Abha Township decides to construct a new city hall. Based on the following data, prepare a statement of revenues, expend
Posted: Tue Apr 26, 2022 9:52 am
Abha Township decides to construct a
new city hall. Based on the following data, prepare a statement of
revenues, expenditures, and changes in fund balance for Abha
Township's Capital Projects Fund. All transactions occur within the
calendar year 2021.
a. The Fund starts
and ends the year with a zero fund balance.
b. The Fund's
financing sources for the city hall project were: long-term bond
proceeds - SR6 million; operating transfer from the General Fund -
SR2 million; state grant - SR1.5 million; interest from the
temporary investment of cash - SR90,000.
c. Total outlays
for constructing the new city hall were: construction costs -
SR8,250,000; design and construction supervision fees -
SR600,000.
d. City laws
require that, whenever bonds are used, any remaining difference
between total financing sources and construction costs must be
transferred to the Debt Service Fund. Therefore, SR740,000
was transferred to the Debt Service Fund.
new city hall. Based on the following data, prepare a statement of
revenues, expenditures, and changes in fund balance for Abha
Township's Capital Projects Fund. All transactions occur within the
calendar year 2021.
a. The Fund starts
and ends the year with a zero fund balance.
b. The Fund's
financing sources for the city hall project were: long-term bond
proceeds - SR6 million; operating transfer from the General Fund -
SR2 million; state grant - SR1.5 million; interest from the
temporary investment of cash - SR90,000.
c. Total outlays
for constructing the new city hall were: construction costs -
SR8,250,000; design and construction supervision fees -
SR600,000.
d. City laws
require that, whenever bonds are used, any remaining difference
between total financing sources and construction costs must be
transferred to the Debt Service Fund. Therefore, SR740,000
was transferred to the Debt Service Fund.