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A Analyze The Effects of Each of The Following Transactions: Unlock Answers Here Solutiondone - Online

1. Salaries and wages for firefighters and police officers incurred but not paid would increase the liability in the General Fund by $75,000. 2. The city borrowing $9,000,000 to finance construction of a new building would increase long-term debt and cash in the General Fund. 3. Paying the contractor $5,000,000 would decrease cash and increase a capital asset in the General Fund.

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22 views1 page

A Analyze The Effects of Each of The Following Transactions: Unlock Answers Here Solutiondone - Online

1. Salaries and wages for firefighters and police officers incurred but not paid would increase the liability in the General Fund by $75,000. 2. The city borrowing $9,000,000 to finance construction of a new building would increase long-term debt and cash in the General Fund. 3. Paying the contractor $5,000,000 would decrease cash and increase a capital asset in the General Fund.

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trilocksp Singh
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a Analyze the effects of each of the following transactions

a. Analyze the effects of each of the following transactions on each of the funds and/or the
nonfund accounts of the City of Nancy. Identify the fund that typically would be used to record
the transaction.b. Indicate how each transaction would be reported in the operating statement
for each fund affected.Example: Cash received for licenses during 20X1, $8,000..:.Revenues of
$8,000 are reported in the General Fund statement of revenues, expenditures, and changes in
fund balance.1. Salaries and wages for firefighters and police officers incurred but not paid,
$75,000.2. The city borrowed $9,000,000 to finance construction of a new city executive office
building by issuing bonds at par.3. The city paid $5,000,000 to the office building contractor for
work performed during the fiscal year.4. The city purchased several notebook computers by
issuing a $60,000, 6%, 6-month note to the vendor. The note is due March 1 of the next fiscal
year, which is the calendar year. (The note is considered a fund liability.)5. General Fund
resources of $8,000,000 were paid to a newly established Airport Enterprise Fund to provide
initial start-up capital.6. A $3,000,000 personal injury lawsuit has been filed against the city. The
controller determines that it is probable that a judgment in that amount will be made in the future
but does not expect to have to pay the judgment for another 3 years. The incident relates to
general government activities.7. The city repaid one-half ($10,000,000) of general obligation
bonds that had been issued several years before to finance construction of a school building.
Interest of $1,000,000 matured and was paid.8. The city sold general capital assets with an
original cost of $50,000 and a $1,000 book value for $1,500. There are no restrictions on the
use of the money.View Solution: a Analyze the effects of each of the following transactions
SOLUTION-- http://solutiondone.online/downloads/a-analyze-the-effects-of-each-of-the-
following-transactions/

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