134.Identify and describe the required supplementary information schedules that must be prepared when using the modified approach.
135.When preparing government-wide financial statements, the modified accrual based governments funds are adjusted. List 5 events involving long-term debt that are likely to require adjustments.
136.When preparing government-wide financial statements, the modified accrual based governments funds are adjusted. List 4 events involving capital assets that are likely to require adjustments.
137. The following entries were in the governmental funds.
12/31/2013
Capital Projects Fund
Cash
2,631,200
Other Financing Sources – Proceeds sales of General
Obligation Bonds
2,600,000
Other Financing Sources – Bond Premium
31,200
(to reflect issuance of 10 year general obligation bond)
12/31/2014
Debt Service Fund
Expenditures: Bond Principal
260,000
Expenditures: Bond Interest
156,000
416,000
(to reflect payment of 1/10th principal and 1st year’s interest)
Required:
Part A.What is the worksheet entry required to adjust beginning net assets in the 12/31/2014 government-wide financial statements for long term debt?
Part B.What are the worksheet entries to adjust for current year activity in long-term debt for the year ended 12/31/2014? Assume interest for the year is due on 12/31 and the bond premium is amortized on the straight line basis.
Already registered? Login
Not Account? Sign up
Enter your email address to reset your password
Back to Login? Click here