Complete the necessary journal entries to record the related transactions in the town's capital projects fund, debt service fund, and governmental activities at the government-wide level.
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Residents of the town of Sunny View, Arizona authorized a $5,000,000 renovation to their
historic town hall on November 15, 2022. Financing for the project consists of $2,500,000 from
a 5 percent serial bond issue, $1,500,000 from a state grant, and $1,000,000 from the General
Fund. Debt service for the serial bonds will be provided by a one-quarter-cent city sales tax
imposed on every dollar of sales in the city.
Required:
Complete the necessary
projects fund, debt service fund, and governmental activities at the government-wide level. You
may ignore entries in the General Fund. The town has a calendar year-end.
n. The sales tax collections for debt service amounted to $250,000.
o. Central Paving and Construction gave a final billing to the town for $2,000,000. Upon last inspection by the Public Works Department, a leak was discovered in the roof.p. Public works employees installed a new sidewalk and landscaping at a total cost of $130,000.
q. The roof leak was repaired satisfactorily, and the city paid the last billing and all
retainages.
r. The April 1 debt service payments are made.
s. The renovation is considered done, and appropriate amounts are reclassified as
buildings and improvements other than buildings (landscaping). All capital projects fund
nominal accounts are closed, and remaining cash in the capital projects fund is
transferred to the debt service fund. Amend the debt service fund budget
because this transfer was not anticipated.
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- Residents of the town of Sunny View, Arizona authorized a $5,000,000 renovation to theirhistoric town hall on November 15, 2022. Financing for the project consists of $2,500,000 froma 5 percent serial bond issue, $1,500,000 from a state grant, and $1,000,000 from the GeneralFund. Debt service for the serial bonds will be provided by a one-quarter-cent city sales taximposed on every dollar of sales in the city. Required: Complete the necessary journal entries to record the related transactions in the town's capitalprojects fund, debt service fund, and governmental activities at the government-wide level. Youmay ignore entries in the General Fund. The town has a calendar year-end. e. On April 1, 2023, the town issues serial bonds with a face value totaling $2,500,000 andhaving maturities ranging from one to 20 years at 102. The bonds bear interest of 5percent per annum, payable semiannually on April 1 and October 1. Premiums on bondsissued must be deposited directly in the debt service…Residents of the town of Sunny View, Arizona authorized a $5,000,000 renovation to theirhistoric town hall on November 15, 2022. Financing for the project consists of $2,500,000 froma 5 percent serial bond issue, $1,500,000 from a state grant, and $1,000,000 from the GeneralFund. Debt service for the serial bonds will be provided by a one-quarter-cent city sales taximposed on every dollar of sales in the city. Required: Complete the necessary journal entries to record the related transactions in the town's capitalprojects fund, debt service fund, and governmental activities at the government-wide level. Youmay ignore entries in the General Fund. The town has a calendar year-end. a. Record the 2023 budget for the Serial Debt Service Fund. Sales taxes of $350,000 areexpected to be collected in 2023; the only appropriation is expected to be six months ofinterest of the serial bond.b. The town transfers $1,000,000 from the General Fund to a newly established capitalprojects fund.c.…Residents of the town of Sunny View, Arizona authorized a $5,000,000 renovation to theirhistoric town hall on November 15, 2022. Financing for the project consists of $2,500,000 froma 5 percent serial bond issue, $1,500,000 from a state grant, and $1,000,000 from the GeneralFund. Debt service for the serial bonds will be provided by a one-quarter-cent city sales taximposed on every dollar of sales in the city. Required: Complete the necessary journal entries to record the related transactions in the town's capitalprojects fund, debt service fund, and governmental activities at the government-wide level. Youmay ignore entries in the General Fund. The town has a calendar year-end. j. The town paid Central Paving and Construction the amount it had billed, except for 5percent that was withheld as a retained percentage per terms of the contract. k. Grant funds totaling $1,500,000 are received from the state historical society becauseeligible expenditures have been made. l. At year-end,…
- 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…Mountain View’s citizens authorized the construction of a new library. As a result of this project, the city had the following transactions during 2018: a. On January 3, 2018, a $600,000 serial bond issue having a stated interest rate of 8% was authorized for the acquisition of land and the construction of a library building. The bonds are to be redeemed in 10 equal annual installments beginning February 1, 2019. b. On January 10, 2018, the city made a $50,000 down payment deposit on the purchase of land, which is to be the site of the library. The contracted price for the land is $150,000, which is $40,000 below what the city estimated it would have to spend to acquire a site. c. On March 1, 2018, the city issued serial bonds having a $450,000 face value at 102. The bond indenture requires any premium to be set aside for servicing bond interest. d. On March 10, 2018, the city paid the remaining amount on the land contract and took title to the land. e. On March 17, 2018, the city…The city of Sandwhich purchased a swimming pool from a private operator as of April 1, 2020 for $400,000, of which $200,000 was provided by a one-time contribution from the General Fund, and $200,000was provided by a loan from the First National Bank, secured by a note. The loan has an annual interest rate of 6 percent, payable semiannually on October 1 and April 1; principal payments of $100,000are to be made annually, begining on April 1, 2021. The city has a calander year as its fiscal year. During the year ended December 31, 2020, the following transactions occured related to the City of Sandwhich Swimming Pool. 1. The amounts were received from the City General Fund and the Fist National Bank. 2. A loan was provided in the amount of $125,000 from the Water Utility Fund to provide the working capital. 3. The purchase of the pool was recorded. Based on the appraisal, it was decided to allocate $100,000 to the land, $200,000 to imporvements other then buildings ( the pool), and…
- The city of Sandwhich purchased a swimming pool from a private operator as of April 1, 2020 for $400,000, of which $200,000 was provided by a one-time contribution from the General Fund, and $200,000was provided by a loan from the First National Bank, secured by a note. The loan has an annual interest rate of 6 percent, payable semiannually on October 1 and April 1; principal payments of $100,000are to be made annually, begining on April 1, 2021. The city has a calander year as its fiscal year. During the year ended December 31, 2020, the following transactions occured related to the City of Sandwhich Swimming Pool. 1. The amounts were received from the City General Fund and the Fist National Bank. 2. A loan was provided in the amount of $125,000 from the Water Utility Fund to provide the working capital. 3. The purchase of the pool was recorded. Based on the appraisal, it was decided to allocate $100,000 to the land, $200,000 to imporvements other then buildings ( the pool), and…The city of Sandwhich purchased a swimming pool from a private operator as of April 1, 2020 for $400,000, of which $200,000 was provided by a one-time contribution from the General Fund, and $200,000was provided by a loan from the First National Bank, secured by a note. The loan has an annual interest rate of 6 percent, payable semiannually on October 1 and April 1; principal payments of $100,000are to be made annually, begining on April 1, 2021. The city has a calander year as its fiscal year. During the year ended December 31, 2020, the following transactions occured related to the City of Sandwhich Swimming Pool. 1. The amounts were received from the City General Fund and the Fist National Bank. 2. A loan was provided in the amount of $125,000 from the Water Utility Fund to provide the working capital. 3. The purchase of the pool was recorded. Based on the appraisal, it was decided to allocate $100,000 to the land, $200,000 to imporvements other then buildings ( the pool), and…The citizens of Spencer County approved the issuance of $2,008,000 in 6 percent general obligation bonds to finance the construction of a courthouse annex. A capital projects fund was established for that purpose. The preclosing trial balance of the courthouse annex capital project fund follows: Trial Balance—December 31, 2020 Debits Credits Cash $ 908,000 Contract payable $ 551,000 Due from state government 192,000 Encumbrances 108,000 Expenditures—capital 1,854,000 Intergovernmental grant 395,000 OFS: premium on bonds 57,000 OFS: proceeds sale of bonds 2,008,000 Budgetary fund balance—Reserve for encumbrances 108,000 OFU: Transfer out 57,000 $ 3,119,000 $ 3,119,000 Required:a. Prepare any closing entries necessary at year-end.b. Prepare a Statement of Revenues, Expenditures, and Changes in Fund Balance…
- On June 1, 2020, the City of Cape May authorized the construction of a police station at an expected cost of $250,000. Financing will be provided through transfers from a Special Revenue Fund. The following transactions occurred during the fiscal year beginning June 1, 2020, relating to the Capital Project Fund. 1. The $250,000 receivable from the Special Revenue Fund was recorded. 2. The Special Revenue Fund transferred $125,000 to the Capital Project Fund to begin construction on the police station. 3. The Capital Project Fund invested the transfer of monies in a six-month certificate, at 5%. 4. A contract in the amount of $250,000 was let to the lowest bidder. 5. Architect and legal fees in the amount of $3,125 were approved for payment. There was no encumbrance for these expenditures. 6. Contract billings in the amount of $250,000 were approved for payment on the completion of the police station and the encumbrance was removed. 7. The six-month certificate was redeemed at maturity…A bond issue was authorized by vote to provide funds for the construction of a new municipal building, which it was estimated would cost $1,070,000. The bods are to be paid in 10 equal installments from a debt service fund, and payments are due March 1 of each year.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…