Proceeds from bonds issued to construct a new city hall would most likely be recorded in the journal of the: Multiple Choice Debt service fund. General Fund. Capital projects fund. Enterprise fund.
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Proceeds from bonds issued to construct a new city hall would most likely be recorded in the journal of the:
Debt service fund.
General Fund.
Capital projects fund.
Enterprise fund.
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- Trapper City issued 30-year bonds for the purpose of building a new City Hall. The proceeds of the bonds are deposited in the General Fund. For the governmental fund financial statements, in what fund will Bonds Payable appear? General Fund. Internal service fund. Permanent Fund. Debt Service Fund. Bonds Payable do not appear in governmental fund financial statements.The citizens of a geographic area of the National City authorized a special assessment to be imposed on their properties to finance the reconstruction of the infrastructure of the sewerage system that serves the area. The city will solicit bids, oversee the reconstruction, issue the debt in the city's name, and pay the debt. The city is not bound in any way by the debt, but will collect special assessments and make principal and interest payments to bondholders. 1. Explain the use and purpose of the Capital Projects Fund for the National City construction project.A city issues five-year bonds payable to finance construction of a new school. What recording should be made?a. Report the liability in the government-wide financial statements; show an other financing source in the fund financial statements.b. Report a liability in the government-wide financial statements and in the fund financial statements.c. Show an other financing source in the government-wide financial statements and in the fund financial statements.d. Show an other financing source in the government-wide financial statements; report a liability in the fund financial statements.
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- Prepare journal entries to record the following events. Identify every fund(s) or group of accounts in which an entry is made.a. The city authorized the construction of a city hall to be financed by a $6,000,000 contribution of the general fund and the proceeds of a $30,000,000 general obligation serial bond issue. Both amounts are budgeted to be received in the current year. Expenditures during the current year are estimated to be $14,000,000. Budgetary accounts are used.b. The general fund remits the $6,000,000.c. The bonds are sold for 99; issue costs totaled $50,000.d. A contract is signed with Mader Construction Company for construction of the city hall for an estimated contract cost of $32,000,000. The contract was authorized by a city official delegated authority by the city council.e. By year-end, $7,000,000 is paid against the contract withMader Construction Company.The City of Fox is evaluating which of its funds it will present as a major fund in its fund financial statements on December 31, Year 1. The city presents the following partial listing of asset data at December 31, Year 1: Total Governmental Fund Type Assets $ 3,000,000 Total Enterprise Fund Assets 2,000,000 General Fund Assets 280,000 Community Development Special Revenue Fund 290,000 Faberville River Bridge Capital Project Fund 100,000 Faberville Water & Sewer Utility Fund 1,800,000 Faberville Landfill 200,000 Based purely on assets, how many funds should be displayed as major funds? A.) Four B.) Five C.) TWO D.) ThreeJustify the presentation of the required accounting and financial reports to a city, when it uses funds, such as Capital project funds or Debt services funds, including the notes to the reports?