Special assessment debt. residents of green acres, a gated community lo-cated in the city of foothills, voted to form a local improvement district to fund the construction of a neighborhood park. the city agreed to administer the bonded debt; however, residents of green acres are solely responsible for re-paying the bond issue. the following events are related to the special assess-ment park debt:
1. on january 1, 2017, the city assessed levies totaling $5,000,000 on properties within green acres. the levies are payable in 10 equal annual installments, beginning in the current year, with 5 percent interest due on unpaid installments.
2. all assessments associated with the current year’s installment were collected by december 31, 2017, as was the interest due on the unpaid installments. a portion of assessments receivable equal to the 2018 installment was reclassi-fied as current.
3. on january 1, 2018, the first principal payment of $500,000 was made to bondholders as was interest on the debt.
required
a. what type of fund should the city of foothills use to account for the special assessment debt?
b. make journal entries for each of the foregoing events for the city.
c. how would this fund be reported in the city of foothills’ financial statements?
d. how would the special assessment debt be recorded in the city of foothills’ financial statements?

Presented below is a list of possible transactions. analyze the effect of the 18 transactions on the financial statement categories indicated. transactions assets liabilities owners’ equity net income 1. purchased inventory for $80,000 on account (assume perpetual system is used). 2. issued an $80,000 note payable in payment on account (see item 1 above). 3. recorded accrued interest on the note from item 2 above. 4. borrowed $100,000 from the bank by signing a 6-month, $112,000, zero-interest-bearing note. 5. recognized 4 months’ interest expense on the note from item 4 above. 6. recorded cash sales of $75,260, which includes 6% sales tax. 7. recorded wage expense of $35,000. the cash paid was $25,000; the difference was due to various amounts withheld. 8. recorded employer’s payroll taxes. 9. accrued accumulated vacation pay. 10. recorded an asset retirement obligation. 11. recorded bonuses due to employees. 12. recorded a contingent loss on a lawsuit that the company will probably lose. 13. accrued warranty expense (assume expense warranty approach). 14. paid warranty costs that were accrued in item 13 above. 15. recorded sales of product and related service-type warranties. 16. paid warranty costs under contracts from item 15 above. 17. recognized warranty revenue (see item 15 above). 18. recorded estimated liability for premium claims outstanding.

Mcdonald's fast-food restaurants have a well-designed training program for all new employees. each new employee is supposed to learn how to perform standardized tasks required to maintain mcdonald's service quality. due to labor shortages in some areas, new employees begin work as soon as they are hired and do not receive any off-the-job training. this nonconformity to standards creates

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