Reference no: EM13755512
Village council of the Village of Elizabeth planning to construct a new office building. Please make journal entries for the following events for the building capital project fund.
1) Received $50,000 short term loan from the general fund
2) The bond with a face value of $950,000 was sold at part to finance the project.
3) A contract was signed with Capital Construction Company in the amount of $900,000.
4) The $50,000 due to the General Fund was repaid.
5) Capital Construction Company completed the city office building project and tendered its final bill in the amount of $900,000.
6) The amount due to Capital Construction Company was paid, except for a 5% retained percentage, which in conformity with the provisions of the contract was withheld pending final inspection.
7) Upon final inspection, the City incurred $30,000 of additional costs for interior rework. This work was done by employees of the City’s General Fund. The remaining retained percentage was paid to the contractor.
8) The remaining cash of the capital project fund is transferred to debt service fund.
9) The project being complete, the City closed all temporary accounts
|
Market rate of interest at the date of issuance
: On Jan 1, 2014, a company issued 10-year,10% bonds payable with par value of $500,000 and received $442,647 in cash proceeds. The market rate of interest at the date of issuance was 12%. The bonds pay interest semiannually on July and Jan 1. The issu..
|
|
Discuss the given statement
: Discuss the following statement. It is important that organizational managers understand that bounded awareness can and will occur in decision making.
|
|
What software tools do you use in everyday life
: What software tools do you use in everyday life (home, work, and play) to help with your decision-making process? In general, how do these tools improve quality of life for consumers and increase productivity for businesses
|
|
What factors contributed to timbuktus reputation
: rovided links to primary sources that you will examine to help you answer the focus question: What factors contributed to Timbuktu's reputation as a legendary city?
|
|
Events for the building capital project fund
: Village council of the Village of Elizabeth planning to construct a new office building. Please make journal entries for the following events for the building capital project fund. Received $50,000 short term loan from the general fund. The bond with..
|
|
What amount should the acquired computer be recorded
: Hardin Company received $80,000 in cash and a used computer with a fair value of $240,000 from Page Corporation for Hardin Company's existing computer having a fair value of $320,000 and an undepreciated cost of $300,000 recorded on its books.
|
|
Describe the importance of the nile
: Describe the importance of the Nile and some of the civilizations it supported. Explain the relationship between the East African tribes and the Middle East.
|
|
Debt service fund for the bond
: On January 1, 2014, the Town of Walton issued $ 5,000,000 of 4% tax supported bonds. The bonds are dated January 1, 2014 with interest payment dates of June 30 and December 31. The first of 10 annual principal payments is due on December 31, 2014.
|
|
The bay of pigs invasion
: Conduct a literature and an Internet search on the topics of the Challenger disaster and groupthink. Then, discuss how groupthink might have created decision-making problems for NASA and its booster contractor. Cite at least two sources in your an..
|