Exercise 6-3 During 2008 Luling Township engaged in the following transactions

INSTANT DOWNLOAD

Solution Guide / Answer Key:

Government and Not-For-Profit Accounting

AC455
Government and Not-For-Profit Accounting: Concepts and Practices
Michael H. Granof, Saleha B. Khumawala

Unit 5 Assignment

Exercise 6-3 During 2008 (2012) Luling Township engaged in the following transactions related to modernizing the bridge over the Luling River. The township accounts for long-term construction projects in a capital projects fund.

AND SO ON

What amount should Luling report in its December 31, 2008, financial statements as:
1. Nonreciprocal transfers-in to its debt service fund
2. Interest expenditure in its debt service fund
3. Interest expense on its government-wide statements (prior to taking into account amortization of the bond premium)
4. Investment revenue in its capital projects fund
5. Bonds payable in its capital projects fund
6. Total expenditures in its capital projects fund
7. Bond proceeds in its capital projects fund
8. Bond proceeds in its debt service fund
9. Loss on defeasance in its debt service fund
10. Grant revenue in its capital projects fund
11. Grants receivable in its capital projects fund
12. Bonds payable (on issue of July 1 only) in its government-wide statements

Select each response from the amounts that follow. An amount may be selected once, more than once, or not at all.
a. $0
b. $8,000
c. $9,000
d. $16,510
e. $19,314
f. $20,000
g. $26,510
h. $38,627
i. $150,000
j. $200,000
k. $400,000
l. $405,000
m. $500,000
n. $600,000
o. $610,000
p. $1,000,000
q. $1,006,510
r. $1,016,510
s. $1,015,824

File: MS WORD