Trust Activities and Fund Issues
Exercise 5-2
A concerned citizen provides resources and establishes a trust with the local government. What factors should be considered in determining which fund to report the trust activities?
Exercise 5-4
The citizen of Spencer County approved the issuance of $ 2,000,000 in 6% general obligation bonds to finance the construction of a courthouse annex. A capital project fund was established for that purpose. The preclosing trial balance of the courthouse annex capital project fund follows:
Trial Balance-December 31, 2015
Debits Credits
Cash $900,000
Contract payable $550,000
Due from State Government 200,000
Encumbrances 85,000
Expenditures-Capital 1,850,000
Intergovernmental grant 400,000
OFS: premium on bonds 45,000
OFS: proceeds sale of bonds 2,000,000
Budgetary fund balance-
Reserve for encumbrances 85,000
Transfer out 45,000
$3,080,000 $3,080,000
REQUIRED:
a. Prepare any closing entries necessary at year-end.
b. Prepare a Statement of Revenues, Expenditure, and Changes in Fund Balance for the courthouse annex capital project fund.
c. Prepare a balance sheet for the Courthouse Annex Capital Project Fund, assuming all unexpended resources are restricted to construction of the courthouse annex.
You can place an order similar to this with us. You are assured of an authentic custom paper delivered within the given deadline besides our 24/7 customer support all through.
Latest completed orders:
| # | topic title | discipline | academic level | pages | delivered |
|---|---|---|---|---|---|
|
6
|
Writer's choice
|
Business
|
University
|
2
|
1 hour 32 min
|
|
7
|
Wise Approach to
|
Philosophy
|
College
|
2
|
2 hours 19 min
|
|
8
|
1980's and 1990
|
History
|
College
|
3
|
2 hours 20 min
|
|
9
|
pick the best topic
|
Finance
|
School
|
2
|
2 hours 27 min
|
|
10
|
finance for leisure
|
Finance
|
University
|
12
|
2 hours 36 min
|
