Questions from Advanced Accounting

Q: The following information is available about Gotham’s City government funds.

The following information is available about Gotham’s City government funds. Required: Using the information about the government’s funds, determine which funds q...

Q: Circus City issued an 8%, 10-year $2,

Circus City issued an 8%, 10-year $2,000,000 bond to build a monorail mass transit system. The city received $1,754,217 cash from the bond issuance on January 1, 2015. The bond yield is 10%. Interest...

Q: On January 1, 2007, the city of Nashvegas issued an

On January 1, 2007, the city of Nashvegas issued an 8% annual, 10-year, $10,000 bond for $11,472 (an effective yield of 6%). The bonds become due on December 31, 2016. On June 30, 2015, the city of Na...

Q: The Town of Green River authorized a municipal building to be constructed

The Town of Green River authorized a municipal building to be constructed at a cost of $175,000. The construction will be financed from the proceeds from the issue of $175,000 of 6% bonds. Any differe...

Q: The City of Dayville has undertaken a sidewalk construction project. The

The City of Dayville has undertaken a sidewalk construction project. The project is being financed by the proceeds from the issue on July 1, 2015, of $500,000 of 7% special assessment debt. One quarte...

Q: The administrators of the City of Lyons have obtained approval from the

The administrators of the City of Lyons have obtained approval from the City Council to centralize the computer facility as of January 1, 2015. An internal service fund is created to account for the a...

Q: The following transactions take place: 1. A cement mixer

The following transactions take place: 1. A cement mixer was purchased with resources of the general fund. 2. A contract was signed for the construction of a new civic center. 3. Bonds were issued to...

Q: Select the best answer for each of the following items:

Select the best answer for each of the following items: 1. When used in fund accounting, the term “fund” usually refers to (a) A sum of money designated for a special purpose. (b) A liability to other...

Q: The preclosing trial balance for the General Fund of the City of

The preclosing trial balance for the General Fund of the City of Springfield is presented below. Note 1: Includes $35,000 of encumbrances from 2014. Required: Prepare the closing entries for the Ge...

Q: In 2015, Bay City purchased supplies valued at $350,

In 2015, Bay City purchased supplies valued at $350,000. At the end of the year, $65,000 of the supplies were still in the inventory. No supplies were on hand at the beginning of the year. The city us...