Breneman City reported bonds payable of $5,500,000 in the governmental activities column of its statement of net position for fiscal year ended June 30, 2021. During fiscal year ended June 30, 2022, the City issued bonds payable totaling $1,000,000, and made principal payments on bonds payable totaling $220,000. Prepare the three journal entries required to adjust the governmental funds statements to the government-wide statements for fiscal year ended June 30 20??

Breneman City reported bonds payable of $5,500,000 in the governmental activities column of its statement of net position for fiscal year ended June 30, 2021. During fiscal year ended June 30, 2022, the City issued bonds payable totaling $1,000,000, and made principal payments on bonds payable totaling $220,000. Prepare the three journal entries required to adjust the governmental funds statements to the government-wide statements for fiscal year ended June 30 20??

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

During fiscal year 2019, a municipality issued the following debt instruments: Tax anticipation notes : $2,500,000 Utility bonds : 3,000,000 General obligation bonds : 8,000,000 How much of this debt should be reported in the fund financial statement?
A city keeps its books on a calendar-year basis. On April 1, 2019, the city sold $500,000 of 2% general obligation bonds, payable in semi-annual installments. The first installment, due October 31, 2019 covered interest of $5,000 and principal of $10,000. For the year ended December 31, 2019, how much should the Debt Service Fund report as expenditures? $15,000 $5,000 $15,000, plus an accrual for three months' interest $5,000, plus an accrual for three months' interest and principal
The following transactions relate to the General Fund of the City of Buffalo Falls for the year ended December 31, 2020: Beginning balances were: Cash, $99,000; Taxes Receivable, $198,500; Accounts Payable, $56,750; and Fund Balance, $240,750. The budget was passed. Estimated revenues amounted to $1,290,000 and appropriations totaled $1,286,200. All expenditures are classified as General Government. Property taxes were levied in the amount of $945,000. All of the taxes are expected to be collected before February 2021. Cash receipts totaled $915,000 for property taxes and $312,500 from other revenue. Contracts were issued for contracted services in the amount of $105,750. Contracted services were performed relating to $94,500 of the contracts with invoices amounting to $91,700. Other expenditures amounted to $990,500. Accounts payable were paid in the amount of $1,132,500. The books were closed. Required:a. Prepare journal entries for the above transactions.b. Prepare a Statement of…
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 following information is available for the preparation of the government-wide financial statements for the City of Northren Pines fot the year ended June 30,2020: Expenses: General government $11,960,000; Public Safety $23,900.000; Public Works $11,290,000 Health and sanitation $6,010,000, Culture and recreation $4,198,000; Interest on long term debt, governmental type $721,000; Water and Sewer system $10,710,000 Parking system $409,000 Revenues: Charges for service, general governemnt $1,510,000; Charges for services, public safety $210,000; Operating grant, public safety $798,000; Charges for services health and sanitation $2,335,000; Operating grant, health and sanitation $1,210,000; Charges for service, culture and recreation $1,998,000; Charges for services, water and sewer $11,588,000; Changes for services, parking system $388,000; Property Taxes $27,112,000; Sales Taxes $20,698,000 investment earnings, business-type $325,000; Special Item - gain on sale of unused land,…
On October 1, 2019, the City of Mizner issued $6,000,000 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 $5,968,750 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 $300,000 is due October 1, 2020. The fiscal year for Mizner is July 1- June 30.In addition to a $6,000,000 liability in the government-wide Statement of Net Position, how would the bond sale be reported? Multiple Choice As a $6,000,000 other financing source in the capital projects fund, a $60,000 other financing source in the debt service fund, and as a $6,000,000 liability in the debt service fund. As a $6,060,000 other financing source in the capital projects fund, a $60,000…
The following information is available for the preparation of the government-wide financial statements for the City of Northern Pines for the year ended June 30, 2020: Expenses: General government $ 12,060,000 Public safety 24,509,000 Public works 11,578,000 Health and sanitation 6,163,000 Culture and recreation 4,509,000 Interest on long-term debt, governmental type 739,000 Water and sewer system 10,977,000 Parking system 418,000 Revenues: Charges for services, general government 1,340,000 Charges for services, public safety 214,800 Operating grant, public safety 816,300 Charges for services, health and sanitation 2,409,000 Operating grant, health and sanitation 1,237,600 Charges for services, culture and recreation 2,248,100 Charges for services, water and sewer 11,852,000 Charges for services, parking system 396,700 Property taxes 27,719,800 Sales taxes…
On March 2, 2018, Beloit City issued 10-year general obligation bonds at face amount, with interest payable on March 1 and September 1. The proceeds were to be used to finance the construction of a civic center over the period of April 1, 2018, to March 31, 2019. During the fiscal year ended June 30, 2018, no resources had been provided to the debt service fund for the payment of principal and interest.Proceeds from the general obligation bonds should be recorded in the a. general fund. b. capital projects fund. c. general long-term debt account group. d. debt service fund.
Long-term debt adjustments for government-wide financial statements Sai-Tu Village reported outstanding long-term bonds payable of $6,000,000 in the governmentalactivities column of its government-wide statement of net position for the year ended December 31, 2022.During 2023, Sai-Tu Village sold $500,000 of new general obligation bonds and repaid $300,000of bonds outstanding at the beginning of the year.Prepare journal entries needed to adjust Sai-Tu’s fund financial statements so government-widestatements can be prepared for the year ended December 31, 2023.If no entry is necessary, select 'No debit (or credit) entry needed' in the account fields and enter 0 in the amount fields.
The following transactions relate to the general fund of the city of buffalo falls for the year ended december 31, 2020: 1. Begining Balances were: Cash, $80,000; Taxes receivable, $185,000; Accounts Payable, $50,000; and Fund Balance, $215,000. 2. The budget was passed. Estimated revenues amount to $1,200,000 and appropriations totaled $1,196,000. All expemditures are classifed as General Government. 3. property taxes were levied in the amount of $902,000. Alll of the taxes are expected to be collected before Febuary 2021. 4. Cash reciepts totaled $870,000 for property taxes and $275,000 from other revenue. 5. contracts were issued for contracted servies in the amount of $90,000. 6. Contracted services were preformed relating to $82,000 of the contracts with invoices ammounting to $80,000. 7. Other expenditures amounted to $950,000. 8. accounts payable were paid in the amount of $1,070,000. 9. The books were closed. Required: a. Prepare Jounal entries for the above tranactions. b.…
The following information relates to Redwood City during its fiscal year ended December 31, 2019:a. On October 31, 2019, to finance the construction of a city hall annex, Redwood issued 8%, 10-year general obligation bonds at their face value of $600,000. Construction expenditures during the period equaled $364,000.b. Redwood reported $109,000 from hotel room taxes, restricted for tourist promotion, in a special revenue fund. The fund paid $81,000 for general promotions and $22,000 for a motor vehicle.c. 2019 general fund revenues of $104,500 were transferred to a debt service fund and used to repay $100,000 of 9%, 15-year term bonds and $4,500 of interest. The bonds were used to acquire a citizens’ center.d. At December 31, 2019, as a consequence of past services, city firefighters had accumulated entitlements to compensated absences valued at $140,000. General fund resources available at December 31, 2019, are expected to be used to settle $30,000 of this amount, and $110,000 is…
The following transactions related to the General Fund of the City of Buffalo Falls for the year ended December 31, 2020: 1. Beginning balances were: Cash, $100,000: Taxes Receivable, $200,000: Accounts Payable, $57,500: and Fund Balance, $242,500. 2. The budget was passed. Estimated revenues amounted to $1, 300,000 and appropriations totaled1,296,000. All expenditures are classified as General Government. 3. Property taxes were levied in the amount of $950,000. All of the taxes are expected to be collected before February 2021. 4. Cash receipts totaled $920,000 for property taxes and $315,000 from other revenue. 5. Contracts were issued for contracted services in the amount of $107,500. 6. Contracted services were performed relating to $96,000 of the contracts with invoices amounting to $93,000. 7. Other expenditures amounted to $995,000. 8. Accounts payable were paid in the amount of $1,140,000. 9. The books were closed. Required: c. Prepare a Balance Sheet for the General Fund…