Question: SaiTu Village reported outstanding long term bonds payable of
SaiTu Village reported outstanding long- term bonds payable of $ 6,000,000 in the governmental activities column of its government- wide statement of net position for the year ended December 31, 2013. During 2014, SaiTu Village sold $ 500,000 of new general obligation bonds and redeemed $ 300,000 of bonds outstanding at the beginning of the year. Prepare journal entries needed to adjust SaiTu’s fund financial statements so government- wide statements can be prepared for the year ended December 31, 2014.
Relevant QuestionsPunkeytown carries no insurance for possible claims and, as of January 1, 2013 (the start of its fiscal year), Punkeytown had no outstanding claims. During 2013 a town water main burst, flooding the basements of two property ...The Village of Delmar is preparing its government- wide statement of activities for the year ended December 31, 2013. Analysis of the data accumulated thus far shows the following expenses for each of its programs:The ...Briefly describe the federal accounting standards regarding inventory and related property; property, plant, and equipment; and liabilities. Compare the use of accrual accounting in federal government financial reporting with the use of accrual accounting in state and local government financial reporting. Prepare budgetary and proprietary journal entries to record the following year- end adjustments: 1. An accrual of $ 60,000 was made for salaries earned the last week of September, to be paid in October. Budgetary funds were ...
Post your question