The following transactions affected a citys general fund. Prepare a table in which you indicate for each
Question:
1. City employees earned $7.7 million in vacation pay during the year, of which they took only $6.6 million. They may take the balance in the following three years.
2. The employees were paid $0.5 million for vacations that they had earned in previous years.
3. The city settled a claim brought against it during the year by a building contractor. The city agreed to pay $10 million immediately and $10 million at the end of the following year.
4. The city issued $100 million in general obligation bonds at par.
5. It paid $4 million in debt service. Of this, $3 million was for the first payment of interest, the balance for repayment of principal.
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Related Book For
Government and Not for Profit Accounting Concepts and Practices
ISBN: 978-1118155974
6th edition
Authors: Michael H. Granof, Saleha B. Khumawala
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