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Government wide statements and Fund statements
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Goverment and Non profit
Preston Village engaged in the following transactions:
- It issued $20 million in bonds to purchase a new municipal office building. The proceeds were recorded in a capital projects fund.
- It acquired the building for $20 million.
- It recognized, as appropriate, $300,000 of depreciation on municipal vehicles.
- It transferred $2,060,000 from the general fund to a debt service fund.
- It paid $60,000 in interest on long-term debt and repaid $2 million of principal on the same long-term debt.
- It sold for $5 million village land that had been acquired for $4 million. The proceeds were recorded in the general fund.
Instructions:
Answer the following question based on the transactions outlined above.
- For each of the transactions, prepare journal entries to record them in appropriate governmental funds (which are accounted for on a modified accrual basis).
- Prepare journal entries to reflect how the transactions would be reflected in government-wide statements (which are prepared on a full accrual basis).
- How can governments justify preparing two sets of financial statements, each on a different basis?
Requirements:
- Submit your responses to the following questions in a 1-2 page document in MS Word. Label each question clearly. Please include computations in a table.
- For written answers, please make sure your responses are grammatically correct and free from spelling errors.
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[Solved] Government wide statements and Fund statements
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- Submitted On 06 Sep, 2015 08:20:55
Answer posted by
- Academia
- Rating : 60
- Grade : A+
- Questions : 0
- Solutions : 4595
- Blog : 1
- Earned : $25563.50
Goverment and Non profit
[Pin It]
Preston Village engaged in the following transactions:
It issued $20 million in bonds to purchase a new municipal office building. The proceeds were recorded in a capital projects fund.
It acquired the building for $20 million.
It recognized, as appropriate, $300,000 of depreciation on municipal vehicles.
It t...
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