Assume a yield on sinking fund investments of 6 percent per annum, compounded semiannually. A sinking fund is to be established with equal semiannual additions made on June 30 and December 31, with the first addition to be made on December 31, Prepare a balance sheet for the Street Improvement Fund as of December 31, Basic Financial Statements Graded. No money was immediately available for paying these costs credit Vouchers Payable. The grantor specifies that the portion to be received in is not available for use until because there is no guarantee that the federal government will appropriate the portion. Is the government required to account for activities in the internal service fund or in another fund?
The addition to the sinking fund was immediately invested in 6 percent certificates of deposit. When does GAAP require the use of a debt service fund? Cash received during was as follows: How would you compare the accounting for enterprise funds with that of a businesses and b governmental funds? Based on this information: Assume a yield on sinking fund investments of 6 percent per annum, compounded semiannually. Please cite some examples.
InFalts City began work to improve certain streets to be financed by a bond issue and supplemented by a federal grant.
ACCT Week 5 Homework Case study (KELLER)
Please cite some examples. Prepare a Recreation Center Construction Fund statement of revenues, expenditures, and changes in fund balance for the year ended December 31, Did the debt service fund pay debt obligations related to capital leases? The grantor specifies that the portion to be received in is not available for use until because there is no guarantee that the federal government will appropriate the portion.
Why are there major differences between governmental accounting systems vs.
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act How do not-for-profit organizations differ from government activities in the way the account for business-type activities, such as dining halls, gift shops, and admission fees? Did the debt service fund perform a debt refunding? The bond anticipation notes and interest thereon were repaid see Transaction 1.
Week 1 DQ 2 Accounting vs. Please provide an explanation as to why accounting transactions for governmental activities as the governmental-wide level tend to be reported differently than transactions for the General Fund? Is it mandatory that a governmental entity use a capital project fund for GAAP purposes?
Round all amounts to the nearest whole dollar. Could you cite some examples?
This cost had not been encumbered. The addition to the sinking fund was immediately invested in 6 actc certificates of deposit. Assume a yield on sinking fund investments of 6 percent per annum, compounded semiannually.
When does GAAP require the use of a debt service fund? Problem Construction Fund Town of Dex.
What are some of the key differences between government healthcare accounting and commercial accounting? Show the entry that should be made at the inception of the lease in the government activities journal.
What types of activities are recorded under the internal services account? Week 5 DQ 2 Financial Reporting: Is the government required to account for activities in the internal service fund or in another fund? The bonds mature in five years on July 1, Should the estimated impairment loss be reported as an extraordinary item? Show the entry that should be made in a capital projects fund at the inception of the lease after the initial payment has been made.
Basic Financial Statements Graded.
The capital projects fund to account for the project was designated as the Street Improvement Fund. Explanations may be omitted.
Investment earnings are added to the investment principal. Record the estimated impairment loss in the journal for governmental activities at the government-wide level. Accrued interest on bonds sold must be used for interest payments; the premium is designated by state law for eventual payment of bond principal. The amount billed by the contractor see Transaction 7 less 5 percent retainage was paid. Also record an accrual for all interfund transfers to be received from the General Fund during the year.