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The construction of a new high school football complex for Allen Independent School District is ...

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The construction of a new high school football complex for Allen Independent School District is ...

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

Edition: 11^th

Authors: Freeman, Shoulders, McSwain, Scott

Read 75 times

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