(b) Prepare a preclosing trial balance for the Capital Projects Fund. CITY OF MINDEN Capital Projects Fund Pre-Closing Trial Balance December 31, 2026 Cash Expenditure Bond Issue Proceeds no Entry Total Debit Credit 1370000 825180 0 0
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Arada Subcity authorized a $3,600,000 building project to be financed from three sources: General fund transfer -------------------------------- $600,000 Federal Government Grant ------------------------- $2,300,000 Bond Issue --------------------------------------------- $700,000 The project is to be constructed in part by private contractors. The fiscal year ends on June 30. The following transactions occurred in the first year ended June 30, 2002 (budgetary entry is not required): A. The sum of $400,000 was borrowed in anticipation of a bond issue from the Commercial Bank of Ethiopia. B. The accrual of assets from the general fund, AA City government, and federal government was approved. C. Total purchase orders and other commitments issued for supplies, materials, and items of minor equipment required for the part of the project to be performed by the town's employees amounted to $480,000. D. A contract was let for certain work to be done by a private contractor (Sunshine Construction) in the amount of $1,600,000. E. Special engineering and miscellaneous costs that had not been encumbered were paid in the amount of $80,000. F. A progress bill for $720,000 was received from Sunshine Construction Company for part of the work done. 7. Payment in full was received from the general fund and federal government that had agreed to pay part of the cost of the building. 8. The Commercial Bank of Ethiopia loan was repaid with interest amounting to $2,000. Interest is considered CPF expenditures. 9. Total disbursements for all costs encumbered in Transaction #3 amounted to $470,000. 10. The contractor's initial claim was verified and paid, $648,000. 11. The approved bonds were sold at par. 12. Payroll of $160,000 was paid. 13. An order estimated to cost $120,000 was placed for materials. 14. Invested idle cash of Br. 600,000 in temporary investments. REQUIRED: Prepare the entry to record the above transactions in the capital project fund.
Adi S.
15. The following transactions occurred for the City of Forest Green's General Fund. 1. The budget prepared for the fiscal year included total estimated revenues of $2,774,000 and appropriations of $2,693,000. 2. Encumbrances issued against the appropriations during the year were $931,000. 3. The current year's tax levy of $2,005,000 was recorded; uncollectibles were estimated as $65,000. 4. Collections of delinquent taxes from prior years' levies totaled $132,000; collections of the current year's levy totaled $1,459,000. 5. Invoices were received and approved for payment for items ordered in documents recorded as encumbrances in transaction (2) of this problem. The estimated liability was $851,200. Actual costs were $850,500. 6. Revenue other than taxes collected during the year consisted of licenses and permits, $373,000; intergovernmental revenue, $400,000; and $66,000 of miscellaneous revenues. 7. Payments on Vouchers Payable totaled $1,505,000. Prepare the journal entries for the General Fund. Governmental activities and closing entries are not required. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
Akash M.
A city has only one activity, its school system. The school system is accounted for within the General Fund. For convenience, assume that, at the start of 2010, the school system and the city have no assets. During the year, the city assessed $400,000 in property taxes. Of this amount, it collected $320,000 during the year, received $50,000 within a few weeks after the end of the year, and expected the remainder to be collected about six months later. The city makes the following payments during 2010: salary expense, $100,000; rent expense, $70,000; equipment (received on January 1 with a five-year life and no salvage value), $50,000; land, $30,000; and maintenance expense, $20,000. In addition, on the last day of the year, the city purchased a $200,000 building by signing a long-term liability. The building has a 20-year life and no salvage value, and the liability accrues interest at a 10 percent annual rate. The city also buys two computers on the last day of the year for $4,000 each. One will be paid for in 30 days and the other in 90 days. The computers should last for four years and have no salvage value. During the year, the school system charged students $3,000 for school fees and collected the entire amount. Any depreciation is recorded using the straight-line method. a. Produce a statement of net assets and a statement of activities for this city's government-wide financial statements. b. Produce a balance sheet and a statement of revenues, expenditures, and changes in fund balance for the fund-based financial statements. Assume that available is defined by the city as anything to be received within 60 days.
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