Prepare a statement of revenues, expenditures, and changes in fund balance for the Ahmed Village Park Improvement
Question:
Prepare a statement of revenues, expenditures, and changes in fund balance for the Ahmed Village Park Improvement Capital Projects Fund for 20X7, given the following information:
Fund balance, January 1, 20X7 . . . . . . . . . . . . . . . . . . . . . . . . . . $2,000,000
Intergovernmental grant revenue . . . . . . . . . . . . . . . . . . . . . . . .850,000
Interest revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,000
Increase in fair value of investments . . . . . . . . . . . . . . . . . . . . . 3,000
Construction costs incurred under contract
with Builtwell Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,400,000
Architect fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .32,000
Engineering fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .17,000
Bond proceeds (face amount was $1,000,000) . . . . . . . . . . . . . 1,008,000
Bond issuance costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,000
Purchase of land . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 92,000
Repayment of bond anticipation notes
treated as long-term debt:
Principal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 600,000
Interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,500
Transfer from General Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . 250,000
Construction contracts outstanding at year end . . . . . . . . . . . . 450,000
Step by Step Answer:
Governmental and Nonprofit Accounting
ISBN: 978-0132751261
10th edition
Authors: Robert Freeman, Craig Shoulders, Gregory Allison, Robert Smi