Please complete question by 11 am 12/15/12
The newly formed Buffalo School District
engaged in the following transactions and other
events during the year:
a. It levied and collected property taxes of $110
b. It issued $30 million in long-term bonds to
construct a building. It placed the cash received
in a special fund that was set aside to account
for the bond proceeds.
c. During the year, it constructed the building
at a cost of $25 million. It expects to spend
the $5 million balance in the following year.
The building has an estimated useful life of
d. It incurred $70 million in general operating
costs, of which it paid $63 million. It expects to
pay the balance early the following year.
e. It transferred $12 million from its general
fund to a fund established to account for
resources that were set aside to service the
debt. Of this amount, $10 million was for
repayment of the debt; $2 million was for
f. From the special fund established to service
the debt, it paid $2 million in interest and
$6 million in principal.
g. It collected $4 million in hotel taxes restricted
to promoting tourism. Because the resources
were restricted, they were accounted for in
a special restricted fund. During the year, the
district spent $3 million on promoting
h. The district established a supplies store, to
provide supplies to the district’s various departments,
by transferring $4 million from
the general fund. It accounted for the store in
a proprietary fund. During the year, the store
purchased (and paid for) $2 million in supplies.
Of these, it ‘‘sold’’ $1 million, at cost
(for cash), to departments accounted for in
the general fund. During the year, these
departments used all of the supplies that
they had purchased.
1. Prepare journal entries to record the transactions
and other events in appropriate funds.
Assume that governmental funds are
accounted for on a modified accrual basis,
and focus only on current financial resources
(and, therefore, do not give balance sheet
recognition to either capital assets or longterm
debt). Proprietary funds are accounted
for on a full accrual basis.
2. Prepare a combined balance sheet—one that
has a separate column for each of the funds
that you established.
3. Prepare a combined statement of revenues,
expenditures, and changes in fund balances
for all governmental funds—one column for
each fund. Prepare a separate statement of revenues,
expenses, and changes in fund balances
for any proprietary funds that you established.
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