next Three questions: On October 1, 2016, the City of Mizner issued $5,000,000 in 4%, general...
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next Three questions: On October 1, 2016, the City of Mizner issued $5,000,000 in 4%, general obligation bonds at 101 for the purpose of constructing an addition to City Hall. The premium was transferred to a debt service fund. A total of $4.968,750 was used to construct the addition, which was completed prior to June 30, 2017. The remaining funds were transferred to the debt service fund. The bonds principal payments of $250,000 is due October 1, 2017. The fiscal year for Mizner is July 1- were dated October 1, 2016, and paid interest on April 1 and October 1. The first of 20 annual June 30. 8. In addition to a $5,000,000 liability in the government-wide Statement of Net Position, how would the bond sale be reported? A) As a $4,968,750 revenue in the capital projects fund and a $50,000 revenue in the debt service fund. B) As a $5,050,000 other financing source in the capital projects fund, a $50,000 other financing use in the capital projects fund, and a $50,000 other financing source in the debt service fund. C) As a $5,000,000 other financing source in the capital projects fund, a $50,000 other financing source in the debt service fund, and as a $5,000,000 liability in the debt service fund. D) As a $5,000,000 revenue in the capital projects fund, a $50,000 revenue in the debt service fund, and a $5,000,000 expenditure in the debt service fund. 9. How would the construction costs of $4,968,750 be reported at year-end? A) As a capital asset in the Statement of Net Position only. B) As an expenditure of the capital projects fund and an expense in the government-wide Statement of Activities. C) As an expenditure of the capital projects fund and a capital asset in the government- wide Statement of Net Position. D) As an expenditure of the capital projects fund only. 10. What amount would be reported as debt service expenditures in the year ended June 30, 2017? A) $250,000. B) $200,000. C) $450,000. D) $100,000. next Three questions: On October 1, 2016, the City of Mizner issued $5,000,000 in 4%, general obligation bonds at 101 for the purpose of constructing an addition to City Hall. The premium was transferred to a debt service fund. A total of $4.968,750 was used to construct the addition, which was completed prior to June 30, 2017. The remaining funds were transferred to the debt service fund. The bonds principal payments of $250,000 is due October 1, 2017. The fiscal year for Mizner is July 1- were dated October 1, 2016, and paid interest on April 1 and October 1. The first of 20 annual June 30. 8. In addition to a $5,000,000 liability in the government-wide Statement of Net Position, how would the bond sale be reported? A) As a $4,968,750 revenue in the capital projects fund and a $50,000 revenue in the debt service fund. B) As a $5,050,000 other financing source in the capital projects fund, a $50,000 other financing use in the capital projects fund, and a $50,000 other financing source in the debt service fund. C) As a $5,000,000 other financing source in the capital projects fund, a $50,000 other financing source in the debt service fund, and as a $5,000,000 liability in the debt service fund. D) As a $5,000,000 revenue in the capital projects fund, a $50,000 revenue in the debt service fund, and a $5,000,000 expenditure in the debt service fund. 9. How would the construction costs of $4,968,750 be reported at year-end? A) As a capital asset in the Statement of Net Position only. B) As an expenditure of the capital projects fund and an expense in the government-wide Statement of Activities. C) As an expenditure of the capital projects fund and a capital asset in the government- wide Statement of Net Position. D) As an expenditure of the capital projects fund only. 10. What amount would be reported as debt service expenditures in the year ended June 30, 2017? A) $250,000. B) $200,000. C) $450,000. D) $100,000.
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Related Book For
Intermediate Accounting Reporting and Analysis
ISBN: 978-1285453828
2nd edition
Authors: James M. Wahlen, Jefferson P. Jones, Donald Pagach
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