The City of Touchstone issued $1,000,000 general obligation bonds at 102 to build a new community center. As part of the bond issue, the city also paid a $2,500 underwriter fee and $4,000 in debt issue costs. What amount should the City of Touchstone report as other financing sources? From Governmental Non-Profit Accounting Class
Q: Lewis, age 26, and Oneida, age 25, are married and will file a joint return. • They cannot be…
A: As per IRS, any taxpayer with low to moderate income status can claim the Earned Income tax credit…
Q: The following data are accumulated by Lone Star Security in evaluating two competing investment…
A: “Since you have asked multiple question, we will solve the first question for you. If you want any…
Q: You have been appointed as a financial consultant by the directors of Cochin Holdings. They require…
A: Year Future Value factor @ 10% 1 1 2 1.1 3 1.21 4 1.331 5 1.4641 Future value…
Q: Larkspur Landscaping began construction of a new plant on December 1, 2020. On this date, the…
A: Working: note 1: Calculate the interest to be capitalized : Interest to be capitalized = {( Land as…
Q: Donegan's Lawn Care Service began operations in July, current year. The company uses the following…
A: Date General Journal Debit Credit Jul-18 Cash $ 1,500 Capital Stock $ 1,500 (Issued…
Q: What is the break-even point in sales for 1993? b. Calculate the profit or loss if 130,000 of the…
A: 1. Meaning of Break even point: The break-even point is the point at which total cost and total…
Q: Comparative Income Statement Use the following comparative income statement form to enter amounts…
A: Comparative income statement presents the results of multiple accounting periods in separate…
Q: Assume that you are an audit senior in charge of planning the audit of an entity that your firm has…
A: INTERNAL CONTROL IS A PROCESS FOR ASSURING OF AN ORGANIZATIONS OBJECTIVES IN OPERATIONAL…
Q: Deciding a firm's capital structure can be understood as: a. a capital budgeting decision b. a…
A: 1. Capital budgeting decision: In Simple terms, A capital budgeting decision is both a financial…
Q: 4. What do the following acronyms stand for: FICA, FUTA, and SUTA?
A: Governments levy taxes on their residents to create revenue for initiatives that benefit the…
Q: Bergo Bay's accounting system generated the following account balances on December 31. The company’s…
A: BERGAMO BAY COMPANY List of account BalancesDECEMBER 31, particulars debit credit Cash…
Q: Stuart Publications established the following standard price and costs for a hardcover picture book…
A:
Q: 3. Are the federal and state income taxes withheld from employee paychecks a payroll tax expense for…
A: The taxes that both employees, as well as employers pay upon salaries, wages, and gratuities are…
Q: Listed below are several transactions that took place during the first two years of operations for…
A: Net Operating cash flow = Cash receipts - Cash disbursement Accounts receivable at the end= accounts…
Q: Find EI, COGS using avg, cost, conventional, LIFO, and dollar value LIFO retail methods.
A: Retail Inventory Method An bookkeeping technique used to determine the worth of a retailer's stock…
Q: EMathews, Inc. generated $200,000 in sales revenues and incurred fixed costs of $30,000. If the…
A: The margin of safety is the gap between predicted profitability and the point of break-even. The…
Q: Which of the following items do you need to have available to develop a budget? a) Prior period…
A: Budget is an estimation of the cost/ expenses and income/ revenue of the particular period. In…
Q: Explains the difference between fixed and flexible budgets.
A: Fixed budget: it is basically considered as a budget in which there is a forecast about revenues and…
Q: On February 3, 2021, the board of directors of Thompson & Thompson Builders voted to distribute…
A: Solution... Annual preferred Dividend Number of Preferred dividend * par value per Share * rate…
Q: The standard direct labour cost of product Berg is as follows: Three hours of skilled labour at £4…
A: Introduction: Total labour variance is the difference between actual direct labour cost incurred and…
Q: . Determine the total variable costs and the total fixed costs for the current year. Total variable…
A: Line item description Amount Variable Fixed % Amount in $ % Amount in $ Cost of goods sold…
Q: What is the APY (effective rate) for 16% APR compounded quarterly? Round to hundredths.
A: Effective Rate of Interest is the Rate which is actually born by the payer on the amount borrowed by…
Q: Discuss the following: Describes the SIX main purposes of budgeting. Explains the difference…
A: Budgeting is the estimation of the future activities which are to done in order to achieve…
Q: Sigma PLC are a Certified Chartered Management Accountant firm. The firm has a number of clients who…
A: 1. Budget is prepared in synchronisation with the overall objectives of the organisation, keeping…
Q: Seif Oil Corporation leased 4,000 unexplored acres, paying a lease bonus of $125/acre. Delay rentals…
A: Journal entry is the accounting entry which is recorded for the purpose of recording the financial…
Q: A and B formed a partnership. A and B agreed to share the partnership's profit as follows: ● A to…
A: When calculating the profit and loss sharing ratio for a partnership, the residual profit is what is…
Q: Dove Ltd purchased new equipment on 1 July 2016, at a cost of $500,000. The company estimated that…
A: Under Sum of Years digit method, the depreciation expense is calculated based on the unique factor…
Q: Comet operates solely within the United States. It owns two subsidiaries conducting business in the…
A: Foreign tax credit cannot be more than your total U.S. tax liability multiplied by a fraction. The…
Q: Record accrual of payroll taxes. E10.7 (LO 1), AP According to the accountant of Ulster Inc., its…
A: Salaries/Payroll/Wages Expense = FICA taxes Payable + Federal unemployment taxes payable + state…
Q: 1.Suppose that Ato Daniel Geremu is an employee in World vision Ethiopia. His monthly basic salary…
A: A payroll register is a register that records and contains all payroll information of every employee…
Q: 1. Explain how a management accountant can help their supply chain colleagues. explain the answer…
A: Supply chain management is the handling of entire product flow starting from purchase of raw…
Q: process costing, if an abnormal loss arises, the process account is generally: a) debited with the…
A: In process costing when goods are produced it is produce by different processes that are done in…
Q: Barnett Brass sells economy door knobs for $15 each. Unit product costs are as follows: Direct…
A: In this question, we need to compute the minimum acceptable selling price for the special order from…
Q: Sunland Corporation reports the following information for 2026: Net cash provided by operating…
A: Cash debt coverage refers to the ratio that is helpful in measuring the ability of a firm for paying…
Q: The following information is available for the Savvy Company for the month of June. a. On June…
A: The process that businesses employ to confirm that the cash balances they report on their books…
Q: Actuary and trustee reports indicate the following changes in the PBO and plan assets of Lakeside…
A: Answer - A defined benefit plan is a retirement plan where almost entirely fund is contributed by…
Q: A company is thinking about some machines renting for manufactury; The lease have an mount of 1800…
A: The lease is a written contract between two parties in which one party gives its asset on rent to…
Q: Zachary Publications established the following standard price and costs for a hardcover picture book…
A: The variance is the difference between the actual result and the company's standard result.…
Q: What is the annual depreciation? What is the book value after 6 years? What is the total…
A: Particulars Amount (P) Cost of equipment 500000 Installation cost 60000 Other Cost 40000…
Q: Actuary and trustee reports indicate the following changes in the PBO and plan assets of Lakeside…
A: Pension refers to the amount that is paid by the company or government to the person who stopped…
Q: Company P’s net profit for Year 1 is 4 600 000. capital structure of P comprising 3 000 000 ordinary…
A: Basic earning per share is the net income that exclude the dividend of preference shareholders that…
Q: Amit buys machines, which he repairs and then sells. He has the following information about a…
A: As per IAS2, Inventory should be measured at lower of Cost and Net Realisable Value. Cost:- means…
Q: Taylor, a resident citizen, received the following income in 2022: Business Income, Philippines -…
A: The question is given to compute the taxable income, income tax due, and income that is subject to…
Q: Riverbed Ltd. is constructing a building. Construction began on February 1 and was completed on…
A: Capitalization rate is the average rate of general borrowings which is applied on the expenditures…
Q: (4-a) Compute days' sales in inventory. (4-b) For each ratio, determine if it improved or worsened…
A: Introduction: Days' sales in inventory ratio computes the number of days inventory are hold in the…
Q: n accounting for by-products, when the by-products are sold for more than the estimated sales value,…
A: There are two options available to the entity. The entity can choose either of the following options…
Q: Critically evaluate the importance of auditor independence in adding value to the financial…
A: Auditor independence is important in adding value to the financial statements for a number of…
Q: i) Produce a budget statement for Caltex for November ii) Produce a profit statement for Caltex for…
A: Particulars Calculation Amount Sales 3000 units x 72 216000 Less: Variable cost Direct…
Q: Discuss the following in your post: What is treasury stock and what is the journal when purchased?…
A: Treasury stock or shares are those shares which are bought back by the company which was issued to…
Q: output is 4,800 units and the actual overheads are £44,800. What is the fixed overhead expenditure…
A: Fixed overhead expenditure variance= Budgeted fixed overhead- Actual overheads
The City of Touchstone issued $1,000,000 general obligation bonds at 102 to build a new community center. As part of the bond issue, the city also paid a $2,500 underwriter fee and $4,000 in debt issue costs. What amount should the City of Touchstone report as other financing sources?
From Governmental Non-Profit Accounting Class
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
- The governmental funds of the City of Westchester report $445,000 in assets and $140,000 in liabilities. The following are some of the assets reported by this government. Prepaid items—$7,000. Cash from a bond issuance that must be spent within the school system according to the bond indenture—$80,000. Supplies—$5,000. Investments given by a citizen that will be sold with the proceeds used to beautify a public park—$33,000. Cash that the assistant director of finance has designated for use in upgrading the local roads—$40,000. Cash from a state grant that must be spent to supplement the pay of local kindergarten teachers—$53,000. Cash that the city council (the highest level of authority in the government) has voted to use to renovate a school gymnasium—$62,000. On a balance sheet for the governmental funds, what fund balance amounts will be reported by the City of Westchester?Prepare journal entries for a local government to record the following transactions, first for fund financial statements and then for government-wide financial statements. The government sells $900,000 in bonds at face value to finance construction of a warehouse. A $1.1 million contract is signed for construction of the warehouse. The commitment is required, if allowed. A $130,000 transfer of unrestricted funds was made for the eventual payment of the debt in (a). Equipment for the fire department is received with a cost of $12,000. When it was ordered, an anticipated cost of $11,800 had been recorded. Supplies to be used in the schools are bought for $2,000 cash. The consumption method is used. A state grant of $90,000 is awarded to supplement police salaries. The money will be paid to reimburse the government after the supplement payments have been made to the police officers. Property tax assessments are mailed to citizens of the government. The total assessment is $600,000,…The General Fund of the Town of Mashpee transfers $115,000 to the debt service fund for a $100,000 principal and $15,000 interest payment. The recording of this transaction would include: a. A debit to Interest Expenditures in the General Fund. b. A debit to Interest Expenditures in the governmental activities accounts. c. A credit to Other Financing Sources - Interfund Transfers In in the debt service fund only. d. A credit to Other Financing Sources - Interfund Transfers In in both the debt service fund and governmental activities accounts.
- 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.) $0The governmental funds of the City of Westchester report $445,000 in assets and $140,000 in liabilities. The following are some of the assets reported by this government. Prepaid items-$7,000. Cash from a bond issuance that must be spent within the school system according to the bond indenture-$80,000. Supplies-$5,000. Investments given by a citizen that will be sold with the proceeds used to beautify a public park-$33,000. Cash that the assistant director of finance has designated for use in upgrading the local roads-$40,000. Cash from a state grant that must be spent to supplement the pay of local kindergarten teachers-$53,000. • Cash that the city council (the highest level of authority in the government) has voted to use to renovate a school gymnasium- $62,000. On a balance sheet for the governmental funds, what fund balance amounts will be reported by the City of Westchester?Prepare journal entries for a local government to record the following transactions, first for fund financial statements and then for government-wide financial statements.a. The government sells $900,000 in bonds at face value to finance construction of a warehouse.b. A $1.1 million contract is signed for construction of the warehouse. The commitment is required, if allowed.c. A $130,000 transfer of unrestricted funds was made for the eventual payment of the debt in (a).d. Equipment for the fire department is received with a cost of $12,000. When it was ordered, an anticipated cost of $11,800 had been recorded.e. Supplies to be used in the schools are bought for $2,000 cash. The consumption method is used.f. A state grant of $90,000 is awarded to supplement police salaries. The money will be paid to reimburse the government after the supplement payments have been made to the police officers.g. Property tax assessments are mailed to citizens of the government. The total assessment is…
- Using the information below, what amount should be accounted for in a special revenue fund or funds? Warehouse equipment used to store supplies for delivery to all city departments and agencies on a cost-reimbursement basis $ 300,000 Equipment used for supplying electric power to residents $ 1,750,000 Receivables for completed sidewalks to be paid for in installments by affected property owners. Construction was financed by special assessment bonds for which the town has no liability $ 1,500,000 Cash received from federal government, dedicated to highway maintenance, that must be accounted for in a separate fund $ 1,800,000 Multiple Choice A. $1,800,000. B. $2,100,000. C. $5,350,000. D. $3,300,000.The governmental funds of the City of Westchester report $541,000 in assets and $156,000 in liabilities. The following are some of the assets that the government reports. Prepaid items—$10,900. Cash from a bond issuance that must be spent within the school system according to the bond indenture—$89,500. Supplies—$8,800. Investments given by a citizen that will be sold soon with the proceeds used to beautify a public park—$36,750. Cash that the assistant director of finance designated for use in upgrading the local roads—$60,750. Cash from a state grant that must be spent to supplement the pay of local kindergarten teachers—$55,750. Cash that the city council (the highest level of decision-making authority in the government) voted to use in renovating a school gymnasium—$86,000. On a balance sheet for the governmental funds, what fund balance amounts should the City of Westchester report?The governmental funds of the City of Westchester report $601,500 in assets and $214,000 in liabilities. The following are some of the assets that the government reports. • Prepaid items-$16,900. • Cash from a bond issuance that must be spent within the school system according to the bond indenture-$120,000. • Supplies-$5,750. • Investments given by a citizen that will be sold soon with the proceeds used to beautify a public park-$34,500. • Cash that the assistant director of finance designated for use in upgrading the local roads-$43,750. • Cash from a state grant that must be spent to supplement the pay of local kindergarten teachers-$59,000. • Cash that the city council (the highest level of decision-making authority in the government) voted to use in renovating a school gymnasium-$80,750. On a balance sheet for the governmental funds, what fund balance amounts should the City of Westchester report? Answer is complete but not entirely correct. Fund balance-nonspendable Fund…
- A city is building a new park. To finance the construction of the park, the city will issue a $1,800,000 bond, and receive a transfer of $200,000 from the general Please record the journal entries for the Capital Project Fund and the Government-Wide financial statements. 1. The city signed a contract with a construction company to construct the park for $2,000.000. 2. The $1.800.000 bonds were issued at par. 3. The construction company billed the city for $2,000,000 upon completion of the project. 4. The park is completed.A city transfers cash of $90,000 from its general fund to start construction on a police station. The city issues a bond at its $1.8 million face value. The police station is built for a total cost of $1.89 million. a. Prepare all necessary journal entries for these transactions for both fund and government-wide financial statements. Assume that the city does not record the commitment for this construction. (Select the appropriate fund for each situation when required. If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in dollar, not in millons.)Japes City issued $1,000,000 general obligation bonds at 101 to build a new city hall. As part of the bond issue, the city also paid a $500 underwriter fee and $2,000 in debt issue costs. What amount should Japes City report as other financing sources? A.) $1,010,000 B.) $1,008,000 C.) $1,007,500 D.) $1,000,000