P7-5 (Statement of Revenues, Expenditures, and Changes in Fund Balance) Prepare
ID: 2329949 • Letter: P
Question
P7-5 (Statement of Revenues, Expenditures, and Changes in Fund Balance) Prepare a Statement of Revenues, expenditures, and Changes in Fund Balance for the San Jacinto Country Courthouse Capital Projects Fund for the year ended June 30, 20X9, given the following information:
1. In June 20X8,a $10,000,000 bond referendum is voted for and approved by the citizens of SAN Jacinto County for the construction of a new courthouse
2. On July 1, 20X8, a Capital Projects Fund is established for this project with a trasnfer of $500,000 from the General Fund
3. The county comissioners approve another $3,000,000 transfer of General Fund monies previously committed for this project. The trasnfer order calls for $2,000,000 to be sent to the Courthouse Capital Projects Fund to begin construction of the courthouse and $1,000,000 to the Courthouse Debt Service fund to help satisfy the bond indenture requirements. The finance director completes these transfers on August 1, 20X8
4. The country signs a contract for $10,000,000 on August 5, 20X8, for construction of the new courthouse
5. On January 2, 20X9, the county issues the $10,000,000 face value courthouse bonds at 101, net of issue costs of $90,000. Also on this date, the county receives a $2,000,000 bill from the contractor for work completed to date
6. According to the bond covenants, the county transfers the bond premium (net of bond issuance costs) to the Courthouse Debt Service Fund on January 4, 20X9
7. On January 31, 20X9, the country pays the contractor's bill from January 2nd, less a 5% retainage
8. On June 30, 20X9, the county receives $80,000 from the bank for interest on idle cash and a $1,250,000 bill from the contractor for work completed between January 1st and fiscal year end
ACTUALS: Revenues-Interest Expenditures-Capital Outlay Expenditures-Bond Issue Costs Debits Credits OFS-Bonds OFS- Bond Premium Retainage Payable Cash Vouchers PayableExplanation / Answer
Capital projects fund Courthouse Debt service fund Transfer from General fund A/c OFU Transfer to court house 04-01-2019 To Bond issue exp 90,000 01-08-2018 By transfer from General fund 10,00,000 01-07-2018 To Capital projects fund 5,00,000 01-07-2018 By transfer from General fund 5,00,000 30-06-2019 To balance c/d 10,10,000 04-01-2019 By transfer from bond premium a/c 1,00,000 01-08-2018 To Capital projects fund 20,00,000 01-08-2018 By transfer from General fund 20,00,000 11,00,000 11,00,000 01-08-2018 To Court house debt service fund 10,00,000 25,00,000 35,00,000 OFS Bonds A/c Bond Premium A/c Expenditure-Bond issue costs 02-01-2019 By Balance(Bond Issue) 1,00,00,000 04-01-2019 To Debt service fund 1,00,000 02-01-2019 By Cash 1,00,000 02-01-2019 To Issue Exp 90,000 04-01-2019 By debt service fund 90,000 (100000 bonds*$100) (100000 bonds*$1) 1,00,00,000 1,00,000 1,00,000 90,000 90,000 Cash A/c 02-01-2019 To Bonds 10010000 31-01-2019 By Vouchers Payable 19,00,000 Vouchers payable Retainage Payable (10000000+100000-90000) 30-06-2019 By balance C/d 81,90,000 31-01-2019 To Cash 19,00,000 02-01-2019 Contractor work bill payable 20,00,000 31-01-2019 To Vouchers Payable 1,00,000 30-06-2019 To Interest 80000 (2000000*95%) 03-06-2019 Contractor work bill payable 12,50,000 1,00,000 10090000 1,00,90,000 31-01-2019 To Retainage payable 1,00,000 30-06-2019 To balance C/d 12,50,000 32,50,000 32,50,000 Expenditure Capiital Outlay Revenues-Interest 02-01-2019 Contractor work bill payable 20,00,000 30-06-2019 By cash 80,000 03-06-2019 Contractor work bill payable 12,50,000 80,000 32,50,000 Particulars Debit Credit Cash 81,90,000 Vouchers Payable 12,50,000 Retainage Payable 1,00,000 Revenue-Interest 80,000 Expenditures-Capital Outlay 32,50,000 Expenditures-Bond issue costs - OFS Transfers 25,00,000 Transfer from GF 35,00,000 Transfer to Courthouse DSF 10,10,000 OFS Bond Proceeds 1,00,00,000 OFS Bonds premium - Total 1,49,40,000 1,49,40,000
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