,000,000 b) As required by the bond covenant, the system set aside 1 percent of the gross bond proceeds for repair contingencies. Correspondingly, the system designated an equal dollar amount of net position as restricted for repairs. Restricted assets-revenue bond repair contingency account Cash To set aside resources restricted for repair Net assets - unrestricted Net assets-restricted To record the restriction of net assets $ 50,000 $ 50,000 $ 50,000 $ 50,000 c) The system accrued 6 months interest on the revenue bonds at year-end. \"No entry required\" d) The system incurred $30,000 of repair costs and paid for them with cash set aside for repair contingencies. Repair expense Restricted assets-revenue bond repair contingency account To record repair expenses $ 30,000 Net assets - restricted $ 30,000 Net assets-unrestricted To reduce the restriction for repairs (note that repair expense will be closed to net assets-unrestricted.) $ 30,000 $ 30,000 Acct 379 Fall 2015 Exam #3 Chapters 9-11 Take Home Problem #2 (of 3) 12 Points Name: Stacy Gullufsen__________________________________________________ Scofield City received a donation from the estate of the late Lisa O'Reilly to be used to support the city's public library. The gift consisted of $200,000 cash and a portfolio of securities with a market value of $350,000. The securities have a book value of $250,000. The donor stipulated that the principal of the gift, including investment gains (realized and unrealized) but excluding investment losses, must be kept intact. The income must be used to care for and maintain the book collection at the newly renamed O'Reilly Public Library. All appropriate costs, including investment losses, may be charged against the revenues yearly to determine the amount available for the specified purposes. During the year, the city engaged in the following transactions on behalf of the library. Prepare the appropriate entries in the city's permanent fund. a) Accepted the donation. Cash Portfolio of securities Contributions To record initial contribution to a permanent fund $200,000 $350,000 $550,000 b) Received dividends and interest of $18,000. Cash $ 18,000 Investment Revenue To record dividends and interest revenue $ 18,000 c) Purchased securities for $200,000. Investment of securities (common stocks/bonds) $200,000 Cash To record the purchase of securities (common stocks/bonds) $200,000 d) Sold securities that were part of the original gift (market value at date of gift $72,000; book value in hands of donor $68,000) for $78,000. Cash $ 78,000 Investment in securities (common stocks/bonds) Investment gains - realized To record the sale of investment $ 72,000 $ 6,000 e) Sold some of the securities that were acquired in transaction (c) for $53,000. They were acquired at a price of $55,000. Cash $ 53,000 Investment in securities (common stock/bonds) To record the sale of investment in securities (common stocks/bonds) f) The portfolio of securities at year-end had a market value of $432,000. \"No entry required\" $ 53,000 Acct 379 Fall 2015 Exam #3 Chapters 9-11 Take Home Problem #3 (of 3) 10 Points Name: Stacy Gullufsen_________________________________________________ Gonzalo City has prepared all of the elements of its CAFR. REQUIRED: Numbering from one to ten, indicate the order in which each of these elements should appear in the city's CAFR. __2__ __1__ __8__ __4__ __7__ __9__ __6__ __3__ __10__ __5__ Auditor's report Letter of transmittal Required supplementary information other than MD&A Government-wide financial statements Notes to financial statements Combining statements for nonmajor funds Combining statements for major discretely presented component units Management's Discussion and Analysis (MD&A) Statistical tables Governmental fund statements