(Answered) Question - the city of tampa has created a capital projects

Accounting

Question - The City of Tampa has created a Capital Projects Fund to construct a new school. The following activities occurred during 2017:

Issued $1,000,000, 10-year, 6% bonds at 102. Sent the premium to the debt service fund.
Received a $200,000 grant from the state of Florida
Signed a contract with Wilson Construction Company for $1,050,000.
Received a progress bill for $400,000. Paid all but 5% which was retained.

What amount was reported as REVENUE for 2017 by the Capital Projects Fund?

A. $0

B. $1,220,000

C. $1,200,000

D. $200,000

What amount was reported as EXPENDITURES for 2017 by the Capital Projects Fund?

A. $420,000

B. $400,000

C. $380,000

D. $1,050,000

What amount was reported as Total Fund Balance on a year-end Balance Sheet?

A. $0

B. $800,000

C. $170,000

D. $150,000

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