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What is the correct answers for these? The following information relates to Dane City during its fiscal year ended December 31, 20X2: 1. On October
What is the correct answers for these?
The following information relates to Dane City during its fiscal year ended December 31, 20X2: 1. On October 31, 20X2, to finance the construction of a city hall annex, Dane issued 10 percent, 8-year general obligation bonds at their face value of $616,000. Construction expenditures during the period equaled $365,000. 2. Dane reported $109,400 from hotel room taxes restricted for tourist promotion in a special revenue fund. The fund paid $82,000 for general promotions and $24,000 for a motor vehicle. 3. Dane transferred 20X2 general fund revenues of $106,500 to a debt service fund and used them to repay $100,000 of 11 percent, 13-year term bonds and to pay $6,500 of interest. The bonds were used to acquire a citizens' center. 4. At December 31, 20X2, as a consequence of past services, city firefighters had accumulated entitlements for compensated absences of $85,000. General fund resources available at December 31, 20X2, are expected to be used to settle $17,000 of this amount, and $68,000 is expected to be paid out of future general fund resources. 5. At December 31, 20X2, Dane was responsible for $84,000 of outstanding general fund encumbrances, including the $8,100 for supplies in the following table. 6. Dane uses the purchases method to account for supplies. The following information relates to supplies: Inventory-1/1/X2 -12/31/X2 Encumbrances outstanding-1/1/X2 -12/31/X2 Purchase orders during 20X2 Amount credited to vouchers payable during 20X2 $ 40,000 43,000 5,000 8,100 196,000 182,700 Required: For items 1 through 10, determine the amounts based solely on the preceding information. 3. What is the 20X2 assigned amount of the general fund balance? X Answer is complete but not entirely correct. General fund balance $ 127,000 6. What is the amount of 20x2 debt service fund expenditures? X Answer is complete but not entirely correct. Debt service fund expenditures 106,000Step by Step Solution
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