Armstrong county established a county office building

Reference no: EM13600883

Armstrong County established a County Office Building Construction Fund to account for a project that was expected to take less than one year to complete. The County's fiscal year ends on June 30.

(1) On July 1, 2009, bonds were sold at par in the amount of $9,000,000 for the project.

(2) On July 5, a contract was signed with the Sellers Construction Company in the amount of $8,800,000.

(3) On December 30, a progress bill was received from Sellers in the amount of $5,000,000. The bill was paid, except for a 5 percent retainage.

(4) On June 1, 2010, a final bill was received in the amount of $3,800,000 from Sellers, which was paid, except for the 5 percent retainage. An appointment was made between the County Engineer and Bill Sellers to inspect the building and to develop a list of items that needed to be corrected.

(5) On the day of the meeting, the County Engineer discovered that Sellers had filed for bankruptcy and moved to Florida to establish a new construction firm. The City incurred a liability in the amount of $490,000 to have the defects corrected by the Baker Construction Company.

(6) All accounts (from 5 above) were paid; remaining cash was transferred to the Debit Service Fund.

(7) The accounts of the County Office Building Construction Fund were closed.

Record the transaction in the County Building Construction Fund.

b. Prepare a separate Statement of Revenues, Expenditures, and Changes in Fund Balances for the County Office Building Construction Fund for the year ended June 30, 2010.

Reference no: EM13600883

Questions Cloud

Chihooli inc manufactures radiation-shielding glass panels : chihooli inc. manufactures radiation-shielding glass panels. suppose chihooli is considering spending the following

If instead the noncontrolling interests acquisition-date : on january 1 2012 pierson corporation exchanged 1710000 cash for 90 percent of the outstanding voting stock of steele

Geddes traded in equipment with a book value of 2000 : jane geddes engineering corporation purchased conveyor equipment with a list price of 10000. the vendors credit terms

Bubbas crawfish processing company uses a traditional : bubbas crawfish processing company uses a traditional overhead allocation based on direct labor hours. for the current

Armstrong county established a county office building : armstrong county established a county office building construction fund to account for a project that was expected to

Calculate the average annual dividend per share for each : love theatre inc. owns and operates movie theaters throughout new mexico and utah. love theatre has declared the

Compute the equivalent units of production for the first : he franc zeppo venture manufactures a product that goes through two processing departments. information relating to the

For this discussion you will research the minimum wage laws : for this discussion you will research the minimum wage laws. your response must include a discussion of both the

Changing from lifo to fifo over two accounting periods : changing from lifo to fifo over two accounting periods could be viewed as a violation of what account concept or

User Account

All Pages