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Why does the GASB encourage state and local governments to report service efforts and accomplishments information in addition to a CAFR?
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Following are a number of unrelated transactions for K-Town, some of which affect governmental activities at the government wide level. None of the transactions has been recorded yet. 1. The General F...
See AnswerQ: Fleck County issued $5,500,000, 3 percent
Fleck County issued $5,500,000, 3 percent serial bonds, paying interest on January 1 and July 1. The bonds were sold on June 1 for 101. The county is required to use all accrued interest and premiums...
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In preparation for a proposed bond sale, the city manager of the City of Appleton requested that you prepare a statement of legal debt margin for the city as of December 31, 2010. You ascertain that t...
See AnswerQ: Following is Franklin County’s debt service fund pre-closing trial balance
Following is Franklin County’s debt service fund pre-closing trial balance for the fiscal year ended June 30, 2011. Required Using information provided by the trial balance, answer...
See AnswerQ: The City of Jamestown has agreed to acquire a new city maintenance
The City of Jamestown has agreed to acquire a new city maintenance building under a capital lease agreement. At the inception of the lease, a payment of $100,000 is to be made; nine annual lease payme...
See AnswerQ: As of December 31, 2010, New Town had $9
As of December 31, 2010, New Town had $9,500,000 in 4.5 percent serial bonds outstanding. Cash of $509,000 is the debt service fund’s only asset as of December 31, 2010, and there are no liabilities....
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Following are transaction data for a term bonds issue for the City of Nevin. Prepare all necessary entries for these transactions in the city’s funds, and governmental activities journal at the govern...
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