Governmental and Nonprofit Accounting (11th Edition)
11th Edition
ISBN: 9780133799569
Author: Robert J. Freeman, Craig D. Shoulders, Dwayne N. McSwain, Robert B. Scott
Publisher: PEARSON
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Textbook Question
Chapter 4, Problem 6P
(Debt-Related Transactions) Prepare the general
- 1. Quinones County borrowed $1,000,000 by issuing 6-month tax anticipation notes bearing interest at 6%. The notes are to be repaid from property tax collections during the fiscal year.
- 2. The county repaid the tax anticipation notes, with $30,000 interest, at the due date.
- 3. The county purchased a new patrol car 2 months before the end of the fiscal year. It cost $35,000. The county paid $5,000 upon receipt and signed a 9% short-term note payable for the balance.
- 4. The county services one of its general obligation serial bond issues directly from the General Fund (a Debt Service Fund is not used). The annual principal and interest payment, which is due 2 months before year end, was paid. The principal payment was $200,000 and the interest was $120,000. (Next year’s interest payment will be $108,000.)
- 5. Record all appropriate interest accruals.
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Chapter 4 Solutions
Governmental and Nonprofit Accounting (11th Edition)
Ch. 4 - Prob. 1QCh. 4 - What characteristics of expenditures distinguish...Ch. 4 - How does the purchase of a capital asset affect...Ch. 4 - Prob. 4QCh. 4 - Explain what is meant by General Ledger control...Ch. 4 - List and explain the five fund balance reporting...Ch. 4 - Prob. 7QCh. 4 - Prob. 8QCh. 4 - Prob. 9QCh. 4 - Prob. 11Q
Ch. 4 - Prob. 12QCh. 4 - Define the following interfund transaction terms...Ch. 4 - What are the most likely circumstances to cause...Ch. 4 - Explain the purpose, nature, and effect of the...Ch. 4 - Which of the following is a characteristic of a...Ch. 4 - Prob. 1.2ECh. 4 - Assume that Nathan County has levied its...Ch. 4 - Refer to the previous question. What amount of tax...Ch. 4 - Assume the following transactions that affected...Ch. 4 - Prob. 1.6ECh. 4 - The GAAP-based statements that are required to be...Ch. 4 - A city levies property taxes of 500,000 for its...Ch. 4 - At year end a school district purchases...Ch. 4 - A state borrowed 10,000,000 on a 9-month, 9% note...Ch. 4 - Charges for services rendered by a countys General...Ch. 4 - Prob. 2.5ECh. 4 - In the Statement of Revenues, Expenditures, and...Ch. 4 - The minimum expenditure classifications required...Ch. 4 - Which fund balance category is affected by having...Ch. 4 - Prob. 3.2ECh. 4 - Prob. 3.3ECh. 4 - The GAAP fund balance classifications are...Ch. 4 - The fund balance category that can have either a...Ch. 4 - The fund balance category used to reflect a...Ch. 4 - The fund balance category that must be zero if...Ch. 4 - Enabling legislation requiring that resources be...Ch. 4 - Prob. 4.3ECh. 4 - Prob. 4.4ECh. 4 - Prob. 4.5ECh. 4 - Prob. 5ECh. 4 - (Expenditure Accounting Entries) Record the...Ch. 4 - (Statement of Revenues, Expenditures, and Changes...Ch. 4 - (Fund Balance Classification) Your firm is...Ch. 4 - (Interfund Transactions and Errors) (a) Prepare...Ch. 4 - (General FundTypical Transactions) Prepare all...Ch. 4 - Prob. 3PCh. 4 - Prob. 4PCh. 4 - (GL and SL Entries) Prepare in proper form the...Ch. 4 - (Debt-Related Transactions) Prepare the general...Ch. 4 - (Closing Entries and Financial Statements) The...Ch. 4 - (Statement of Revenues, Expenditures, and Changes...Ch. 4 - Statement of Revenues, Expenditures, and Changes...Ch. 4 - Fund Balance Reporting (Fund Balance Reporting)...Ch. 4 - Prob. 1CCh. 4 - (Financial Statement PreparationCity of Savannah,...
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