Construction fund during fy 2011 the voters of the town of

Assignment Help Financial Accounting

Reference no: EM13370308

Construction Fund. During FY 2011, the voters of the Town of Dex approved equipping and constructing a recreation center to be financed by tax-supported bonds in the amount of $3,000,000. through 2011, the subsequent events and transactions occurred.

1. Preliminary engineering and planning expenses in the amount of $60,000 were incurred. No money was directly available for paying these costs (credit Vouchers Payable).

2. A contract was let under competitive bids for a main segment of the construction project in the amount of $2,500,000.

3. An invoice for $1,600,000 was received from a contractor for a portion of work that had been finished under the general contract.

4. The bond issue was sold at par plus accrued interest of $25,000 (the accrued interest was deposited in the fund that can service the bonded debt).

5. The contractor's bill, less a 4 % retention, was vouchered for payment.

6. All vouchers payable, except $1,300 (about which there was some controversy), were paid.

7. Fiscal year-end closing entries were prepared.

Required:

a. Prepare journal entries to record preceding information in Town of Dex Recreation Center Construction Fund and the governmental activities general journal at the government-wide level.

b. Create a Town of Dex Recreation Center Construction Fund balance sheet for the year ended 31st December, 2011.

c. Create a Recreation Center Construction Fund statement of revenues, expenditures, and changes in fund balance for the year ended December 31, 2011.

d. How would these capital expenditures for recreation center appear on the Town of Dex's government-wide statements of net activities and assets?

Reference no: EM13370308

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