User Account

All Pages

Record the transfer premium to the debt service fund

Assignment Help Financial Accounting
Reference no: EM132667635

The City of Waterman established a capital projects fund for the construction of an access ramp from the parking garage to the city's office building to be used by individuals with disabilities. The estimated cost of the ramp is $221,000. On January 1, 20X2, a 10 percent, $146,000 bond issue was sold at 103 with the premium transferred to the debt service fund. At that date, the county board provided a $75,000 grant. After a period of negotiation, the city council awarded a construction contract for $186,000 on April 5, 20X2. The ramp was completed on August 8, 20X2; its actual cost was $192,000. The city council approved payment of the total actual cost of $192,000. In addition to the $192,000, the ramp was carpeted with all-weather material at a cost of $14,500. On November 3, 20X2, the city council gave the final approval to pay for the ramp and the carpeting. After all bills were paid, the remaining fund balance was transferred to the debt service fund.

Problem 1: Record the transfer premium to the debt service fund.

Problem 2: Record the entry for the construction contract awarded.

Problem 3: Record the entry to assign funds to the contract.

Reference no: EM132667635

Questions Cloud

Record the payment of contract payable and vouchers payable : Record the payment of the contract payable and vouchers payable. The City of Waterman established a capital projects fund for the construction
Focused on problem solving and decision making : This lecture focused on problem solving and decision making. What are some of the toughest decisions you've had to make in your life?
Calculate the amount of shortage in the market : Mathematically calculate the amount of shortage in the market, and the number of winners and losers found in this market.
What is the present value of the tax savings : What is the present value of the tax savings/costs that result over the life of the asset if Jamie uses MACRS rather than ADS
Record the transfer premium to the debt service fund : Record the transfer premium to the debt service fund. The City of Waterman established a capital projects fund for the construction of an access ramp
Discuss importance of interdisciplinary team collaboration : Discuss the importance of Interdisciplinary team collaboration and communication in HC related managerial situations.
CHCECE007 Develop positive and respectful relationships : CHCECE007 Develop positive and respectful relationships with children Assignment Help and Solution, Job Training Institute - Assessment Writing Service
Prepare entries for the capital projects fund : Prepare entries for the capital projects fund for 20X2. The City of Waterman established a capital projects fund for the construction of an access ramp
Build a new factory : In theory, what conditions must exist for a company to build a new factory? That is, what hurdles must a firm overcome in order to build a factory?

Reviews

Write a Review

Financial Accounting Questions & Answers

  What are the effects of inventory errors

There may be instances of incorrect recording of inventory data in the books of account. As closing inventory is carried forward in the general ledger of the next accounting period, as opening inventory, an incorrect recording of inventory in one acc..

  Greeting card industry position and formulating planany

greeting card industry position and formulating planany strategic decision must be evaluated with careful consideration

  Compute life corporations operating expenses for month

Life Corporation,Compute LIFE Corporation's operating expenses for the month of October, Year 10, under the accrual basis of accounting

  Cost of capital for the proposed investment project

The company’s stock is hundred percent owned by its several cofounders, and the current market price of each of the 500,000 shares of stock is $20. When you started your work, you were immediately assigned a big project. What is the weighted average ..

  Dollar amount of sales must be made to produce target income

Watson Company has monthly fixed costs of $79,000 and a 40% contribution margin ratio. If the company has set a target monthly income of $14,600, what dollar amount of sales must be made to produce the target income?

  Wage-bracket method is used for federal income taxes

The names of the employees of Hogan Thrift Shop are listed on the following payroll register. Employees are paid weekly. The marital status and the number of allowances claimed are shown on the payroll register, along with each employee's weekly sala..

  Joint return with two dependents

This year Jack intends to file a married-joint return with two dependents. Jack received $175,800 of salary and paid $8,350 of interest on loans used to pay qualified tuition costs for his dependent daughter, Deb. This year Jack has also paid qualifi..

  Analyze the accounting for fixed asset

Analyze the accounting for fixed asset class using US GAAP and IFRS. Assume the Company uses straight-line depreciation for all its fixed assets and takes a full year of depreciation in the year of the addition.

  How to record the transactions in the appropriate journals

How to Record the transactions in the appropriate journals? $2,500 was paid to the solicitors for the formation of the company on 2 June 2015.

  Evaluate partnership interest

Which of the subsequent statements is accurate with respect to this transaction

  A variable interest entity can take all of the

1.  A variable interest entity can take all of the following forms except a(n) A)  Trust. B)  Partnership. C)  Joint venture. D)  Corporation. E)  Estate.

  Determine the amount of gross profit or loss

Determine the amount of revenue, cost, and gross profit or loss to be recognized in each of the three years under IFRS, assuming that using the percentage-of-completion method is not appropriate.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd