User Account

All Pages

Prepare a statement of revenues

Assignment Help Accounting Basics
Reference no: EM131767232

Question - The citizen of Spencer County approved the issuance of $ 2,000,000 in 6% general obligation bonds to finance the construction of a courthouse annex. A capital project fund was established for that purpose. The preclosing trial balance of the courthouse annex capital project fund follows:

Trial Balance-December 31, 2012

Debits Credits

Cash $1,265,000

Contract payable $550,000

Due from State Government 200,000

Encumbrances 750,000

Expenditures-Capital 1,485,000

OFS: premium on bonds 400,000

OFS: proceeds sale of bonds 35,000

Budgetary fund balance- 2,000,000

Reserve for encumbrances 35,000 750,000

Transfer out $3,735,000.00 $3,735,000

REQUIRED:

a. Prepare any closing entries necessary at year-end.

b. Prepare a Statement of Revenues, Expenditure, and Changes in Fund Balance for the courthouse annex capital project fund.

c. Prepare a balance sheet for the Courthouse Annex Capital Project Fund, assuming all unexpended resources are restricted to construction of the courthouse annex.

Reference no: EM131767232

Questions Cloud

Problem on an american roulette wheel : Roulette An American roulette wheel has 18 red slots among its 38 slots. To test if a particular roulette wheel is fair, you spin the wheel 50 times.
What is the consolidated balance for the equipment : What is the consolidated balance for the Equipment account as of December 31, 2014
The set-up time that should be achieved : To obtain the desired lot size, the set-up time that should be achieved = ___ minutes
How the mean reading differs from the true value : Radon detectors Radon is a colorless, odorless gas that is naturally released by rocks and soils and may concentrate in tightly closed houses.
Prepare a statement of revenues : Prepare a Statement of Revenues, Expenditure, and Changes in Fund Balance for the courthouse annex capital project fund
How quantitative and qualitative assessment can be used : Explain how quantitative and qualitative assessment and information gathering can be used in mitigation planning.
What is the working capital and current ratio : What is the working capital, current ratio, and quick ratio of Netlix.
Which would be a more serious mistake in the setting : A software company is trying to decide whether to produce an upgrade of one of its programs. Customers would have to pay $100 for the upgrade.
Simulate the layout and plot each of the four outputs : Simulate the layout and plot each of the four outputs and the clock input for both cases; when the counter is counting up and when it is counting down.

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +91-977-207-8620

Phone: +91-977-207-8620

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd