This year the city made 50000 contribution to the sinking, Ask an Expert

Accounting

Several years ago a city provided for the establishment of a sinking fund to retire an issue of general obligation bonds. This year the city made $50,000 contribution to the sinking fund from general revenues and realized $15,000 in revenue from securities in the sinking fund. The bonds due this year were retired. Those transactions require accounting recognition in:

A. the general fund, capital projects fund, and general long-term debt group of accounts;

B. a debt service fund, capital projects fund, and the general long-term debt group of accounts;

C. a debt service fund, the general fund, and the general long-term debt group of accounts;

D. a capital projects fund, a debt service fund, and the general fund

View complete question

Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M948763

Have any Question?Write your Review or question?

Related Questions in Accounting Basics

Question purpose of assignmentthis assignment asks you to

Question: Purpose of Assignment This assignment asks you to describe a new business you'd like to start, as well as the advantages and disadvantages of starting a business from scratch versus buying an existing business. ...

Question - bunnell corporation is a manufacturer that uses

Question - Bunnell Corporation is a manufacturer that uses job-order costing. On January 1, the company's inventory balances were as follows: Raw materials $66,000 Work in process$33,600 Finished goods$38,400 The company ...

Question - a 13-year annuity pays 2800 per month and

Question - A 13-year annuity pays $2,800 per month, and payments are made at the end of each month. The interest rate is 12 percent compounded monthly for the first seven years, and 10 percent compounded monthly thereaft ...

Question - equipment purchased by park consultancy for

Question - Equipment purchased by Park Consultancy for $38,220 on January 2, 2019, has an estimated useful life of 10 years and an estimated salvage value of $2,700. What adjustment for depreciation should be recorded on ...

Question - teresa is an accomplished actress during the

Question - Teresa is an accomplished actress. During the summer, she rented a vacant store to stage productions of four plays, using the local townspeople as actors and stagehands. She sold $24,000 of tickets to the vari ...

Question - a company is considering two mutually exclusive

Question - A company is considering two mutually exclusive projects, A and B. Project A requires an initial investment of $100, followed by cash flows of $95, $20, and $5. Project B requires an initial investment of $100 ...

Question in this assignment you will write an executive

Question: In this assignment, you will write an executive summary analyzing the exchange risks, country risks, and political risks the company executive team needs to be aware of in building a manufacturing facility in B ...

Question - chase has a 42500 line of credit which charges

Question - Chase has a $42,500 line of credit which charges an annual percentage rate of prime rate plus 5%. His starting balance on June 1 was $2,550. On June 4, he borrowed $5,300. On June 9, Chris made a payment of $8 ...

Question - henry company physical inventory on december 31

Question - Henry Company, physical inventory on December 31, 2017, merchandise with a cost of $439,670 was on hand at that date. Following items were all excluded from the $439,670. 1. Merchandise of $65,330 which is hel ...

Question - shelby has net investment income of 16790 and

Question - Shelby has net investment income of $16,790 and wage income of $72,000. She paid investment interest expense of $17,300. What is Shelby's deduction for investment interest expense?

4,153,160 Questions Asked
13,132 Experts
2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Recent Questions

Ask Accounting Basics Expert