On June 1, 20W3, a government issued $300,000 par value of 20-year term general obligation sinking fund bonds. Only $50,000 had been accumulated in the Debt Service (Sinking) Fund by the maturity date of May 30, 20Y4, the end of the unit’s fiscal year. Also, it was not possible to retire the bonds using resources of other funds during that year. Should the matured bonds be reported in the General Fund or in the Debt Service Fund, or should they continue to be accounted for in the General Long-Term Liabilities accounts? Why?
Answer to relevant QuestionsMultiple Choice QuestionsSelect the best response for each of the following questions.1. Which of the following classifications of capital assets are often not capitalized?a. Landb. Inexhaustible art collectionsc. ...Wildwood Township entered into the following transactions during 20X6:1. The township authorized a bond issue of $5,000,000 par to finance construction of a fountain in the town square. The bonds were issued for $5,120,000. ...The following transactions and events (among others) affected the state of Texva during 20X6.1. It was discovered that in 20X5, $440,000 of expenditures properly chargeable to Highway Patrol—Salaries and Wages in the ...What is the accounting equation for a proprietary fund? What are the three components of net position? Explain the nature of each component.When are cash flows from transfers from an Enterprise Fund to other funds reported as capital and related financing activities in the Enterprise Fund statement of cash flows?
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