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Home Q & A Board Other Fields Homework Help Business Accounting
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logiol22 logiol22
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6 years ago
The construction of a new high school football complex for Allen Independent School District is accounted for in a Capital Projects Fund. Construction is scheduled to begin in 20X2 and financing for the construction came from the following sources in 20X1:

Reimbursement grant (cash received)
from state government$  2,000,000
Issuance of general obligation bonds  60,000,000
Transfer from the General Fund    3,000,000

In the 20X1 statements for the Capital Projects Fund, Allen should report these amounts as

      Other
   Unearned   Financing
   Revenues      Sources  
A.$65,000,000$0
B.$63,000,000$2,000,000
C.$2,000,000$63,000,000
D.$0$65,000,000
Textbook 
Governmental and Nonprofit Accounting

Governmental and Nonprofit Accounting


Edition: 11th
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freshcofreshco
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6 years ago
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logiol22 Author
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#2
6 years ago
I wanna give this person a hug.
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