Reference no: EM13869811
The following transactions occurred during the fiscal year July 1, 2012, to June 30, 2013:
1. The City of Spainville approved the construction of a city hall complex for a total cost of $ 120,000,000. A few days later, a contract with a 5 percent retainage clause was signed with Paltrow Construction for the complex. The buildings will be financed by a federal grant of $ 25,000,000 and a general obligation bond issue of $ 100,000,000. During the current year investment revenue of $ 4,000,000 is budgeted. (Assume the budget is recorded in the accounts and encumbrance accounting is used.)
2. The bonds were issued for $ 90,000,000 ( the face amount of the bonds was $ 100,000,000). The difference between the actual cost of the project and the bond and grant proceeds was expected to be generated by investing the excess cash during the construction period.
3. The city collected the grant from the government.
4. The city invested $ 90,000,000.
5. The contract signed with Paltrow stipulated that the contract price included architect fees. The architects were paid their fee of $ 45,000 by Spainville. ( Assume a Vouchers payable account is used.)
6. Paltrow submitted a progress billing for $ 25,000,000. The billing, less 5 percent retainage, was approved. Assume that the city will use resources from the federal grant to make this payment.
7. Investments that cost $ 5,000,000 were redeemed for a total of $ 5,020,000.
|
Which sector of the recreation industry are currently secure
: Which sectors of the recreation, leisure and tourism industry are currently secure from new entrants? Why might ageing lead to a competitive disadvantage, and which countries are likely to be affected by this?
|
|
What factor tend to create highdegree of competitive rivalry
: What factors tend to create a high degree of competitive rivalry? What effects might minimum wage legislation have on the leisure and tourism sector?
|
|
The acquisition and conversion of the kalanda bonds
: On January 1, 2009, the Taylor Corporation purchased $20,000 of the Kalanda Corporation 's 12% convertible bonds for $19,760.
|
|
Identify alternate methods of disposing of the bond premium
: Prepare journal entries to record the budget for the parking garage, the payment and receipt of the General Fund contribution, and the issuance of the bonds, assuming the premium remained in the Capital Projects Fund. Identify the fund(s) used to ..
|
|
Assume a vouchers payable account is used
: The contract signed with Paltrow stipulated that the contract price included architect fees. The architects were paid their fee of $ 45,000 by Spainville. ( Assume a Vouchers payable account is used.)
|
|
Journal entries for dawson to record the acquisition,
: On March 2, 2010, the Dawson Corporation acquired 5,000 common shares, representing a 1% interest in the Foreman Corporation, for $60,000.
|
|
Received the interest on the solomon bonds.
: During 2010, the Dana Company decided to begin investing its idle cash in marketable securities.
|
|
The contractor was paid the amount due in transaction
: Investments that cost $ 3,000,000 were redeemed for $ 3,000,000 plus $ 50,000 interest. V. P. was paid the amount due in transaction The contractor was paid the amount due in transaction
|
|
How are changes in lifestyle and attitudes affecting leisure
: How are changes in lifestyles and attitudes affecting leisure and tourism? Is home-based recreation an opportunity or a threat?
|