The citizens of Spencer County approved the issuance of $2,010,000 in 6 percent general obligation bonds...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
The citizens of Spencer County approved the issuance of $2,010,000 in 6 percent general obligation bonds to finance the construction of a courthouse annex. A capital projects fund was established for that purpose. The preclosing trial balance of the courthouse annex capital project fund follows: Trial Balance-December 31, 2020 Cash Contract payable Due from state government Encumbrances Expenditures-capital Credits Debits $ 909,000 $ 552,000 194,000 109,000 1,855,000 Intergovernmental grant OFS: premium on bonds OFS: proceeds sale of bonds Budgetary fund balance-Reserve for encumbrances OFU: Transfer out 396,000 58,000 2,010,000 109,000 58,000 $3,125,000 $3,125,000 Required: a. Prepare any closing entries necessary at year-end. b. Prepare a Statement of Revenues, Expenditures, and Changes in Fund Balance for the courthouse annex capital project fund. c. Prepare a Balance Sheet for the courthouse annex capital project fund, assuming all unexpended resources are restricted to construction of the courthouse annex. The citizens of Spencer County approved the issuance of $2,010,000 in 6 percent general obligation bonds to finance the construction of a courthouse annex. A capital projects fund was established for that purpose. The preclosing trial balance of the courthouse annex capital project fund follows: Trial Balance-December 31, 2020 Cash Contract payable Due from state government Encumbrances Expenditures-capital Credits Debits $ 909,000 $ 552,000 194,000 109,000 1,855,000 Intergovernmental grant OFS: premium on bonds OFS: proceeds sale of bonds Budgetary fund balance-Reserve for encumbrances OFU: Transfer out 396,000 58,000 2,010,000 109,000 58,000 $3,125,000 $3,125,000 Required: a. Prepare any closing entries necessary at year-end. b. Prepare a Statement of Revenues, Expenditures, and Changes in Fund Balance for the courthouse annex capital project fund. c. Prepare a Balance Sheet for the courthouse annex capital project fund, assuming all unexpended resources are restricted to construction of the courthouse annex.
Expert Answer:
Related Book For
Essentials of Accounting for Governmental and Not-for-Profit Organizations
ISBN: 978-0073527055
10th Edition
Authors: Paul A. Copley
Posted Date:
Students also viewed these accounting questions
-
Part 1 : Klein Company produces three types of bird feeders: Basic, Squirrel - Proof, and Deluxe. Currently, the company allocates overhead to products using machine hours. This year, the company...
-
The citizens of Spencer County approved the issuance of $2,000,000 in 6 percent general obligation bonds to finance the construction of a courthouse annex. A capital projects fund was established for...
-
The citizens of Spencer County approved the issuance of $2,000,000 in 6 percent general obligation bonds to finance the construction of a courthouse annex. A capital projects fund was established for...
-
List at least one "real life" situation that may arise out of each category. Be sure to explain how you think each issue should be handled, policy-wise. 1. Relationships with citizens and others over...
-
Lee Corporation manufactures various types of color laser printers in a highly automated facility with high fixed costs. The market for laser printers is competitive. The various color laser printers...
-
(a) Consider a plasma in which the magnetic field is so weak that it presents little impediment to the flow of heat and electric current. Suppose that the plasma has a gradient T e of its electron...
-
\(\frac{44}{75} \div \frac{484}{285}\) Perform the indicated operations. Reduce to lowest terms.
-
Francisco Company uses the columnar cash journals illustrated in the textbook. In April, the following selected cash transactions occurred. 1. Made a refund to a customer as an allowance for damaged...
-
3 Cost of goods manufactured and sold Beckman Company manufactures staplers. At the beginning of November, the f information was supplied by its accountant: Direct materials inventory 548,500 Work in...
-
On January 1, 2021, Hoosier Company purchased $936,000 of 10% bonds at face value. The bond market value was $983,000 on December 31, 2021. Record the unrealized holding gain or loss for trading...
-
How do advanced query optimization techniques, such as cost-based optimization, query rewriting, and query hints, enhance the efficiency and performance of complex SQL queries in relational database...
-
Question 1: This week's lecture materials revealed to you a wide range of programs and best practices in the area of diversity and inclusion (D&I) that are utilized by leading companies, such as...
-
The marketing team has gathered insights regarding the anticipated demand trend for various SKUs based on their product families. Your team, as part of this project, has been requested to estimate...
-
How do database systems support advanced query processing techniques, such as parallel query execution, vectorized query processing, and in-memory query processing, to exploit parallelism, hardware...
-
Head Golt INIC Head Golf was started in 1991 as a subsidiary of Head Sports. Building on its established brand name in the sporting equipment industry, Head wanted to expand its product portfolio,...
-
Given a function f(x, y) with all partial derivatives being continuous, if fxy = 3xy, find fyxxy. State any theorems used.
-
Rewrite Programming Exercise 7.5 using streams. Display the numbers in increasing order. Data from Programming Exercise 7.5 Write a program that reads in 10 numbers and displays the number of...
-
The City of Graftons records reflected the following budget and actual data for the General Fund for the fiscal year ended June 30, 2012. 1. Estimated revenues: Taxes (Property) ..... $3,000,000...
-
Assume a federal agency has the following events: 1. Receives a warrant from the Treasury notifying the agency of appropriations of $2,400,000. 2. OMB apportions one-fourth of the appropriation for...
-
St. Josephs Hospital follows FASB standards of accounting and reporting. On January 1, 2011, St. Josephs received $1,400,000, restricted to the purchase of cancer diagnostic equipment. On January 1,...
-
Immediately after Parental Times Ltd had acquired control of Offspring One Ltd and Offspring Two Ltd the following balance sheets were drawn up. You are to draw up a consolidated balance sheet....
-
Pop Ltd buys 100 per cent of the shares of Sibling Ltd on 31 December 2002. The balance sheets of the two companies on 31 December 2003 are as shown. You are to draw up a consolidated balance sheet...
-
Dad and Mum Ltd bought 60 per cent of the shares of Child 1 and 2 Ltd on 31 March 2004. The balance sheets of the two companies on 31 March 2005 are as follows. You are to draw up a consolidated...
Study smarter with the SolutionInn App