Reference no: EM13125596
Capital Projects Fund Homework Problem
Accuracy matters.
Tiger Township entered into the following transactions during 2005.
1. The township authorized a bond issue of $11 million for the construction of a pedestrian walkway as part of a downtown revitalization project. An additional $1 million of general revenues is to be used for the project. The authorization was recorded in the appropriate fund.
2. One million dollars of general revenues were paid to the construction fund from the General Fund.
3. The bonds were issued at 101. The premium was transferred to the fund from which the debt is to be serviced.
4. The township entered into a contract with Cooper Construction Company for construction of the walkway at an estimated cost of $10,350,000.
5. An engineering design firm was paid $174,000 for design work on the project.
6. A bill for $4,200,000 was received from Cooper Construction Company for work completed on the walkway to date. All but a 5% retainage was paid.
7. The accounts were closed at year end.
8. The walkway project was completed in 2006. Cooper Construction billed the township the remaining $6,150,000 due on the project. The township approved the project and paid Cooper in full.
9. The unused resources of the construction fund were set aside for debt service on the bonds. Accordingly, those resources were paid to the appropriate fund.
Prepare the journal entries required in the Capital Projects Fund to account for the above transactions. Prepare closing entries.
|
External-reporting purposes
: In the United States, about one in every four companies uses variable costing for internal reporting purposes. These companies must make adjustments to these reports for external-reporting purposes. Explain.
|
|
How you will relate the techniques to the contents
: You are scheduled to present the results of your work on creating a new software program for your company.what memory techniques will you use in order to be free of too much dependence on notes and power point slides?be specific as to how you will re..
|
|
Elucidate the concept of net present value
: Compute the net present value of the cash flows and the IRR for the project using the Excel spreadsheet formula. Elucidate the concept of Net Present Value.
|
|
Find the probability that winners are all men
: 11 women and 9 men are the contestant in a competition. If 3 winners are ramdomly selected. what is the probability that they are all men?
|
|
Prepare the journal entries required in the capital projects
: The township authorized a bond issue of $11 million for the construction of a pedestrian walkway as part of a downtown revitalization project. An additional $1 million of general revenues is to be used for the project. The authorization was record..
|
|
Explain bomb calorimeter gross heat of combustion
: Bomb Calorimeter, gross heat of combustion, In the following experiment 1.1651g of benzoic acid (6318 cal/gm) produced a net corrected temperature rise of 3.047C, also 8 cm (2.3 cal/cm) of fuse wire were consumed in the firing.
|
|
Determine the total bond interest expense
: Par Four Issues $1,700,000 of 10%, 10-year bonds dated January 1, 2011, that pay interest semiannually on June 30 and December 31. The bonds are issued at a price of $1,505,001.
|
|
Risks and liability factors in an audit
: What are the risks and liability factors in an audit? What are the implications to the auditor? What are the implications to the organization? How can the auditor mitigate these risks and liability factors?
|
|
What warranty company give if tires to outlast warranty
: Random sample with a normal distribution with a mean of 60,000 and standard deviation of 2300. What warranty should the company us if they want 96% of the tires to outlast the warranty?
|