Question
In: Accounting
The funds of a City include a debt service fund, a capital projects fund, and an...
The funds of a City include a debt service fund, a capital projects fund, and an internal service fund.
Required for Initial Discussion Post:
Explain the use of capital projects funds, debt service funds and internal service funds. Include the following in your discussion: what they account for, the basis of accounting used, any unusual entries (if any) and accounts, and their financial statements.
Solutions
ekkarill92 answered 2 years agoRelated Solutions
5–C. Part 2. Existing Debt Service Fund Transactions The City Hall Debt Service Fund of the...
5–C. Part 2. Existing Debt Service Fund
Transactions
The City Hall Debt Service Fund of the City of Monroe has been
open for five years; it was created to service an $16,000,000, 3
percent tax-supported bond issue. As of December 31, 2016, this
serial bond issue had a balance of $12,000,000. Semiannual interest
payments are made on January 1 and July 1, and a principal payment
of $400,000 is due on January 1 and July 1 of each year.
As...
Tell why governments use special revenue, permanent, capital projects, and debt service funds.
Tell why governments use special revenue, permanent, capital
projects, and debt service funds.
which of the following funds is a governmental fund? a. enterprise fund b. debt service fund...
which of the following funds is a governmental fund?
a. enterprise fund
b. debt service fund
c. internal service fund
d. custodial fund
The City of Holbrook transferred $100,000 from the General Fund to the Debt Service Fund for...
The City of Holbrook transferred $100,000 from the General Fund
to the Debt Service Fund for payment of interest. The appropriate
entry in the General Fund to record this transfer would be
Debit Expenditures $100,000; Credit Cash $100,000.
Debit Other Financing Uses Transfer Out $100,000; Credit Cash
$100,000.
Debit Fund Balance Transfer Out $100,000; Credit Cash
$100,000.
Debit Other Financing Sources Transfer In $100,000; Credit Cash
$100,000.
Katerah City maintains the following funds: a) General b) Special revenue c) Capital projects d) Debt...
Katerah City maintains the following funds: a) General b)
Special revenue c) Capital projects d) Debt service e) Enterprise
f) Investment trust g) Permanent h) Agency For each of the
following transactions, indicate which fund would most likely be
used to report the transaction (each fund will be used once): 1.
The city collects $1 million of taxes for an independent fire
district located within the city. 2. The city spends $1.2 million
on street maintenance using the proceeds of...
What are the major sources of funds for capital project and debt service funds, and how...
What are the major sources of funds for capital project and debt
service funds, and how are the sources classified in the Statement
of Revenues, Expenditures, and Changes in Fund Balance?
The City of Bloomington establishes a Debt Service Fund to accumulate resources to service its 2018...
The City of Bloomington establishes a Debt Service Fund to
accumulate resources to service its 2018 general obligation bonds.
Voters approve an additional property tax that can only be used to
pay the debt service on the bonds. The city finances the remainder
of the debt service through a transfer of general fund resources.
Prepare journal entries to record the following transactions for
the city’s Debt Service Fund during calendar year 2019. No
budgetary entries should be recorded.
1. For...
The City of Waterman established a capital projects fund for the construction of an access ramp...
The City of Waterman established a capital projects fund for the
construction of an access ramp from the parking garage to the
city’s office building to be used by individuals with disabilities.
The estimated cost of the ramp is $217,000. On January 1, 20X2, a
10 percent, $154,000 bond issue was sold at 103 with the premium
transferred to the debt service fund. At that date, the county
board provided a $63,000 grant. After a period of negotiation, the
city...
The City of Waterman established a capital projects fund for the construction of an access ramp...
The City of Waterman established a capital projects fund for the
construction of an access ramp from the parking garage to the
city’s office building to be used by individuals with disabilities.
The estimated cost of the ramp is $200,000. On January 1, 20X2, a
10 percent, $150,000 bond issue was sold at 104.0 with the premium
transferred to the debt service fund. At that date, the county
board provided a $50,000 grant. After a period of negotiation, the
city...
Prepare a reconciliation of Net Change in Governmental Fund Balances (the General Fund, Capital Projects Funds,...
Prepare a reconciliation of Net Change in Governmental Fund
Balances (the General Fund, Capital Projects Funds, Debt Service
Fund, Special Revenues Funds and Permanent Funds) to change in
Governmental Net Assets (the 5 funds just cited and the Internal
Services Funds, which all reflect government activities.) [An
internal service fund is a fund used in governmental accounting to
track goods or services shifted between departments on a cost
reimbursement basis. An example of an internal service fund is a
maintenance...
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