The amount that should report as expenditure in its general funds is  a. RO 5 million b. RO 30 million c. None of the options d. RO 25 million

Tuston Township issued the following bonds during the year ended June 30, Year 1: Bonds issued for the garbage collection enterprise fund that will service the debt $700,000   Revenue bonds to be repaid from admission fees collected by the Township zoo enterprise fund 500,000 What amount of these bonds should be accounted for in Tuston's government-wide financial statement as a liability resulting from governmental activities? A.) $1,200,000 B.) $700,000 C.) $500,000 D.) $0

The General Fund has a Due from Capital Projects Fund of S48,000 and a Due from Water Enterprise Fund of S120,000. The Capital Projects Fund has a Due to General Fund of S48,000, and the Water Enterprise Fund has a Due to General Fund of $120,000. What will be the amount of internal balances reported in the government-wide statement of net position? O Internal balances of $48,000 O No internal balances are reported. O Internal balances of $148,000 O Internal balances of $120,000

The Principal City prepared the Trial Balance of the corporate-type fund as of December 31, 20X1. The enterprise fund was established this year through a transfer from the general fund. After having studied the Trial Balance of the company and the required resources of this module: 1.Prepare the fund's closing entries as of December 31, 20X1.2.Prepare the Statement of Revenues, Expenses, and Changes in Fund Net Position for the year ending December 31.

4. The City of Grinders Creek maintains its books in a manner that facilitates the preparation of fund accounting statements and uses worksheet adjustments to prepare government-wide statements. General fixed assets as of the beginning of the year, which had not been recorded, were as follows: Land $ 8,500,000 Buildings 27,600,000 Improvements Other Than Buildings 24,500,000 Equipment 11,690,000 Accumulated Depreciation, Capital Assets 25,800,000 During the year, expenditures for capital outlays amounted to $9,000,000. Of that amount, $4,800,000 was for buildings; the remainder was for improvements other than buildings. The capital outlay expenditures outlined in (2) were completed at the end of the year (and will begin to be depreciated next year). For purposes of financial statement presentation, all capital assets are depreciated using the straight-line method, with no estimated salvage value. Estimated lives are as follows: buildings, 40 years; improvements…

Accounting

Determine the correct debit account from among the choices below: a.    Expenditures b.    Extraordinary Items c.    Encumbrances d.    Answer not included in the above selections   The Debt Service Fund recognizes a principal payment that is currently due on a Bond debt. Answer 1 A contract is signed with ABC Construction for a project related to the Capital Projects Fund in the amount of $8,400,000. Answer 2 The city invests 30% of the bond proceeds in short term investments. Answer 3 A city’s water supply is contaminated by terrorists. Costs of clean-up, disposal, and importation of a fresh water supply total $50,000,000. Answer 4 The General Fund incurs and pays salaries totaling $400,000. Answer 5

Following is the information concerning operating activity for Annette County. For the year ended June 30, the net change in total governmental fund balances was $(289,200), and the change in net position of governmental activities was $(376,600). During the year, Annette issued $2,000,000 in general obligation bonds at a premium of 101. The bonds are to be used for a construction project. The county acquired $2,750,000 in capital assets and sold capital assets with a book value of $563,000 for $570,900. At the beginning of the period, accrued liabilities were $470,000 and at the end of the period, they totaled $494,000. Depreciation on capital assets totaled $595,000. Revenue accrued for the period but not available for use totaled $364,600. Required Prepare a reconciliation of the change in governmental fund balance to the change in net position of governmental activities. (Decreases should be indicated with a minus sign.) ANNETTE COUNTY Reconciliation of the Statement of Revenues,…

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Hardev