Reference no: EM131293696
(All Funds and GCA/GLTL Entries) Wildwood Township entered into the following transactions during 20X6:
1. The township authorized a bond issue of $5,000,000 par to finance construction of a fountain in the town square. The bonds were issued for $5,120,000. Bond issue costs of $30,000 were incurred and paid. The premium, less bond issue costs, was transferred to the fund from which the debt is to be serviced.
2. The township entered into a contract for construction of the fountain at an estimated cost of $4,850,000.
3.The town receieved and paid a $4,890,000 bill for the construction upon completion of and approval of the fountain.
4. The unused bond proceeds were set aside for devt service on the bonds. Accordingly, those resources were paid to the appropriate fund.
Required: Prepare the journal entries (budgetary and actual) required in the various accounts (both in the funds and in the General Capital Assets and General Long-Term Liabilities accounts) of Wildwood Township to record these transactions.
|
Describes the invention of heterosexuality
: What for a long time has been considered a "natural" part of human sexuality and social values related to romance, love, and relationships. For this discussion question, select one of the time periods Katz analyzes to discuss.
|
|
Option of investing in two different portfolios
: An investor has the option of investing in two different portfolios. The first has a 1% expected return and the second a 6% expected return. What can you say about what the investor would prefer? Explain
|
|
Straight-line-units-of-production-double-declining-balance
: Nicole’s Getaway Spa (NGS) purchased a hydrotherapy tub system to add to the wellness programs at NGS. The machine was purchased at the beginning of 2014 at a cost of $8,500. Complete a depreciation schedule for each of the alternative methods. Strai..
|
|
Eliminated all existing inventory of cosmetic items
: In October 2013, Nicole eliminated all existing inventory of cosmetic items. The trouble of ordering and tracking each product line had exceeded the profits earned. In December, a supplier asked her to sell a prepackaged spa kit. Feeling she could ma..
|
|
Prepare the journal entries required in the various accounts
: Wildwood Township entered into the following transactions during 20X6: The township entered into a contract for construction of the fountain at an estimated cost of $4,850,000. Prepare the journal entries (budgetary and actual) required in the variou..
|
|
Determine the payback period-arr and npv
: Company X is planning on purchasing a 3-D printer. The expected cost of this printer is $75,000, and it is expected to have a useful life of 6 years and an estimated salvage value of $3,000. Assuming Company X is in the 34% tax bracket and has a mini..
|
|
What were total direct costs for finance department
: Cherry Community Hospital has three support departments—administration, housekeeping, and finance—and three patient service departments—medicine, surgery, and pharmacy. what were total direct costs (the original cost pool) for the finance department?
|
|
Determine the breakeven point in total units
: Smith Company can produce two types of carpet cleaners, Brighter and Cleaner. Data on these two products are as follows: Using a spreadsheet, determine the breakeven point in total units for Smith Company, assuming that the sales mix (based on physic..
|
|
Trend analysis focusing on current ratio-quick-cash ratio
: Given the following comparative financial data, conduct a trend analysis focusing on current ratio, quick ratio and cash ratio.
|