Reference no: EM131198406
Capital P r ojects Fund Entries and Statements
During the fiscal year ended June 30, 20X3, West City Council authorized construction of a new city hall building and the sale of serial bonds to finance the construction. The following transac- tions related to financing and constructing the city hall occurred during fiscal 20X3:
1. On August 1, 20X2, West issued $5,000,000 of serial bonds for $5,080,000. Interest is payable annually, and the first retirement of $500,000 is due on July 31, 20X7. The premium is trans- ferred to the debt service fund.
2. The old city hall, which had a recorded cost of $650,000, was torn down. The cost of razing the old building was $45,000, net of salvage value. This cost was included in the capital budget but was not encumbered. The cost is vouchered and paid.
3. West signed a contract with Roth Construction Company to build the city hall for $4,500,000. The contract cost is to be encumbered. Construction is to be completed during fiscal 20X4.
4. Roth Construction Company bills West $2,000,000 for construction completed during fiscal 20X3. Ten percent of the billings will be retained until final acceptance of the new city hall. The billing less the retainage had been paid during the fiscal year.
Required
a. For each of these transactions, prepare the necessary journal entries for all funds involved. Indi- cate the fund in which the entry is made by giving its initials in the left margin: CPF (capital projects fund) or DSF (debt service fund). Give the closing entries for the capital projects fund.
b . Prepare a balance sheet for the capital projects fund at June 30, 20X3.
c. Prepare a statement of revenues, expenditures, and changes in fund balance for the capital proj- ects fund for the fiscal year ended June 30, 20X3.
|
Analysis of the general business environment
: SWOT begins with an analysis of the general business environment. It then identifies the strengths and weaknesses of the firm. This part of SWOT involves internal analysis, which can normally be done fairly easily because it deals with areas within t..
|
|
Registration and admissions department
: You work for a hospital in the registration and admissions department, and most of your tasks are performed manually. For example, when an individual checks in, you must obtain personal information, details on an individual's medical background, a..
|
|
Ethics and leadership writings come from only few scholars
: Which of the following is a criticism of ethical leadership? a. It contains research on a topic that is timely in the public’s eye b. It is unreasonable to expect high levels of ethics in our leaders c. There is substantial recent research on ethics ..
|
|
What inventory level should he place an order
: Gentle Ben's Bar and Restaurant uses 5,000 quart bottles of an imported wine each year. The effervescent wine costs $3 per bottle and is served only in whole bottles because it loses its bubbles quickly. Ben figueres that it costs $10 each time an or..
|
|
Prepare a balance sheet for the capital projects fund
: Give the closing entries for the capital projects fund.- Prepare a balance sheet for the capital projects fund at June 30, 20X3.
|
|
Review practices that help children develop authentic self
: Review "Practices That Help Children Develop Authentic Self-Esteem," pages 197-202 in the course text. Then think about how you would apply the information and practices in each of the following scenarios.
|
|
According to team leadership theory-leader is primarily
: According to team leadership theory, the leader is primarily
|
|
Explain how they impacted you
: Use one of your favorite search engines (preferably www.google.com) and search world's biggest data breaches. Select at least two of the major data breaches from the list you found and complete the following.
|
|
What was the actual oh rate per direct labor hour
: What was the actual OH rate per direct labor hour?- Journalize the preceding transactions. - Determine the ending balance in Finished Goods Inventory.
|