Taxes in government accounting and operations

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Reference no: EM1310742

Types of Funds and taxes in government accounting and operations.

Assume that the City of Ft. Smith maintains its books and records in a manner that facilitates the preparation of the fund financial statements. For each of the following events indicate in which fund(s) of the City of Ft. Smith the event would be recorded and justify your fund selection.

a.The City collected property taxes levied for the general operations of the City.

b.The City collected property taxes levied to pay principal and interest on bonds issued several years in the past to construct a new fire station.

c.The City collected property taxes levied on a specific area of the City for the purposes of providing more frequent snow removal than is enjoyed by the rest of the City.

d.The City sold bonds to finance the construction of a New City Hall.

e.The City sold bonds to finance major renovations at the city-owned electric utility.

Reference no: EM1310742

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