Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
During FY 2014, the voters of Surprise County approved construction of a $21 million police facility and an $11 million fire station to accommodate the county's population growth. The construction will be financed by tax-supported bonds in the amount of $30 million, a $1 million economic stimulus grant, and a portion of future use tax revenues. During 2014, the following events and transactions occurred.1. Issued $100,000 of 6 percent bond anticipation notes to cover preliminary planning and engineering expenses.2. Incurred architecture and engineering costs in the amount of $60,000. They were split evenly between the two projects.3. Entered into a construction contract for $32 million---$21 million was for the police facility and $11 million was related to the fire station.4. Issued the $30 million, 20-year 5% bonds at 101. (The premium should be recorded in a debt service fund. You do not need to record this entry)5. Paid off the bond anticipation notes that had been outstanding 180 days. (Interest is an expenditure of the capital projects fund.)6. An invoice for $16 million was received from the contractor for a portion of police facility construction ($10 million) and fire station construction ($6 million).7. Half of the grant funds were received in cash. The remainder is anticipated in 2015; however, the grantor notified the county that there is no guarantee that the federal government will appropriate the 2015 portion.8. The initial construction invoice, less 5% retainage, was paid.9. The fire station was completed, and a final invoice for the remaining $5 million was received. All fire station construction charges incurred can be capitalized as buildings.10. Following inspection, the fire station invoices were paid in full.11. At year-end, the contractor billed the county an additional $7.5 million for the police facility; however, the police facility was incomplete.12. Temporary accounts were closed at year-end. Assume that the fund balances are all restricted.
Instructions:a. Prepare journal entries to record the preceding information in a single Surprise County Construction Fund and the governmental activities general journal at the government-wide level.b. Prepare a Surprise County Construction Fund balance sheet for the year ended December 31, 2014.c. Prepare a Construction Fund statement of revenues, expenditures, and changes in fund balances for the year ended December 31, 2014.d. How would these capital expenditures for the police facility and fire station appear on the Surprise County's government-wide statements of net position and activities?
Analyze one completed M&A transaction from recent times There are two main requirements (1) an analysis of the strategic and economic rationale behind the merger, and (2) an analy
Sleek Ride, a company providing limo services, has a December 31 year-end date. For Sleek Ride, the following transactions occurred during the ?rst 10 days of June: a. Purchased, o
One of the initial and the most general questions regarding an investment optional is the time period needed to double the investment. One clear way is to consider to the table of
Trustee's duties in administering the D of A 1) To carry out the trusts of the D of A and to distribute the property assigned to him in accordance with the provisions of the D of
For this problem we will be working with the Ericksen data set for describing the percentage of the population not counted in the US Census from 1980. In this data set we have diff
I have a presentation on an article (around 20 pages). I also need 2 current real life examples (2 companies) to support the presentation. Can you do that? How long it will take yo
The following question are based on above table:- Question 1 What is the change in net working capital from 2009 to 2010? Question 2 What is net capital spending for 20
2500 words
Accounting treatment of deferred tax The objective of accounting for deferred tax is to ensure that the profits for the period d onto fluctuate due to temporary differences. To a
a company recorded for the past year a sales of 500,000 and an operating incme of 40,000. What is the turnover needed to earn in order to achieve an ROI of 20%
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!
whatsapp: +91-977-207-8620
Phone: +91-977-207-8620
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd