Question - The City of Tampa has created a Capital Projects Fund to construct a new school. The following activities occurred during 2017:
- Issued $1,000,000, 10-year, 6% bonds at 102. Sent the premium to the debt service fund.
- Received a $200,000 grant from the state of Florida
- Signed a contract with Wilson Construction Company for $1,050,000.
- Received a progress bill for $400,000. Paid all but 5% which was retained.
What amount was reported as REVENUE for 2017 by the Capital Projects Fund?
A. $0
B. $1,220,000
C. $1,200,000
D. $200,000
What amount was reported as EXPENDITURES for 2017 by the Capital Projects Fund?
A. $420,000
B. $400,000
C. $380,000
D. $1,050,000
What amount was reported as Total Fund Balance on a year-end Balance Sheet?
A. $0
B. $800,000
C. $170,000
D. $150,000