Question: The City of New Falls is planning to acquire furniture
The City of New Falls is planning to acquire furniture and fixtures for the mayor’s office and the council chambers. One of the council members, Ryan Cannedy, sent you a memo asking whether a Capital Projects Fund is needed to record the acquisition of the furniture. Write a memo in response to Council Member Cannedy.
Answer to relevant Questions(Multiple Choice) 1. The resources used to finance Capital Projects Funds may come from which of the following sources? a. Private donations b. General obligation debt c. Intergovernmental revenues d. All of the above 2. The ...Green Valley issued $ 20,000,000 of general obligation bonds to construct a multipurpose arena. These bonds will be serviced by a tax on the revenue from events held in the arena and will mature in 2017. During 2012, Green ...Watson Township plans to build an auditorium. The plans were drawn for $ 100,000 by an architect who will complete the plans and bill the city after the bonds are issued. The township accepted a bid from Forrester ...The following transactions took place during 2012. Record these transactions in journal form. Also, indicate the fund in which each transaction is recorded. 1. The city sold some of its street repair equipment. The equipment ...What is the cause- and- effect relationship between the revenues and the expenses of a proprietary fund?
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