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Unformatted text preview: 2-21. Oak Township issued the following bonds during the year: Bonds to acquire equipment for a vehicle repair service accounted for in an internal service fund $ 3,000,000 Bonds to construct a new city hall $ 8,000,000 Bonds to improve its water utility, which is accounted for in a enterprise fund $9,000,000 The amount of debt to be reported in the general fund isb. $3,000,0002. Oak Township should report depreciation in which of the following funds:d. capital projects fund3. Assuming that Bevo County receives all of its revenues from unrestricted property taxes, it is most likely to account for the activities of its police department in itsd. general fund4. The city of Alpine incurred the following costs during the year in its property tax collection department: Purchase of computer equipment Salaries and wages Purchase of electricity from the city-owned electric utility Purchase of supplies, all of which were used during the year$ 10,000$400,000$ 40,000$ 10,000As a consequence of these transactions, the amount that Alpine should report as expenditures n its general fund isc. 450,0005. Grove City received the following resources during the year: Property taxes A federal grant to acquire police cars Hotel taxes, which must be used to promote tourism Proceeds of bonds issued to improve the city’s electric utility$50,000,000400,0003,000,00012,000,000The amount that the city should most likely report as revenue in its special revenue funde. $65,400,0006. A city issues $20 million of general obligation bonds to improve its streets and roads. In accordance with the bond covenants, it sets aside $1 million to help ensure that it is able to meet its first payment of principal and $0.1 million for its first payment of interest. The amount of liability that the city should report in its debt service fund isb. $18.9 million7. During the year, Brian County collects $12 million of property taxes on behalf of Urton Township. Of this amount, it remits $10 million to the township, expecting to remit the balance shortly after the end of its fiscal year. The amount of revenue that the County should report isd. $10 million8. The City of Round Lake receives a contribution of $20 million. The donor stipulates that the money is to be invested. The principal is to remain intact, and the investment proceeds are to be used to support a city-owned nature center. The city should report the contribution in aa. special revenue fundb. permanent fundc. fiduciary fundd. agency fund9. A city receives a $30 million contribution. The donor stipulates that the money is to be invested. The principal is to remain intact, and the investment proceeds are to be used to provide scholarships for the children of city employees. The contribution should be reported as revenue of ac. fiduciary fund10. The Summerville Preparatory School (a private school) receives a donation of $14 million....
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This note was uploaded on 01/23/2012 for the course E.G ECON e.g. 101 taught by Professor N/a during the Spring '11 term at Strayer.
- Spring '11