Chat with us, powered by LiveChat The Assignment must be submitted on Blackboard (WO - Writemia

The Assignment must be submitted on Blackboard (WO

The Assignment must be submitted on Blackboard (WORD format only) via allocated folder. Assignments submitted through email will not be accepted.Studentsare advised to make their work clear and well presented, marks may bereduced for poor presentation. This includes filling your information onthe cover page.Students must mention question number clearly in their answer.Late submission will NOT be accepted.Avoidplagiarism, the work should be in your own words, copying from studentsor other resources without proper referencing will result in ZEROmarks. No exceptions. All answered must be typed using Times New Roman (size 12, double-spaced) font. No pictures containing text will be accepted and will be considered plagiarism).Submissions without this cover page will NOT be accepted. Assignment Question(s):(Marks. 10)1.These transactions relate to Metro Bus, which provides transportationservices to residents of Parker County. Metro Bus is accounted for as aCounty Enterprise Fund. Make journal entries to account for thefollowing 2013 transactions in the Enterprise Fund.a.On April 1,2013, Metro borrows $3,000,000 by issuing 10-year revenue bonds. Bondprincipal is to be paid back in 20 equal semi-annual installments,starting October 1, 2013, together with interest of 6% a year on theunpaid principal.b.On July 1, Metro pays cash for 10 busescosting $150,000 each. Metro also pays cash for land costing $100,000and a building costing $900,000 to house its repair activity.c.On July 1, Metro invests $200,000 of unused cash in a Certificate of Deposit (CD).d.Metro pays cash of $50,000 to acquire an inventory of repair parts.e.Metro collects bus fares of $900,000, which it deposits in the bank.f.Metrosends an invoice for $10,000 to the County Social Services Agency fortaking senior citizens on bus tours. The Agency receives appropriationsfrom the General Fund.g.Metro pays salaries of $500,000 to its bus operators, mechanics, and administrative staff.h.The CD (transaction c.) matures and Metro receives a check for $203,000.i.On October 1, 2013, Metro pays the first installment of principal and interest on the revenue bonds in transaction a. To prepare financial statements at December 31, 2013, Metro makes adjusting journal entries for the following items:j.Torecord six months’ depreciation on the buses and building bought intransaction b. Estimated lives are: buses – 10 years; building – 30years. k.To record consumption of repair parts. A year-endphysical inventory shows repair parts on hand amounting to $8,000. (Seetransaction d.)l.To accrue for unpaid salaries of $12,000.m.To accrue interest on the revenue bonds outstanding at December 31, 2013. (See transactions a. and i.) 2. Explain Financial Reporting Objectives of federal government3.Malaz Township decides to construct a new city hall. Based on thefollowing data, prepare a statement of revenues, expenditures, andchanges in fund balance for Malaz Township’s Capital Projects Fund. Alltransactions occur within the calendar year 2013.a.The Fund starts and ends the year with a zero fund balance.b.TheFund’s financing sources for the city hall project were: long-term bondproceeds – $6 million; operating transfer from the General Fund – $2million; state grant – $1.5 million; interest from the temporaryinvestment of cash – $90,000.c.Total outlays for constructingthe new city hall were: construction costs – $8,250,000; design andconstruction supervision fees – $600,000.d.City laws requirethat, whenever bonds are used, any remaining difference between totalfinancing sources and construction costs must be transferred to the DebtService Fund.Therefore, $740,000 was transferred to the Debt ServiceFund. Answer Q4.The following data comes from the 2013 financial statements of theVillage of Matthews. Although presented in summarized format, thebalance sheet debits and credits are equal and the operating statementinformation is complete.General Fund – Balance Sheet ElementsCash$1,200,000Short-term investments405,000Property taxes receivable – delinquent282,000Due from other funds58,000Accounts payable and other accrued liabilities900,000Assigned fund balance 90,000Unassigned fund balance935,000General Fund – Operating Statement ElementsRevenues, including property taxes of $6,125,000$8,350,000Expenditures (total)7,510,000Transfer to Debt Service Fund400,000Excess of revenues and other sources over expendituresand other uses440,000Debt Service Fund – Balance Sheet ElementsCash and cash equivalents230,000Restricted fund balance230,000Debt Service Fund – Operating Statement ElementsDebt service expenditures:Principal100,000Interest200,000Operating transfer from General Fund400,000Excess of revenues and other sources overexpenditures and other uses100,000Required: Calculate the following ratios for the Village of Matthews:a.Current ratio – General Fundb.Quick ratio – General Fundc.Property tax receivable delinquency rated.Budgetary cushion for the General Fund (Assume all assigned fund balance is available.)e.Debt service burdenf.Excessof revenues and other sources over expenditures and other uses, as apercentage of revenues – Combined, General Fund and Debt Service Fund(Hint: The transfers out and in cancel each other. Therefore, use therevenues for the denominator.) Answer:

Do you need an answer to this or any other questions?

About Writemia

We are a professional paper writing website. If you have searched a question and bumped into our website just know you are in the right place to get help in your coursework. We offer HIGH QUALITY & PLAGIARISM FREE Papers.

How It Works

To make an Order you only need to click on “Place Order” and we will direct you to our Order Page. Fill Our Order Form with all your assignment instructions. Select your deadline and pay for your paper. You will get it few hours before your set deadline.

Are there Discounts?

All new clients are eligible for 20% off in their first Order. Our payment method is safe and secure.

Hire a tutor today CLICK HERE to make your first order