Question
The following facts pertain to an Enterprise Fund of a city during its fiscal year-end: Outstanding bonds issued to provide funding for capital projects $5,000.000
The following facts pertain to an Enterprise Fund of a city during its fiscal year-end:
Outstanding bonds issued to provide funding for capital projects $5,000.000
Customer service revenue for utility services provided this year $20,000,000
Annual transfer to General Fund $500,000
Capital bond proceeds not yet spent for capital projects $2,000,000
Current year payroll expenditures $4,500,000
Interest earnings on investments $200,000
Acquisition value of land donated by another government $1,500,000
Net book value of all remaining fund capital assets $3,000,000
Outstanding bonds issued to pay for clean energy research $1,500,000
Based on this information, the total of this funds Net Investment in Capital Assets is
| a. | $7,000,000 | |
| b. | $9,000,000 | |
| c. | $0 | |
| d. | $1,500,000 |
-
A $35 million bond is issued at a 1% premium by an SLG, which also incurs $25,000 in bond issue costs. The bond proceeds are designated to be used to pay for a general government capital project. The issuance of the bond requires accounting recognition in which of the following accounting entities?
a. Only the GLTL
b. The GCA and a Debt Service Fund
c. The GLTL and a Debt Service Fund
d. The GLTL and a Capital Projects Fund
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Routledge Handbook Of Environmental Accounting
Authors: Jan Bebbington, Carlos Larrinaga, Brendan O'Dwyer, Ian Thomson
1st Edition
0367724901, 9780367724900
