The capital projects fund was terminated

Assignment Help Financial Accounting

Reference no: EM134298

Question 1

The following transactions as well as events occurred in Lanesburg Township in 20x7

1- The township meeting agreed that a new police and fire department building would be constructed at a cost not to exceed $1,500,000 on land owned by the township

2- Cash with which to money the project was received from the following sources

Transfer from General Fund: $100,000

State-Federal Grant: 500,000

Bank of Lanesburg (long-term note): 900,000

Total: $1,500,000

The state federal grant is for 1/3 of the project cost not to exceed $500,000 as well as any unearned balance must be returned to the state

3- Cash was paid for building projects from the Capital Projects Fund as follows

Construction Contract: $1,400,000

Architect Fees: 50,000

Engineering Charges: 20,000

Total: 1,470,000

The unjustified portion of the grant was refunded to the state the remaining cash was transferred to the General Fund, and the Capital Projects Fund was terminated

Reference no: EM134298

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