Castle County Reported the Following Transactions During Its Fiscal Year

question 6

Essay

Castle County reported the following transactions during its fiscal year ended December 31, 2017:
-On February 16, 2017, the county purchased a 15-year $100,000 bond for $99,800 with cash held in a debt sinking fund. During the year, the county received $3,000 in interest. At year-end, the market value of the bond was $99,950.
-In December 2016, the Kiplinger foundation pledged up to $3 million to support the county's Art Museum. The foundation will contribute $1 for every $2 in admissions revenue generated by the Art Museum. During 2017, the Art Museum reported $4.0 million in admissions revenue. During January and February 2018, it reported an additional $1.0 million. The county received the matching contributions for both admissions amounts.
-During the year, the county agreed to impose a license fee on all tanning salons operated in the county. Licenses cover the period July 1, 2017 to June 30, 2018. The county received license revenues of $150,000.
-The county sold two police cars for salvage totaling $7,500. It had purchased the cars five years earlier at $30,000 each. The county had fully depreciated the police cars in its government-wide financial statements and a total salvage value of $5,000 had been anticipated.
-The county received a $1.5 million grant from the state to reimburse the cost of its DARE program. The county incurred DARE program costs of $1.0 million during 2017 and an additional $500,000 in January and February 2018.

Understand the concept of freeware and its applications.

Understand the importance of negotiation in preventing project failure.

Comprehend the concept of organizational culture as described by Edgar Schein.

Recognize when a team is most appropriate in a project setting.

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Definitions:

Lack of Infrastructure

Refers to the insufficiency or absence of physical and organizational structures and facilities required for the operation of a society or enterprise.

Economic Growth

An increase in the production of goods and services in an economy over a period of time, often measured as the rate of increase in real GDP.

Law Enforcement

The system by which some members of society act in an organized manner to enforce the law by discovering, deterring, rehabilitating, or punishing people who violate the rules and norms governing that society.

Advanced Technologies

Modern and cutting-edge technologies that offer significant improvements over existing technologies in terms of performance, efficiency, or capabilities.