Create the required journal entries for the payment and receipt of funds from the general fund.
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Your city has decided to build a new library. The projected cost is $2 million. A bond issue for $1.2 million has been authorized, and the remainder is supposed to come from a contribution of $800,000 from the general fund. The bonds sold for $1.3 million, a premium of $100,000.
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- 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,…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…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,…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. 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…
- Cash of $90,000 is transferred from a city’s 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 $1.89 million. 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. What information do the government-wide financial statements present? What information do the fund financial statements present?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?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 City of Bernard starts the year of 2020 with the following unrestricted amounts in its general fund: cash of $42,250 and investments of $82,500. In addition, it holds a small building bought on January 1, 2019, for general government purposes for $318,000 and a related long-term debt of $254,400. The building is depreciated on the straight-line method over 10 years. The annual interest rate on the debt is 10 percent. The general fund has four separate functions: general government, public safety, public works, and health and sanitation. Other information includes the following: Receipts: Property taxes $597,000 Sales taxes 107,800 Dividend income 25,000 Charges for general government services 19,400 Charges for public safety services 12,050 Charges for public works 5,700 Charges for health and sanitation services 40,800 Charges for landfill 9,200 Grant to be used for salaries for health workers (no eligibility requirements) 28,500 Issued long-term…The City of Sunnyville’s General Fund has the following net resources at year end: $55,000 for LT Advance to an internal service fund $375,000 approved by the City Council with specific conditions for its use $2,500 of supplies inventory $60,000 state grant for snow removal $150,000 City Council resolution approved for funds to renovate city hall $400,000 to be used to fund government operations in the future Outstanding encumbrances of $80,000 for the purchase of furniture & fixtures What would be the total “Unassigned” fund balance? Select one: a. $280,000 b. $400,000 c. $80,000 d. $377,500The City of Sunnyville’s General Fund has the following net resources at year end: $55,000 for LT Advance to an internal service fund $375,000 approved by the City Council with specific conditions for its use $2,500 of supplies inventory $60,000 state grant for snow removal $150,000 City Council resolution approved for funds to renovate city hall $400,000 to be used to fund government operations in the future Outstanding encumbrances of $80,000 for the purchase of furniture & fixtures What would be the total “Non-spendable” fund balance? Select one: a. $2,500 b. $57,500 c. $75,000 d. $105,000