Governmental and Nonprofit Accounting (11th Edition)
11th Edition
ISBN: 9780133799569
Author: Robert J. Freeman, Craig D. Shoulders, Dwayne N. McSwain, Robert B. Scott
Publisher: PEARSON
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Textbook Question
Chapter 7, Problem 1CC
(CPF Journal Entries—Blue Earth County, Montana) Record the following transactions in the Building and Capital Purchases Capital Projects Fund of Blue Earth County, Montana, for the year ended December 31, 20X6.
- 1. Levied property taxes of $4,385,559 that are restricted for general government capital projects. Of the total amount, $150,000 is expected to be uncollectible.
- 2. Collected $4,135,559 before the due date for taxes. The balance of the property taxes became delinquent.
- 3. Issued $4,000,000 (face amount) of bonds at a premium of $33,479. Bond issue costs of $33,815 were paid.
- 4. Received the General Fund contribution to the building projects, $3,223,980.
- 5. Signed contracts on building projects totaling $9,500,000.
- 6. Incurred construction costs under contracts of $6,300,000.
- 7. Incurred and paid unencumbered construction costs of $70,242.
- 8. Paid contractors the amounts due less $393,060 retainage.
- 9. Billed grantor agencies $2,778,235 for costs reimbursable under grant awards.
- 10. Collected $2,000,385 from grantor agencies. Another $24,000 is expected to be collected within the first 60 days of 20X7.
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Prepare journal entries to record the following transactions in the capital projects fund and the government-wide financial statements (governmental activities). Please write "no entry" for any transactions that no journal entries is required. Please show your calculation where necessary.
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Chapter 7 Solutions
Governmental and Nonprofit Accounting (11th Edition)
Ch. 7 - When is a Capital Projects Fund used by a...Ch. 7 - Prob. 2QCh. 7 - What is the life cycle of a Capital Projects Fund?Ch. 7 - Why is each significant capital project usually...Ch. 7 - In what situations could several capital projects...Ch. 7 - Prob. 6QCh. 7 - Prob. 7QCh. 7 - Prob. 8QCh. 7 - Prob. 9QCh. 7 - Prob. 10Q
Ch. 7 - Prob. 11QCh. 7 - Prob. 12QCh. 7 - Which of the following general government capital...Ch. 7 - Budgets for Capital Projects Funds are a. often...Ch. 7 - Which of the following are sometimes reported as...Ch. 7 - Wakefield Heights sold 6,000,000 of general...Ch. 7 - Which of the following statements regarding the...Ch. 7 - Common expenditures in a Capital Projects Fund...Ch. 7 - Prob. 1.7ECh. 7 - In practice, which of the following is false...Ch. 7 - The funding sources for a Capital Projects Fund...Ch. 7 - Prob. 2.2ECh. 7 - When grant resources are received before...Ch. 7 - Bonds are sold to finance the construction of a...Ch. 7 - After restricted and committed levels of fund...Ch. 7 - Which of the following would not be reported on...Ch. 7 - The City of Hope received an unrestricted grant in...Ch. 7 - Expenditures are made in a Capital Projects Fund...Ch. 7 - A GAAP-based Statement of Revenues, Expenditures,...Ch. 7 - Prob. 2.10ECh. 7 - (General Ledger Entries) The following...Ch. 7 - (Long-Term Debt Issuances) Swenson Township issued...Ch. 7 - (Short Discussion and Analysis) Briefly discuss...Ch. 7 - (Statement of Revenues, Expenditures, and Changes...Ch. 7 - (Multiple Choice Problems and Computations)...Ch. 7 - Prob. 2PCh. 7 - (Statement of Revenues, Expenditures, and Changes...Ch. 7 - Prob. 6PCh. 7 - (CPF Journal EntriesBlue Earth County, Montana)...
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