Questions from Accounting for Government and Non-Profit

Q: In early 2017, McCormick County agreed to acquire a new recreation

In early 2017, McCormick County agreed to acquire a new recreation equipment storage facility under a capital lease agreement. At the inception of the lease, a payment of $750,000 will be made; four a...

Q: In preparation for a proposed bond sale, the city manager of

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 and a schedule of direct and overlapping debt for the city...

Q: Following is Grant County’s debt service fund pre-closing trial balance

Following is Grant County’s debt service fund pre-closing trial balance for the fiscal year ended June 30, 2017. Required: Using information provided by the trial balance, answer t...

Q: As of December 31, 2016, Sandy Beach had $9

As of December 31, 2016, Sandy Beach 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, 2016, and there are no liabilitie...

Q: In July 1, 2016, the first day of its 2017

In July 1, 2016, the first day of its 2017 fiscal year, the City of Nevin issued at par $2,000,000 of 6 percent term bonds to construct a new city office building. The bonds mature in five years on Ju...

Q: Brown County operates a solid waste landfill for the citizens of the

Brown County operates a solid waste landfill for the citizens of the county. The following events occurred during the county’s fiscal year ended September 30, 2017. 1. The county paid interest costs o...

Q: Washington City created an Information Technology department in 2013 to centralize information

Washington City created an Information Technology department in 2013 to centralize information technology (IT) functions for the city. The goal of the department was to reduce costs, avoid duplication...

Q: The City of Ashville operates an internal service fund to provide garage

The City of Ashville operates an internal service fund to provide garage space and repairs for all city-owned and-operated vehicles. The Central Garage Fund was established by a contribution of $300,0...

Q: GASB Concepts Statement No. 1, “Objectives of Financial Reporting

GASB Concepts Statement No. 1, “Objectives of Financial Reporting,” states that “Accountability is the cornerstone of all financial reporting in government.” FASB Statements of Financial Accounting Co...

Q: The City of Saltwater Beach established an enterprise fund in 2015 to

The City of Saltwater Beach established an enterprise fund in 2015 to construct and operate Tribute Aquatic Center, a public swimming pool. The pool was completed and began operations in 2016. All cos...