s of January 1, 2020, the City of Monroe had $12,000,000 in general obligation bonds outstanding. Eliminate the expenditures for bond principal. Adjust for the interest accrued in the prior year government-wide statements, but recorded as an expenditure in the 2020 fund basis statements, ($12,000,000 × 0.03 × 6/12) = $180,000

On October 1, 2019, the City of Thomasville issued $5,000,000 in 4%, general obligation bonds at 101 for the purpose of constructing an addition to City Hall. The premium was transferred to a debt service fund. A total of $4,968,750 was used to construct the addition, which was completed prior to June 30, 2020. The remaining funds were transferred to the debt service fund. The bonds were dated October 1, 2019, and paid interest on April 1 and October 1. The first of 20 annual principal payments of $250,000 is due October 1, 2020. The fiscal year for Thomasville is July 1 - June 30.How would the construction costs be reported at year-end? As an expenditure of the capital projects fund and an expense in the government-wide Statement of Activities. As an expenditure of the capital projects fund only. As an expenditure of the capital projects fund and a capital asset in the government-wide Statement of Net Position. As a capital asset in the Statement of Net Position only.

The City of Castleton’s General Fund had the following post-closing trial balance at June 30, 2019, the end of its fiscal year:     Debits   Credits Cash $ 476,000           Taxes Receivable—Delinquent   601,000           Allowance for Uncollectible Delinquent Taxes         $ 189,120   Interest and Penalties Receivable   28,080           Allowance for Uncollectible Interest and Penalties           12,960   Inventory of Supplies   17,900           Vouchers Payable           166,500   Due to Federal Government           77,490   Deferred Inflows of Resources—Unavailable Revenues           427,000   Fund Balance—Nonspendable—Inventory of Supplies           17,900   Fund Balance—Unassigned           232,010     $ 1,122,980     $ 1,122,980     Prepare a General Fund balance sheet as of June 30, 2020.

D4.   As of december 31, 2019, Sandy Beach had $9,500,000 in 4.5 percent serial bonds outstanding. Cash of $509,000 is the debt service fund’s only asset as of December 31, 2019, and there are no liabilities. The serial bonds pay interest semiannually on January 1 and July 1, with $500,000 in bonds being retired on each interest payment date. Resources for payment of interest are transferred from the General Fund, and the debt service fund levies property taxes in an amount sufficient to cover principal payments.

During 2019, a county debt service fund receives $5,000,000 from the general fund for budgeted payment of principal and interest on general obligation bonds. The debt service fund makes $4,000,000 in interest and $1,000,000 in principal payments.    How is this reported on the debt service fund’s 2019 operating statement?   a. Expenditures, $4,000,000; revenues, $5,000,000   b. Expenditures, $4,000,000; other financing sources, $5,000,000   c. Expenditures, $5,000,000; other financing sources, $5,000,000   d. Expenditures, $5,000,000; revenues $5,000,000