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Tuston Township issued the following bonds during the year ended June 30, Year 1:
Bonds issued for the garbage collection enterprise fund that will service the debt $700,000
Revenue bonds to be repaid from admission fees collected by the Township zoo enterprise fund 500,000
What amount of these bonds should be accounted for in Tuston's government-wide financial statement as a liability resulting from governmental activities?
A.) $1,200,000
B.) $700,000
C.) $500,000
D.) $0
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- Ibri township issued the following bonds during the year. The bond issued to purchase equipment for vehicle repair service that is accounted for in an internal service fund RO 30,000, The bonds issued to construct a new city hall RO 10,000 The bonds issued to improve its water utility, which is accounted for in an enterprise fund RO 50,000. The amount of bond issued to be reported in the general fund is a. RO 10,000 b. RO 50,000 c. None of the options d. RO 30,000The City of Touchstone issued $1,000,000 general obligation bonds at 102 to build a new community center. As part of the bond issue, the city also paid a $2,500 underwriter fee and $4,000 in debt issue costs. What amount should the City of Touchstone report as other financing sources? From Governmental Non-Profit Accounting ClassThe City of Dylan issues a 10-year bond payable of $1 million at face value on the first day of Year 1. Debt issuance costs of $10,000 are paid on that day. For government-wide financial statements, how is this debt issuance cost reported? Choose the correct.a. $1,000 is recorded as an expense and $9,000 is recorded as an asset.b. $1,000 is recorded as an expense and $9,000 is recorded as a deferred outflow of resources.c. $10,000 is recorded as an expense.d. $10,000 is recorded as an asset.
- The City of Dylan issues a 10-year bond payable of $1 million at face value on the first day of Year 1. Debt issuance costs of $10,000 are paid on that day. For government-wide financial statements, how is this debt issuance cost reported? $1,000 is recorded as an expense and $9,000 is recorded as an asset. $1,000 is recorded as an expense and $9,000 is recorded as a deferred outflow of resources. $10,000 is recorded as an expense. $10,000 is recorded as an asset.Bilberry County voted to establish an internal service fund to account for printing and copying for all its departments and agencies. The county engaged in the following activities related to the new fund on 1/1/2019. a) The county commission voted to transfer $300,000 from the general fund to the internal service fund to establish the new fund. b) Entered into a capital lease for equipment to be used in printing activities. The total present value of the lease obligation is $600,000. c) Issued $2 million in general obligation bonds at 101. The bonds were issued to acquire additional equipment and are to be serviced from the internal service fund. d) Purchased equipment for $1,950,000. The equipment has an estimated useful life of 10 years and an estimated salvage value of $150,000. e) Billed the general fund for copying and printing charges, $70,000. f) Paid salaries to printing employees, $50,000. a. Total Fixed Asset reported on the financial statement as of 1/1/2019 is? b. Total…Bilberry County voted to establish an internal service fund to account for printing and copying for all its departments and agencies. The county engaged in the following activities related to the new fund on 1/1/2019. a) The county commission voted to transfer $300,000 from the general fund to the internal service fund to establish the new fund. b) Entered into a capital lease for equipment to be used in printing activities. The total present value of the lease obligation is $600,000. c) Issued $2 million in general obligation bonds at 101. The bonds were issued to acquire additional equipment and are to be serviced from the internal service fund. d) Purchased equipment for $1,950,000. The equipment has an estimated useful life of 10 years and an estimated salvage value of $150,000. e) Billed the general fund for copying and printing charges, $70,000. f) Paid salaries to printing employees, $50,000. Total liability reported on the Financial statement as of 1/1/2019 is? answer please.
- Wood City, which is legally obligated to maintain a debt service fund, issued the following general obligation bonds on July 1, Year 1: Term of bonds 10 years, Face amount $1,000,000, Issue price 95 , Stated interest rate 6% Interest is payable January 1 and July 1. What amount of bond discount should be amortized in Wood's debt service fund for purposes of fund financial reporting for the year ended December 31, Year 1? A.) $1,000 B.) $500 C.) $250 D.) $0The 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…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.
- 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…For each of the following events or transactions, prepare the necessacry journal entries and identify the fund or funds that will be affected. 1. A governmental unit collects fees totaling $4,500 at the municipal pool. The fees are charged to recover costs of pool operation and maintenance 2. A county government that serves as a tax collection agency for all towns and cities located within the county collects county sales taxes totaling $125,000 for the month. 3. A $1,000,000 bond offering was issued, with a premium of $50,000, to subsidize the construction of a city visitor center. 4. A town receives a donation of $50,000 in bonds. The bonds should be held indefinitely, but bond income is to be donated to the local zoo. The zoo is associated with the town. 5. A central printing shop is established with a $150,000 nonreciprocal transfer from the general fund. 6. A $1,000,000 revenue bond offering was issued at par by a fund that provides water and sewer services to…For each of the following events or transactions, prepare the necessacry journal entries and identify the fund or funds that will be affected. 1. A governmental unit collects fees totaling $4,500 at the municipal pool. The fees are charged to recover costs of pool operation and maintenance 2. A county government that serves as a tax collection agency for all towns and cities located within the county collects county sales taxes totaling $125,000 for the month. 3. A $1,000,000 bond offering was issued, with a premium of $50,000, to subsidize the construction of a city visitor center. 4. A town receives a donation of $50,000 in bonds. The bonds should be held indefinitely, but bond income is to be donated to the local zoo. The zoo is associated with the town. 5. A central printing shop is established with a $150,000 nonreciprocal transfer from the general fund. 6. A $1,000,000 revenue bond offering was issued at par by a fund that provides water and sewer services to…