This year Southfork began work on a senior center to hold activities for its growing senior...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
This year Southfork began work on a senior center to hold activities for its growing senior citizen population. It is to be financed by a $5,900,000 bond issue, a $590,000 grant, and a $590,000 General Fund transfer. The following transactions occurred during the current year: 1. The General Fund transferred $590,000 to the Senior Center Capital Projects Fund. 2. A plot of land was purchased for $445,000 in cash. (This cost had not been encumbered.) 3. Preliminary planning and engineering costs of $104,000 were vouchered. (This cost had not been encumbered.) 4. A contract was signed with Sunset Construction Company for the major part of the project on a bid of $5,850,000. 5. The $5,900,000 bonds were issued at par. 6. Temporary investments were purchased at a cost of $3,590,000. 7. A payable was recorded for a $59,400 billing from the Water and Sewer enterprise fund for the cost of extending water pipes to the new building. (This cost had not been encumbered.) 8. An invoice in the amount of $2,350,000 was received from Sunset Construction Company for progress to date on the project. 9. The amount billed by the contractor less 4 percent retainage was paid. 10. Half of the planning and engineering costs and $34,000 of the water and sewer billing were paid. 11. Grant revenue of $190,000 was received in cash for construction expenditures that were considered allowable costs in accordance with the grant agreement. 12. Closing entries were prepared as of year-end. Assume that $2,590,000 of the encumbrances outstanding will be paid from the bond proceeds and are therefore considered restricted resources. The remaining fund balance is assigned. Required a. Prepare journal entries to record the preceding information in the general ledger accounts for the Senior Center Capital Projects Fund. b. Prepare a statement of revenues, expenditures, and changes in fund balances for the period. c. Prepare a balance sheet for the Senior Center Capital Projects Fund as of year-end. Required A Required B Required C Prepare journal entries to record the preceding information in the general ledger accounts for the Senior Center Capital Projects Fund. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) This year Southfork began work on a senior center to hold activities for its growing senior citizen population. It is to be financed by a $5,900,000 bond issue, a $590,000 grant, and a $590,000 General Fund transfer. The following transactions occurred during the current year: 1. The General Fund transferred $590,000 to the Senior Center Capital Projects Fund. 2. A plot of land was purchased for $445,000 in cash. (This cost had not been encumbered.) 3. Preliminary planning and engineering costs of $104,000 were vouchered. (This cost had not been encumbered.) 4. A contract was signed with Sunset Construction Company for the major part of the project on a bid of $5,850,000. 5. The $5,900,000 bonds were issued at par. 6. Temporary investments were purchased at a cost of $3,590,000. 7. A payable was recorded for a $59,400 billing from the Water and Sewer enterprise fund for the cost of extending water pipes to the new building. (This cost had not been encumbered.) 8. An invoice in the amount of $2,350,000 was received from Sunset Construction Company for progress to date on the project. 9. The amount billed by the contractor less 4 percent retainage was paid. 10. Half of the planning and engineering costs and $34,000 of the water and sewer billing were paid. 11. Grant revenue of $190,000 was received in cash for construction expenditures that were considered allowable costs in accordance with the grant agreement. 12. Closing entries were prepared as of year-end. Assume that $2,590,000 of the encumbrances outstanding will be paid from the bond proceeds and are therefore considered restricted resources. The remaining fund balance is assigned. Required a. Prepare journal entries to record the preceding information in the general ledger accounts for the Senior Center Capital Projects Fund. b. Prepare a statement of revenues, expenditures, and changes in fund balances for the period. c. Prepare a balance sheet for the Senior Center Capital Projects Fund as of year-end. Required A Required B Required C Prepare journal entries to record the preceding information in the general ledger accounts for the Senior Center Capital Projects Fund. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
Expert Answer:
Posted Date:
Students also viewed these accounting questions
-
Production Budget Pasadena Candle Inc. projected sales of 72,000 candles for January. The estimated January 1 inventory is 5,000 units, and the desired January 31 inventory is 6,000 .units. Prepare a...
-
This year Southfork began work on a senior center to hold activities for its growing senior citizen population. It is to be financed by a $5,500,000 bond issue, a $550,000 grant, and a $550,000...
-
If the owner of a company takes merchandise for personal use, what account is debited? a. Owners capital b. Owners withdrawals c. Purchases d. Cash
-
Cecilia and Nathan estimate their total cost for a vacation in Australia to be $14,775. a. What percentage is this cost of their combined gross monthly income of $8775? b. If 72% of their gross...
-
In a taste comparison test, it was found that 58 of 100 persons preferred the chunky version of a peanut butter over the creamy type. An interested observer would like to determine whether this...
-
Is a convertible bond more costly to the issuing company than a bond with equity warrants?
-
Easy Use Electronic Center began October with 80 units of inventory that cost $57 each. During October, the store made the following purchases: Easy Use uses the periodic inventory system, and the...
-
Information concerning Bramble Corporation's intangible assets is as follows. 1. On January 1, 2020, Bramble signed an agreement to operate as a franchisee of Hsian Copy Service, Inc. for an initial...
-
In 2020, a rover was sent to Mars to collect soil and mineral samples, sealing them in sample tubes. An example is shown in the image below. However, those tubes can only be placed at random...
-
a patient consume 7/3 oz of apple juice and 30 mL of ice chipsduring the shift. At 2 pm the patient had 235 mL of emesis.intravenous fluid infused at 125 mL/h during the shift. The foleycatheter was...
-
What is Congress? How do we determine the districts for the House of Representatives? What is the Representation function? Have you ever contacted a representative? If yes, why? If no, how are our...
-
What is the impact of technological advancements on societal structures, particularly in terms of labor dynamics, social interaction, and the dissemination of information ?
-
You are facing the decision of whether to replace an old machine at your factory. A new machine will cost $47 to purchase it now and the yearly maintenance expenses will be $11 a year. The new...
-
what extent do power dynamics within institutional structures shape societal norms, and in what ways do these dynamics impact social mobility and access to resources ?
-
Paige Turner is single and has two children from her previous marriage. Ali liveswith Paige, and Paige provides more than half of her support. Leif lives with hisfather, Will (Leif lived with Will...
-
Briefly discuss the implications of the financial statement presentation project for the reporting of stockholders equity.
-
Big Tree Petroleum incurs G&G costs of $21,000 for Project Area 12. Three areas of interest are identified. Detailed G&G is conducted on the areas of interest at the following costs: As a result of...
-
On January 1, 20XA, Rain Oil Corporation bought a developed lease for $300,000. During 20XA, Rain Oil Corporation incurred $600,000 of IDC on a successful well. Reserves of 400,000 barrels were...
-
Augusta Oil Corporation, an independent producer, began operations in June 20XA. During the first 2 years of operation, Augusta acquired only two U.S. properties, which were noncontiguous. Costs...
Governmental Accounting Auditing And Financial Reporting 10th Edition - ISBN: 0891250107 - Free Book
Study smarter with the SolutionInn App