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Financial Reporting Objectives of Federal GOVT Malaz Township Case

  1. These transactions relate to Metro Bus, which provides transportation services to residents of Parker County. Metro Bus is accounted for as a County Enterprise Fund. Make journal entries to account for the following 2013 transactions in the Enterprise Fund.

a.On April 1, 2013, Metro borrows $3,000,000 by issuing 10-year revenue bonds. Bond principal is to be paid back in 20 equal semi-annual installments, starting October 1, 2013, together with interest of 6% a year on the unpaid principal.

b.On July 1, Metro pays cash for 10 buses costing $150,000 each. Metro also pays cash for land costing $100,000 and 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.Metro sends an invoice for $10,000 to the County Social Services Agency for taking senior citizens on bus tours. The Agency receives appropriations from 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.To record six months’ depreciation on the buses and building bought in transaction b. Estimated lives are: buses – 10 years; building – 30 years.

k.To record consumption of repair parts. A year-end physical inventory shows repair parts on hand amounting to $8,000. (See transaction 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.)

  1. Explain Financial Reporting Objectives of federal government
  2. Malaz 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 Malaz Township’s Capital Projects Fund. All transactions occur within the calendar year 2013.

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 – $6 million; operating transfer from the General Fund – $2 million; state grant – $1.5 million; interest from the temporary investment of cash – $90,000.

c.Total outlays for constructing the new city hall were: construction costs – $8,250,000; design and construction supervision fees – $600,000.

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, $740,000 was transferred to the Debt Service Fund.

Sample Solution

Google Glass and Further Technologies GuidesorSubmit my paper for investigation intelligent article sampleI frequently state that living in the 21st century is great. On the off chance that you recollect all the sci-fi motion pictures you have watched, you will concur with me that the future, as it was portrayed in them, has just started. Contact screen innovations, voice directing, man-made brainpower (well, let us consider Siri an AI), space flights, DARPA's laser guns, Internet ponders, holographic consoles, etc. In any case, is everything really valuable for mankind? As of late, I watched a short film called Sight devoted to cutting edge PC innovations, and the effect they will have on every day lives. As indicated by the plot, sooner rather than later, most of individuals will be continually wearing extraordinary eye focal points, which will play out all the activities that cutting edge PCs and cell phones presently do. In reality, "Sight" will do everything (and significantly increasingly) current Google Glass can do. In the film, the fundamental character does everything with the assistance of his eye-PC. Cooking, picking an outfit to stroll outside, sitting in front of the TV programs, and in any event, dating. The eye-mounted PC shows the person what the young lady before him would need to hear, how he ought to carry on, etc. In her turn, from the outset she thinks it will be simply one more exhausting date, and posts a status about it to her web based life profile—in a flicker of an eye, without him in any event, seeing it. The film closes startlingly: they are in the person's loft, where the young lady sees an advanced divider with the person's "accomplishments" in a dating application. She needs to leave, yet he hacks her eye-PC (he is a designer in the "Sight" company), and powers her to remain. I am not a defender of paranoid notions, so I won't expound on security dangers and brain control. I am considerably more inspired by the brain research of dynamic abuse of cutting edge innovations. A significant number of them should improve our day by day lives. Refrigerators with Internet get to should streamline the way toward buying nourishment. Cell phone applications permit you to ascertain, check, note, and oversee. A wide range of espresso machines, programmed vacuum-cleaners, and different apparatuses should spare you time. In any case, what for? Do individuals utilize this available time? In the most ideal situation, they use it for work. In any case, for the most part, this time is spent on diversion. I like to unwind and have some good times myself, yet to me it is extraordinary games, the travel industry, photography, or spending time with companions. At the point when I have a free moment, I read a book or draw something. It is self-advancement, somewhat, and I truly accept this is the thing that people live for: to turn out to be better every day. However, on the off chance that you take a gander at everyone of current individuals (particularly the individuals who are more youthful), they appear to invest a lot of their energy with their contraptions: cell phones, tablets, interminable Facebook refreshes, Angry Birds, or doing selfies. In any event, when they accumulate in gatherings (I can't assemble it conference with companions) they invest a large portion of the energy in their computerized world. Today, my companion revealed to me how one lady at a birthday celebration stalled out taking a gander at her iPad, "accomplishing something significant." I wonder: is there a point in welcoming such individuals to open social events? I think individuals become acclimated to depending on their contraptions. What could be effortlessly managed without PCs around 10 years back (like taking notes, making arrangements, and in any event, shopping) presently looks practically unimaginable without a bunch updates, particular applications, and advanced collaborators. On the off chance that these contraptions are so helpful, how did mankind figure out how to endure, advance, and even produce complex societies and advances without them? Did Einstein utilize an iPhone to ascertain his well known condition (coincidentally, who can tell which condition it was without utilizing Wikipedia)? We will in general overestimate advances. They are things, whose reason for existing is to help. Rather, individuals have let them become a substitute for correspondence (internet based life), efficiency and self-association (administrators, organizers, updates, etc), diversion (games), and status (iPhone 5 clients will undoubtedly feel sub-par contrasted with iPhone 6 Plus proprietors). The short film I was discussing in the first place dazed me not due to its consummation. I was stunned that, truth be told, it can really occur; when computerized partners will mention to you what to wear and where to go; when folks will allure ladies dependent on clues gave by their dating applications; when van Gogh artistic creations will become advanced duplicates, seen distinctly in expanded reality. With such a pattern, organizations don't need to make a fuss over developing strategies for mass brain control. Also, this is upsetting. innovators and developments paper, science exposition, innovation article
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