Identify all of the funds required for the given entries

Assignment Help Financial Management

Reference no: EM131813777

Assignment

Description

Your city has decided to build a new library. The projected cost is $2 million. A bond issue for $1.2 million has been authorized, and the remainder is supposed to come from a contribution of $800,000 from the general fund. The bonds sold for $1.3 million, a premium of $100,000. Create the required journal entries for the following transactions:

The budget for the library

The payment and receipt of funds from the general fund

The issuance of the bonds

Assume that the premium remained in the capital projects fund.

Identify all of the funds required for these entries.

Discuss how the bond premium could be disposed.

In general terms, compare and contrast how expenditures are controlled in the general fund and in debt service funds. Explain why differences would occur.

Reference no: EM131813777

Questions Cloud

Determine the maturity value of the note : Oregon Interior Decorators issued a 90-day, 12% note for $54,000, dated April 17, to Corvallis Furniture Company on account. Determine maturity value of note

How telemedicine is now or could affect patient care : Select an allied health profession and describe how telemedicine is now or could affect patient care in that field.

Population of unaffiliated female students on the campus : Test, at the 5% level of significance, whether the data provide sufficient evidence to conclude that there is a difference in average GPA.

Calculate the change in net working capital : Calculate the change in net working capital (NWC) in 2016.

Identify all of the funds required for the given entries : Assume that the premium remained in the capital projects fund. Identify all of the funds required for these entries. Discuss how bond premium could be disposed.

Prepare income statement for year under absorption costing : Blue Sky Company reports the following costing data on its product for its first year of operations. Prepare income statement for year under absorption costing

Provide a summary analysis of the trend : Provide a summary analysis of the trend, expected impacts on health care delivery or professional practice, and your assessment of the pros and cons.

As dora is packing for her honeymoon to hawaii : As Dora is packing for her honeymoon to Hawaii, she realizes that all of her sunscreens have expired. Since the sun in Hawaii is so strong,

Evaluate how teamwork and leadership are effective tools : Evaluate how teamwork and leadership are effective tools for financial forensic investigations. Provide support for your evaluation.

User Account

All Pages