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Nastasia [14]
3 years ago
15

A state constructs an office building. The construction is financed with: (1) a transfer of $1 million from the General Fund; (2

) a grant of $2 million from the federal government; (3) bond proceeds of $7 million; and (4) earnings of $100,000 from temporary investment of bond proceeds. All transactions occur in one year. How much should be reported as Other financing sources in the Capital Projects Fund?
Business
1 answer:
Zolol [24]3 years ago
4 0

Answer:

$8 million

Explanation:

There are total 4 sources involved.

But the government grants are reduced from the cost of the the project. It is not recorded as other financing sources.

Also the earnings from bond proceeds shall not be considered for the other financing sources, as that is mere use of income.

Use of general fund in these capital projects will account for such other financing sources.

Cash received from issue of bonds for this project will also account for such capital fund.

Thus, total other financing sources = $1 million + $7 million = $8 million

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3 years ago
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2 years ago
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kenny6666 [7]

Answer:

Explanation:

DATE Account AccountsPayable OfficeSupplies OtherAccounts

         Credited         credit                   debit                  debit

Apr. 4  Officemate    $620                 $610                 no entry

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Apr. 16Officemate     $170                   $170                  no entry

Apr. 19  Paper to Go $250                 $250                 no entry

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$ __170____ ie $ 610 + 170 - 610( because invoice on April 4th was paid on April 27th.

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