General government capital project

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Reference no: EM1374927

Matthew County issued a six month, 6 percent, $1,000,000 bond anticipation note on march 31, 20X5, to give temporary financing for a major general government capital project. The issuance of long-term bonds had not yet gets the legally required voter approval when the financial statements were issued, but most concur the voters will approve the referendum. Thus, in the event that the voters reject the long-term bond issue, the county has other sources it will use to finance the project.

1. Suppose the county has incurred $800,000 of construction costs on the project by end of its fiscal year (June 30,2005), the fund balance of the capital projects fund used to account for this project could be?

Reference no: EM1374927

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