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Accounting Homework on Town of Cary

Coursework Instructions:

Name: 

Homework Due
Points Possible
Points Received
Continuing
8
 
Exercise 6-2
4
 
Exercise 8-1
4
 
Continuing
8
 
Problem 8-5
8
 
 

Chapter 6:

 

Continuing Problem (Questions 1 through 5) textbook pages 269 – 2021 Town of Cary, NC CAFR is used for these questions found at https://www.townofcary.org/home/showpublisheddocument/27493/637751798814470000

 

(Enter the answer to the question in the blanks provided.)

 

  1. Number of capital projects funds the Town of Cary maintains - ______________________________

How can you tell? __________________________________________________________________

Are any of these major funds? ________________________________________________________

If so, for what purposes are they maintained? ____________________________________________
__________________________________________________________________________________

2.   Number of debt service funds the Town of Cary maintains - __________________________

      How can you tell? __________________________________________________________________

Are any of these major funds? ________________________________________________________

If so, for what type of obligations are they maintained?

                                                                                                                                                              

                                                                                                                                                      

3.   How are the capital projects and debt service funds reported in the government-wide statement of net position? ____________________________________________________

__________________________________________________________________________          

4.  Select on of the more recently established (and larger) capital projects funds (a major fund, if there is one) - _____________________________________________________________

5.  From where did the fund receive most of its resources?

     ____________________________________________________________________________

Exercise 6-2 (Questions 1 through 10) textbook pages 265-266

(Enter the letters a, b, c, or d next to the question number)

1.

2.

3.

4.

5.

6.

7.

8.

9.

10.

Chapter 8:

Exercise 8-1 (Questions 1 through 10) textbook pages 352-353

(Enter the letters a, b, c, or d next to the question number)

1.

2.

3.

4.

5.

6.

7.

8.

9.

10.

Continuing Problem (Questions 1 through 8) textbook pages 358 – 2021 Town of Cary, NC CAFR is used for these questions found at https://www.townofcary.org/home/showpublisheddocument/27493/637751798814470000

(Enter the answer to the question next to the question number and letter if present)

 

  1. Total long-term obligations for both governmental and business-type activities - _______________

         ________________________________________________________________________________

Does this amount reconcile with the long-term liabilities as reported on the government-wide statements of net position?   Yes or No -  ________________________________________________

2.   Other than bonds payable, what other kinds of long-term debt does the Town of Cary report in its statement of net position? ________________________________________________

                                                                                                                                                      

3.   Increase or decrease long-term borrowing during 2021? _____________________________  

      Effect on total long-term liabilities at year-end?  Explain. ____________________________ 

      ___________________________________________________________________________

4.  Percentage total net bonded debt to assessed value of property?  ______________________

      Amount of net debt per capital? ________________________________________________

5.   Town of Cary’s legal debt margin? _______________________________________________

6.   Lease obligations outstanding – Yes or No -  _______________________________________

      Accounted for as operating or financing leases?  ___________________________________

      Were any of the leases initiated during 2021? Yes or No _____________________________

      Amount of payments related to financing leases? __________________________________

7.  Compute the total amount of the city’s direct and overlapping debt? __________________

      ___________________________________________________________________________

8.   Outstanding conduit debt?  Yes or No ____________________________________________

Problem 8-5 textbook page 360-361

For each of the following items, indicate whether and how the debt would be reported on a balance sheet of one of the city’s governmental funds.  If it would not be reported on a balance sheet of one of the city’s governmental funds, then state whether it would be reported instead on the government-wide statement of net position or in notes to the financial statements. Insofar as you would need additional information to determine how the debt should be reported, specify such information and tell how it would affect the determination.  Briefly justify your response.

 

Coursework Sample Content Preview:
Name:
Homework Due

Points Possible

Points Received

Continuing

8


Exercise 6-2

4


Exercise 8-1

4


Continuing

8


Problem 8-5

8


Chapter 6:
Continuing Problem (Questions 1 through 5) textbook pages 269 – 2021 Town of Cary, NC CAFR is used for these questions found at /home/showpublisheddocument/27493/637751798814470000
(Enter the answer to the question in the blanks provided.)
1 Number of capital projects funds the Town of Cary maintains - _____Six__________
How can you tell? From the Notes to Basic Financial Statements__________________________
Are any of these major funds? ______ Yes, all capital project funds are major funds.______
If so, for what purposes are they maintained? The Capital Projects Fund is used to account for financial resources to be used for the acquisition and/or construction of major capital facilities (other than those financed by proprietary funds) and infrastructure. ____________________
2. Number of debt service funds the Town of Cary maintains - ___ Two ________
How can you tell? ____ From the Notes to Basic Financial Statements______
Are any of these major funds? ___One under the general fund_______
If so, for what type of obligations are they maintained?
Debt service funds are established for the payment of general long- term principal
3. How are the capital projects and debt service funds reported in the government-wide statement of net position? __ Contracts for long-term capital lease obligations are included as current financial resources in the Governmental Funds, but should be removed since they are included as a long-term liability on the Statement of Net Position. ________
4. Select one of the more recently established (and larger) capital projects funds (a major fund, if there is one) – Downtown Projects __________
5. From where did the fund receive most of its resources?
___ Transfers from the general fund _ ___
Exercise 6-2 (Questions 1 through 10) textbook pages 265-266
(Enter the letters a, b, c, or d next to the question number)
1. C
2. B
3. A
4. D
5. C
6. D
7. A
8. B
9. B
10. D
Chapter 8:
Exercise 8-1 (Questions 1 through 10) textbook pages 352-353
(Enter the letters a, b, c, or d next to the question number)
1. b
2. d
3. d
4. a
5. a
6. c
7. a
8. b
9. a
10.d
Continuing Problem (Questions 1 through 8) textbook pages 358 – 2021 Town of Cary, NC CAFR is used for these questions found at /home/showpublisheddocument/27493/637751798814470000
(Enter the answer to the question next to the question number and letter if present)
1 Total long-term obligations for both governmental and business-type activities - ____ The Town’s business type activities are reported in proprietary funds. The Town of Cary maintains two different types of proprietary funds. An enterprise fund is used to report the same function presented as business-type activities in the entity-wide financial statements, which for the Town is the water and sewer utility service. Internal service funds are used to accumulate and allocate costs internally among the Town’s various functions. The Town uses internal service funds to account for its fleet maintenance services and employee health insurance. Because both of these services predominantly benefit the governmental rather than business-type functions, their net positions have been included within governmental activities in the entity-wide financial statements_______
Does this amount reconcile with the long-term liabilities as reported on the government-wide statements of net position? Yes or No - ___No_____
2. Other than bonds payable, what...
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