Questions from Advanced Accounting

Q: On June 15, 2016, Malmo City authorizes the issuance of

On June 15, 2016, Malmo City authorizes the issuance of $500,000 par of 6 percent serial bonds to be issued on July 1, 2016, and to mature in annual serials of $100,000 beginning on July 1, 2017. The...

Q: In a special election held on May 1, 2016, the

In a special election held on May 1, 2016, the voters of the City of Cerone approved a $10,000,000 issue of 6 percent general obligation bonds maturing in 20 years. The proceeds of this sale will be u...

Q: The City of Catalina authorized the construction of a new recreation center

The City of Catalina authorized the construction of a new recreation center at a total cost of $1,000,000 on June 15, 2016. On the same date, the city approved a $1,000,000, 8 percent, 10-year general...

Q: The unadjusted trial balance for the general fund of the City of

The unadjusted trial balance for the general fund of the City of Orchard Park at December 31, 2016, is as follows: Supplies on hand at December 31, 2016, are $3,000. The $50,000 encumbrance relates...

Q: The preclosing account balances of the general fund of the City of

The preclosing account balances of the general fund of the City of Batavia on June 30, 2017, were as follows: Debits Cash.................................................................................

Q: List three items that might appear on the reconciliation between the governmental

List three items that might appear on the reconciliation between the governmental fund balance sheet and the government-wide statement of net position. List three items that might appear on the reconc...

Q: Prepare journal entries to record the following grant-related transactions of

Prepare journal entries to record the following grant-related transactions of an enterprise fund activity. Explain how these transactions should be reported in the enterprise fund’s financial statemen...

Q: Use the information in P 23-6 to prepare a charge

Use the information in P 23-6 to prepare a charge–discharge statement for the estate of Tom Josephson for the period May 16, 2015 through June 30, 2015. Information from P 23-6 Tom Josephson dies on...

Q: The Town of Tyler approved the following general fund budget for the

The Town of Tyler approved the following general fund budget for the fiscal year July 1, 2016, to June 30, 2017: TOWN OF TYLER GENERAL FUND BUDGET SUMMARY FOR THE YEAR JULY 1, 2016 TO JUNE 30, 2017 R...

Q: The unsecured creditors of Dan filed a petition under Chapter 7 of

The unsecured creditors of Dan filed a petition under Chapter 7 of the bankruptcy act on July 1, 2016, to force Dan into bankruptcy. The court order for relief was granted on July 10, at which time an...