Q: Vision for Kids, a clinic funded by the Community Health Plan
Vision for Kids, a clinic funded by the Community Health Plan, a not‐for‐profit agency, provides eye examinations, eyeglasses, and eye‐related medical care for children from low‐income families. Child...
See AnswerQ: Upon annexing a recently developed subdivision, a government undertakes to extend
Upon annexing a recently developed subdivision, a government undertakes to extend sewer lines to the area. The estimated cost is $10.0 million. The project is to be funded with $8.5 million in special...
See AnswerQ: As stated in the previous problem, a government issued $8
As stated in the previous problem, a government issued $8.5 million of special assessment bonds to finance a sewer‐extension project. To service the debt, it assessed property owners $8.5 million. The...
See AnswerQ: The accompanying combined statement of revenues, expenditures, and fund balance
The accompanying combined statement of revenues, expenditures, and fund balance was drawn from the statements of Plant City, Florida, which, of course, included a general and other funds that are not...
See AnswerQ: Charter City issued $100 million of 6 percent, 20‐
Charter City issued $100 million of 6 percent, 20‐year general obligation bonds on January 1, 2017. The bonds were sold to yield 6.2 percent and hence were issued at a discount of $2.27 million (i.e.,...
See AnswerQ: A city agrees to extend water and sewer lines to an outlying
A city agrees to extend water and sewer lines to an outlying community. To cover the cost, the affected property owners agree to special assessments of $12 million. The assessments are to be paid over...
See AnswerQ: The financial report of Montefiore Medical Center, which operates a major
The financial report of Montefiore Medical Center, which operates a major New York City hospital, included the following item in a summary of longâ€term debt outstanding (dates change...
See AnswerQ: Colgate County issued $1 million of 30‐year, 8
Colgate County issued $1 million of 30‐year, 8 percent term bonds to finance improvements to its electric utility plant. The bonds, accounted for in an enterprise fund, were issued at par. After the b...
See AnswerQ: A hospital has outstanding $100 million of bonds that mature in
A hospital has outstanding $100 million of bonds that mature in 20 years (40 periods). The debt was issued at par and pays interest at a rate of 6 percent (3 percent per period). Prevailing rates on c...
See AnswerQ: A debt service fund reports both routine principal and interest payments as
A debt service fund reports both routine principal and interest payments as well as an in-substance defeasance. The revenue and expenditure statement that follows is from an annual report of the City...
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