Business, 22.08.2020 19:01 mstrish71oteauw

The City of Waterman established a capital projects fund for the construction of an access ramp from the parking garage to the city’s office building to be used by individuals with disabilities. The estimated cost of the ramp is $213,000. On January 1, 20X2, a 10 percent, $154,000 bond issue was sold at 103 with the premium transferred to the debt service fund. At that date, the county board provided a $59,000 grant. After a period of negotiation, the city council awarded a construction contract for $186,000 on April 5, 20X2. The ramp was completed on August 8, 20X2; its actual cost was $193,000. The city council approved payment of the total actual cost of $193,000. In addition to the $193,000, the ramp was carpeted with all-weather material at a cost of $6,780. On November 3, 20X2, the city council gave the final approval to pay for the ramp and the carpeting. After all bills were paid, the remaining fund balance was transferred to the debt service fund. The City of Waterman established a debt service fund to account for the financial resources used to service the bonds issued to finance the ramp is $213,000. The 10 percent, $154,000 bond issue was sold at 103 on January 1, 20X2. It is a 10-year serial bond issue. The resources to pay the interest and annual principal will be from a property tax levy. Additional Information:1.The operating budget for 20X2 included estimated revenue of $37,100. Budgeted appropriations included $15,400 for principal, $15,400 for interest, and $4,300 for other items. The budget also included an estimated transfer in of $6,300 from the capital projects fund.2.The property tax levy was for $42,200 and an allowance for uncollectibles of $4,500 was established. Collections totaled $36,100. The remaining taxes were reclassified as delinquent and the allowance was reduced to $1,600. The bond premium was received from the capital projects fund.3.The current portion of the serial bonds and the interest due this year were recorded and paid. Other expenses charged to the debt service fund totaled $1,880, of which $1,400 was paid.4.The nominal accounts were closed. Required:a. Prepare entries for the debt service fund for 20X2. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)b. Prepare a balance sheet for the debt service fund as of December 31, 20X2.c. Prepare a statement of revenues, expenditures, and changes in fund balance for the debt service fund for 20X2.

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Answer from: AbbypiePink4942

The City of Waterman

Debt Service Fund:

1. Journal Entries:

Jan. 1, 20X2:

Debit Capital Projects Fund $154,000

Credit 10% Bonds Payable $154,000

To record the issue of a 10 percent, $154,000 bond sold at 103.

Debit Debt Service Fund $4,620

Credit Bonds Premium $4,620

To record the premium on the bond issue.

Debit Capital Projects Fund $59,000

Credit Grant from Country Board $59,000

To record the receipt of a grant.

April 5:

Debit Ramp Construction $186,000

Credit Contracts Payable $186,000

To record the award of construction contract.

August 8:

Debit Ramp Construction $7,000

Credit Contracts Payable $7,000

To record the additional cost of construction.

Debit Ramp Carpeting $6,780

Credit Contracts Payable $6,780

To record the award for carpeting the ramp.

November 3:

Debit Contracts Payable $193,000

Credit Capital Projects Fund $193,000

To record payment for ramp construction contract.

Debit Contracts Payable $6,780

Credit Capital Projects $6,780

To record payment for the ramp carpeting.

Debit Debt Service Fund $13,220

Credit Capital Projects Fund$13,220

To record the transfer of the balance to the debt service fund.

2. The City of Waterman Balance Sheet for the debt service fund as of December 31, 20X2:

Debt Service Fund:

Bonds Premium $4,620

Capital Projects Fund $13,220

3. The City of Waterman Statement of revenues, expenditures, and changes in fund balance for the debt service fund for 20X2:

Revenue from 10% Bonds Payable $154,000

Grant from Country Board 59,000

Cost of Ramp construction (193,000)

Cost of Ramp carpeting (6,780)

Fund Balance 13,220

Explanation:

The City of Waterman's general journal records the transactions that occur about the capital projects fund established by the City of Waterman in order to construct the access ramp from the parking garage to the city’s office building to be used by individuals with disabilities. In the same way, the balance sheet and the statement of revenues, expenditures, and changes in fund balance state the debt service fund balance and the revenues and expenditures during the period.

Answer from: Quest

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Answer from: Quest

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The City of Waterman established a capital projects fund for the construction of an access ramp from...