Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

wheck my work The City of Bernard starts the year of 2020 with the following unrestricted amounts in its general fund cash of $23,500 and

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
wheck my work The City of Bernard starts the year of 2020 with the following unrestricted amounts in its general fund cash of $23,500 and investments of $86,500. In addition, it holds a small building bought on January 1, 2019, for general government purposes for $359,000 and a related long-term debt of $287,200. The building is depreciated on the straight-line method over 10 years. The annual interest rate on the debt is 10 percent. The general fund has four separate functions general government, public safety. public works, and health and sanitation Other information includes the following $585,000 106,900 23,000 19, 100 11,450 5,70e 33, eee 12,650 Receipts: Property taxes Sales taxes Dividend income Charges for general government services Charges for public safety services Charges for public works Charges for health and sanitation services Charges for landfill Grant to be used for salaries for health workers (no eligibility requirements) Issued long-term note payable Sold investments (mentioned above) Receivables at year-end: Property taxes (510,9ee is expected to be uncollectible) Payments: Salary: General government 27,700 233,000 101.750 164,000 116,000 116,000 112,750 74,750 22,900 12,750 20,900 17,450 5,700 JOAGE General government Public safety Public works Health and sanitation (all from grant) Utilities: General government Public safety Public works Health and sanitation Insurance: General government Public safety Public works (all prepaid as of the end of the year) Health and sanitation Miscellaneous : General government Public safety Public works Health and sanitation Interest on previous debt Principal payment on previous debt Interest on new debt Building (public works) Equipment (public safety) Public works supplies (30% still held) Investments Ordered but not received: Eaul oment 26,3ee 12,700 7,500 6,6ee 20,300 15,300 9,850 9,000 28, 720 11, 300 20,970 234,000 99,000 22, 100 131, eee 41.250

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Principles Of Accounting

Authors: Steven M. Bragg

1st Edition

1642210773, 978-1642210774

More Books

Students also viewed these Accounting questions

Question

Describe five organizational development techniques.

Answered: 1 week ago

Question

Explain the two dimensions of an organizations culture.

Answered: 1 week ago

Question

State why people resist change and how to overcome resistance.

Answered: 1 week ago