A City reported outstanding long-term debt of $ 1,750,000 at the beginning of its calendar year...
A City reported outstanding long-term debt of $ 1,750,000 at the beginning of its calendar year 2015. During the year, the City sold $ 850,000 of debt to acquire capital assets and repaid $ 450,000 of debt that was outstanding at the beginning of the year.
Prepare journal entries needed to adjust the City’s fund financial statements so government-wide statements can be prepared.
Homework Answers
- To solve this we need to understand the meaning of ordinary annuity which means there is a series of equal receipts or payments spread across evenly over a period of time.
- Present Value (PV) is a functionality which helps us to calculate the present value of a constant payment which happens over equal time intervals which in our case is annually
- The equation is as below:
Where a is the constant cash flows
r being the interest rate being compounded annually
n being the number of years
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A City reported outstanding long-term debt of $ 1,750,000 at the
beginning of its calendar year...
A City reported outstanding long-term debt of $ 1,750,000 at the beginning of its calendar year...
A City reported outstanding long-term debt of $ 1,750,000 at the beginning of its calendar year 2015. During the year, the City sold $ 850,000 of debt to acquire capital assets and repaid $ 450,000 of debt that was outstanding at the beginning of the year. Prepare journal entries needed to adjust the City’s fund financial statements so government-wide statements can be prepared.
Reporting reconciliation between fund and government-wide financial statements Sai-Tu Village reported outstanding long-term bonds payable of $6,000,000 in the governmental activities column of its go...
Reporting reconciliation between fund and government-wide financial statements Sai-Tu Village reported outstanding long-term bonds payable of $6,000,000 in the governmental activities column of its government-wide statement of net position for the year ended December 31, 2019. During 2020, Sai-Tu Village sold $500,000 of new general obligation bonds and repaid $300,000 of bonds outstanding at the beginning of the year. Based on this information, determine the reconciliation amounts reported in the two funds’ financial statements to the two government-wide financial statements....
Assume that the City of Coyote has already produced its financial statements for December 31, 2015,...
Assume that the City of Coyote has already produced its financial statements for December 31, 2015, and the year then ended. The city’s General Fund was only for education and parks. Its Capital Projects Funds worked with each of these functions at times during the current year. The city also had established an Enterprise Fund to account for its art museum. The government-wide financial statements indicated the following figures: • Education reported net expenses of $698,000. • Parks reported net...
4. The city of Grace reported $12,000,000 of general capital assets and accumulated depreciation on these...
4. The city of Grace reported $12,000,000 of general capital assets and accumulated depreciation on these assets of $4,000,000 on its December 31, 2019 government-wide statement of net position. The city reported capital outlay expenditures of $1,200,000 in its governmental funds during its fiscal year ending December 31, 2020. Also, depreciation associated with general capital assets for the fiscal year ending December 31, 2020 was $800,000 Prepare the three journal entries needed for the December 31,2020 worksheet that converts the...
The city of Grace reported $12,000,000 of general capital assets and accumulated depreciation on these assets...
The city of Grace reported $12,000,000 of general capital assets and accumulated depreciation on these assets of $4,000,000 on its December 31, 2019 government-wide statement of net position. The city reported capital outlay expenditures of $1,200,000 in its governmental funds during its fiscal year ending December 31, 2020. Also, depreciation associated with general capital assets for the fiscal year ending December 31, 2020 was $800,000. Prepare the three journal entries needed for the December 31, 2020 worksheet that converts the...
Scenario A: Budgeted and Actual Debt Service Transactions Rainbow City is authorized to issue $10,000,000 4%...
Scenario A: Budgeted and Actual Debt Service Transactions Rainbow City is authorized to issue $10,000,000 4% regular serial bonds in 20X0 for the construction of a new police station. The bonds mature in equal annual amounts beginning on January 1, 20X1, for 10 years and pay interest on January 1 and July 1. The funds to pay the interest will be transferred from the General Fund. The city’s fiscal year is December 31. Required: Prepare the budgetary entries for 20X0...
Scenario A: Budgeted and Actual Debt Service Transactions Rainbow City is authorized to issue $10,000,000 4%...
Scenario A: Budgeted and Actual Debt Service Transactions Rainbow City is authorized to issue $10,000,000 4% regular serial bonds in 20x0 for the construction of a new police station. The bonds mature in equal annual amounts beginning on January 1, 20X1, for 10 years and pay interest on January 1 and July 1. The funds to pay the interest will be transferred from the General Fund. The city’s fiscal year is December 31. Required: Prepare the budgetary entries for 20X0...
Question 4: 4. The city of Grace reported $12,000,000 of general capital assets and accumulated depreciation...
Question 4:
4. The city of Grace reported $12,000,000 of general capital assets and accumulated depreciation on these assets of $4,000,000 on its December 31, 2019 government-wide statement of net position. The city reported capital outlay expenditures of $1.200.000 in its governmental funds during its fiscal year ending December 31,2020. Also, depreciation associated with general capital assets for the fiscal year ending December 31, 2020 was $800.000 Prepare the three journal entries needed for the December 31, 2020 worksheet that...
Required: Part A. What is the worksheet entry required to adjust beginning (or Position in the...
Required: Part A. What is the worksheet entry required to adjust beginning (or Position in the 12/31/2017 government-wide financial statements for long term debt? Part B. What are the worksheet entries to adjust for current year activity in long- debt for the year ended 12/31/2017? Assume interest for the year is due on 12/31 and the bond premium is amortized on the straight line basis. 5. The City of Thomasville maintains its books so as to prepare fund accounting statements...
The City of Wolfe has issued its financial statements for Year 4 (assume that the city...
The City of Wolfe has issued its financial statements for Year 4 (assume that the city uses a calendar year). The city's general fund is made up of two functions: (1) education and (2) parks. The city also utilizes capital projects funds for ongoing construction and an enterprise fund to account for an art museum. It also has one discretely presented component unit. The government-wide financial statements indicated the following Year 4 totals: Education had net expenses of $710,000. Parks...
4. The city of Grace reported $12,000,000 of general capital assets and accumulated depreciation on these assets of $4,000,000 on its December 31, 2019 government-wide statement of net position. The city reported capital outlay expenditures of $1,200,000 in its governmental funds during its fiscal year ending December 31, 2020. Also, depreciation associated with general capital assets for the fiscal year ending December 31, 2020 was $800,000 Prepare the three journal entries needed for the December 31,2020 worksheet that converts the...
Question 4:
4. The city of Grace reported $12,000,000 of general capital assets and accumulated depreciation on these assets of $4,000,000 on its December 31, 2019 government-wide statement of net position. The city reported capital outlay expenditures of $1.200.000 in its governmental funds during its fiscal year ending December 31,2020. Also, depreciation associated with general capital assets for the fiscal year ending December 31, 2020 was $800.000 Prepare the three journal entries needed for the December 31, 2020 worksheet that...
Required: Part A. What is the worksheet entry required to adjust beginning (or Position in the 12/31/2017 government-wide financial statements for long term debt? Part B. What are the worksheet entries to adjust for current year activity in long- debt for the year ended 12/31/2017? Assume interest for the year is due on 12/31 and the bond premium is amortized on the straight line basis. 5. The City of Thomasville maintains its books so as to prepare fund accounting statements...
The City of Wolfe has issued its financial statements for Year 4 (assume that the city uses a calendar year). The city's general fund is made up of two functions: (1) education and (2) parks. The city also utilizes capital projects funds for ongoing construction and an enterprise fund to account for an art museum. It also has one discretely presented component unit. The government-wide financial statements indicated the following Year 4 totals: Education had net expenses of $710,000. Parks...
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