Crimson City borrows $3,000,000 to build a new addition for city hall. During the year, they constructed the new addition spending $3,250,000. At what amount would the new addition be reported on the debt service fund's balance sheet? $3,000,000 $250,000 0 $3.250.000
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- On December 31, Year 1, the following balances were due from the state government to Clare City's various funds: Capital projects $300,000 Special revenue fund $18,000 Investment trust fund100,000 Enterprise 80,000 Custodial fund 100,000 Debt servide fund 100,000 In Clare's December 31, Year 1, financial statements, what amount should be reported in fiduciary funds? $600,000 $400,000. $300,000. $1,050,000The City of Matlock issues $20,000,000 face value of general obligation bonds for $19,920,000. The bonds will be used for the construction of new streets and sidewalks to make downtown more walkable. The City incurred $100,000 in bond issue costs. What is the amount of expenditures that the City report in its Capital Projects Fund? $108,000 $100,000 $8,000 $0The town of Walkerville borrows $5,000,000 at 7% C.s.a. interest payable semi-annually, full principal due and payable in 10 years. A sinking fund is set up with semi-annual deposits made estimated to earn 4%c.s.a. After 4 years have passed it is found that the fund contains $1,700,000. Find the new semi-annual contributions necessary for the fund to achieve its goal if for the remaining 6 years the estimated rate of interest is 5% c.s.a.
- shak City creates a new internal service fund. To get the internal service fund started, the City's general fund loans $100,000 to the newly created internal service fund. What journal entry will be recorded in the general fund as a result of the transaction? None of these Debit cash $100,000; credit due to internal service fund $100,000 Debit due from internal service fund $100,000; credit cash $100,000 Debit transfers in/out $100,000; credit cash $100,000 Debit cash $100,000; credit transfers in/out $100,000A city wishes to finance the cost of a new sports arena through the issue of a $4 million, 20-year bond. The bond pays semi-annual interest at a rate of j2-5%. In addition to the interest payments, the city must also make semi-annual contributions to a sinking fund that will be used to repay the bond principal ($4 million) at the end of 20 years. The sinking fund will earn j2=3%. a) Calculate the semi-annual sinking fund deposit to 2 decimals: b) Calculate the total periodic cost of debt to 2 decimalthe Shannon Township Debt Service Fund accumulates resources to pay its $2 million general obligation debt. The debt is payable in equal annual installments of principal over 10 years with 5% interest on the unpaid principal. Prepare journal entries to record the following transactions in the Debt Service Fund. 1. The Township levies a special property tax amounting to $500,000 to pay debt service on its long-term general obligation debt. 2. All the property taxes levied for debt service purposes are collected. 3. The Township invests $150,000 in a six-month certificate of deposit. 4. Debt service (interest of $100,000 and principal of $200,000) becomes due to bondholders. 5. The certificate of deposit in c. matures and the Township receives a total of $153,000, which includes $3,000 of interest.
- The Town Debt Service Fund accumulates resources to pay its $3 million general obligation debt. The debt is payable in equal annual installments of principal over 20 years with 5% interest on the unpaid principal. Prepare journal entries to record the following transactions in the Debt Service Fund. The Town levies a special property tax amounting to $550,000 to pay debt service on its long-term general obligation debt. The tax must be accounted for in the Debt Service Fund. All the property taxes levied for debt service purposes are collected. The Town invests $250,000 in a six-month certificate of deposit. Debt service (interest of $150,000 and principal of $150,000) becomes due and payable. The debt service liabilities from 4. are paid. The certificate of deposit in 3. matures and the Town receives a total of $261,000.The following financial transactions are related to a local government during the year. General property taxes 100,000, Proceeds of general bonds RO 50,000, State grant to construct the school building RO 400,000. Which one of the following amounts that a local government should report in general funds? a. RO 150,000 b. RO 400,000 c. None of the options d. RO 550,0004. Izki City borrowed OMR1,800,000 secured by an 8-year mortgage note. The cash from the note was used to purchase a building for vehicle and equipment maintenance. Show how these two transactions should be recorded in the General Fund.
- A city is building a new park. To finance the construction of the park, the city will issue a $1,800,000 bond, and receive a transfer of $200,000 from the general Please record the journal entries for the Capital Project Fund and the Government-Wide financial statements. 1. The city signed a contract with a construction company to construct the park for $2,000.000. 2. The $1.800.000 bonds were issued at par. 3. The construction company billed the city for $2,000,000 upon completion of the project. 4. The park is completed.The Township of Thomasville's General Fund has the following net resources at year end: S66,000 of inventory • $375,000 federal grants for disaster relieve related to the flood • $60,000 sinking fund for payments of general obligation bond • $150,000 contractual obligations for the purchase of equipment • $200,000 to be used to fund government operations in the future • Outstanding encumbrance of $80,000 for the purchase of office supplies 1. What would be the total Nonspendable fund balance? 2. What would be the total Restricted fund balance? 3. What would be the total Committed fund balance? 4. What would be the total Assigned fund balance? 5. What would be the total Unassigned fund balance?The city of Sandwhich purchased a swimming pool from a private operator as of April 1, 2020 for $400,000, of which $200,000 was provided by a one-time contribution from the General Fund, and $200,000was provided by a loan from the First National Bank, secured by a note. The loan has an annual interest rate of 6 percent, payable semiannually on October 1 and April 1; principal payments of $100,000are to be made annually, begining on April 1, 2021. The city has a calander year as its fiscal year. During the year ended December 31, 2020, the following transactions occured related to the City of Sandwhich Swimming Pool. 1. The amounts were received from the City General Fund and the Fist National Bank. 2. A loan was provided in the amount of $125,000 from the Water Utility Fund to provide the working capital. 3. The purchase of the pool was recorded. Based on the appraisal, it was decided to allocate $100,000 to the land, $200,000 to imporvements other then buildings ( the pool), and…