This year Riverside began work on an outdoor amphitheater and
concession stand at the city’s park. It is to be financed by a
$3,900,000 bond issue and supplemented by a $540,000 General Fund
transfer. The following transactions occurred during the current
year:
Required
Account | debit | credit | |
1 | cash | 540,000 | |
other financing sources - interfund transfers in | 540,000 | ||
2 | Encumbrances | 3,100,000 | |
Encumbrances outstanding | 3,100,000 | ||
3 | Construction expenditures | 73,000 | |
Vouchers payable | 73,000 | ||
4 | Construction expenditures | 20,500 | |
Due to other funds | 20,500 | ||
5 | Encumbrances outstanding | 1,200,000 | |
Construction expenditures | 1,200,000 | ||
Encumbrances | 1,200,000 | ||
contracts payable | 1,200,000 | ||
6 | cash | 3,900,000 | |
other financing sources - proceeds of bonds | 3,900,000 | ||
7 | contracts payable | 1,200,000 | |
contracts payable -retained earnings | 60,000 | ||
cash | 1,140,000 | ||
8 | Investments | 1,840,000 | |
cash | 1,840,000 | ||
9 | other financing sources - interfund transfers in | 540,000 | |
other financing sources - proceeds of bonds | 3,900,000 | ||
Fund balance - restricted | 2,700,000 | ||
Fund balance - assigned | 446,500 | ||
Construction expenditures | 1,293,500 | ||
Balance sheet | ||
Assets | ||
cash | 1,460,000 | |
Investments |
1,840,000 |
|
Total assets |
3,300,000 |
|
Liabilities and fund balances |
||
Liabilities: |
||
Contracts Payable—Retained Percentage |
60,000 |
|
Due to Other Funds |
20,500 |
|
Vouchers Payable |
73,000 |
|
Total Liabilities |
153,500 |
|
Fund Balances: |
||
Fund Balance—Restricted |
2,700,000 |
|
Fund Balance—Assigned |
446,500 |
|
Total Fund Balances |
3,146,500 |
|
Total Liabilities and Fund Balances |
3,300,000 |
Statement Of Revenues, Expenditures, and Changes in Fund Balances | ||
Expenditures: |
||
Construction Expenditures |
1,293,500 |
|
Other Financing Sources and Uses: |
||
Interfund Transfers In |
540,000 |
|
Proceeds of Bonds Sold |
3,900,000 |
|
4,440,000 |
||
Excess of Revenues and Other Sources Over Expenditures |
3,146,500 |
|
Fund Balances, January 1 |
0 |
|
Fund Balances, December 31 |
3,146,500 |
This year Riverside began work on an outdoor amphitheater and concession stand at the city’s park....
This year Riverside began work on an outdoor amphitheater and concession stand at the city’s park. It is to be financed by a $5,300,000 bond issue and supplemented by a $680,000 General Fund transfer. The following transactions occurred during the current year: The General Fund transferred $680,000 to the Park Building Capital Projects Fund. A contract was signed with Restin Construction Company for the major part of the project on a bid of $4,500,000. Preliminary planning and engineering costs of...
The year-end pre-closing trial balance for the Chance County Woodland Park Capital Projects Fund is provided below. Cash Grant Receivables Investments Contract Payable Contract Payable - Retained Percentage Encumbrances Outstanding Revenues Encumbrances Construction Expenditures Other Financing Sources - Proceeds of Bonds Debits Credits $ 987,000 600,000 1,800,000 $1,263, 588 66,500 1,625,000 707,600 1,625,000 4,150,000 4,700,890 $8,362,eee $8,362, eee Required a. Prepare the year-end statement of revenues, expenditures, and changes in fund balances for the capital projects fund, CHANCE COUNTY Woodland...
On June 30, 20X2, the end of the fiscal year, the Wadsworth Park District prepared the following trial balance for the general fund Credit Debit 48,550 33,200 Cash Taxes Receivable-Current Allowance for Uncollectibles-Current 2,300 12,500 12,150 1,335,000 1,028,000 Temporary Investments Inventory of Supplies Buildings Estimated Revenues Control Appropriations Control Revenue-State Grants Bonds Payable Vouchers Payable Expenditures Debt Service from Current Funds Capital Outlays (Equipment) Revenue-Taxes Fund Balance-Unassigned Budgetary Fund Balance-Unassigned 1,017,000 315,000 1,020,000 10,700 853,200 130,500 22,500 1,020,300 82,600 7,700...
THIS PROBLEM IS ABOUT ACCOUNTING FOR GOVERNMENTAL AND NONPROFIT ORGANIZATIONS! The City of Duluth has been authorized to build a new library estimated to cost $8,000,000. A bond issue is to provide the funds to construct the building. The attached transactions took place during the fiscal year ending June 30, 20X3 that related to the capital projects fund which was established to account for the construction of the new library. The fund does not enter the budget in the accounting...
part d Credits Debits $132,348 47.220 Cash Taxes Receivable Allowance for Uncollectible Taxes Supplies Deferred Inflows-Property Taxes Wages Payable Fund Balance $ 1,570 660 21,000 156.758 $180,228 Totals $180,228 During 2017, Jefferson experienced the following transactions: 1. The budget was passed by the County Commission, providing estimated revenues of $285,000 and appropriations of $235,000 and estimated other financing uses of $40,000 2. Encumbrances totaling $4,800 putstanding at December 31, 2016, were 3. The Deferred Inflows-Property Taxes at December 31, 2016,...
Prepare journal entries for each of the following transactions entered into by the City of Loveland. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Fund/ Governmental Transaction Activlies General Journal Debit Credit 1. The city received a donation of land that is to be used by Parks and Recreation to develop a public park. At the time of the donation, the land had an acquisition value of $5.200,000 and was...
I need help with this Just journal entry for government funds accounts used: No Journal Entry Required Accumulated Depreciation Appropriations Budgetary Fund Balance Buildings Capital Lease Obligations Payable Cash Construction Expenditures Construction Work in Progress Encumbrances Encumbrances Outstanding Estimated Revenues Expenditures—General Government Expenses—General Government Expenses—Public Safety Fund Balance—Assigned Fund Balance—Unassigned Gain on Sale of Machinery Interfund Transfers Out Land Loss on Sale of Machinery Machinery and Equipment Other Financing Sources—Capital Lease Agreements Other Financing Sources—Proceeds of Capital Asset Sale Other...
The City of Waterman established a capital projects fund for the construction of an access ramp from the parking garage to the city's office building to be used by individuals with disabilities. The estimated cost of the ramp is $221,000. On January 1, 20X2, a 10 percent, $160,000 bond issue was sold at 104 with the premium transferred to the debt service fund. At that date, the county board provided a $61,000 grant. After a period of negotiation, the city...
Prepare journal entries for each of the following transactions entered into by the City of Loveland. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Transaction Fund / Governmental Activties General Journal Debit Credit 1. The city received a donation of land that is to be used by Parks and Recreation to develop a public park. At the time of the donation, the land had an acquisition value of $5,200,000 and...
Prepare journal entries for each of the following transactions entered into by the City of Loveland. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Transaction Fund / Governmental Activties General Journal Debit Credit 1. The city received a donation of land that is to be used by Parks and Recreation to develop a public park. At the time of the donation, the land had an acquisition value of $5,200,000 and...