The following schedule of capital assets was prepared for Capital City. Government Activities Total Capital Assets (gross) Less: Accumulated Depreciation Net Capital Assets Beginning Balance Ending Balance Additions Retirements (76,000) $524,000 24,000 (212,000) (52,000) $312,000 $499,000 101,000 (203,000) (33,000) $296,000 68,000 All capital acquisitions were made in a capital projects fund (and paid for with cash). An asset was sold by the general fund for $71,000 cash. Determine how the above information will be reflected on each of the following statements for the year 2025. 1. The governmental funds' statement of revenue, expenditures, and changes in fund balances. List the governmental fund and then list the dollar amount within the appropriate heading on the statement (such as Revenues, Expenditures, or Other Financing Sources (Uses)).

The following schedule of capital assets was prepared for Capital City. Government Activities Total Capital Assets (gross) Less: Accumulated Depreciation Net Capital Assets Beginning Balance Ending Balance Additions Retirements (76,000) $524,000 24,000 (212,000) (52,000) $312,000 $499,000 101,000 (203,000) (33,000) $296,000 68,000 All capital acquisitions were made in a capital projects fund (and paid for with cash). An asset was sold by the general fund for $71,000 cash. Determine how the above information will be reflected on each of the following statements for the year 2025. 1. The governmental funds' statement of revenue, expenditures, and changes in fund balances. List the governmental fund and then list the dollar amount within the appropriate heading on the statement (such as Revenues, Expenditures, or Other Financing Sources (Uses)).

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Boa City had the following fixed assets: Fixed Assets used in proprietary fund activities Fixed Assets used in general government activities Fixed Assets used in fiduciary fund activities $1,000,000 .9,000,000 8,000,000 What consolidated amount should Boa report in its government-wide statement of net position? Multiple Choice $17,000,000 O $9,000,000 O $18,000,000 身

Johnson City has the following activity associated with capital assets that are related to governmental activities for the fiscal year ended June 30, 2022: Beginning capital assets balance ? Purchases of capital assets $225,000 Historical cost of capital assets sold $85,000 Ending capital assets balance $1,190,000 In addition, accumulated depreciation for these capital assets had the following activity: Beginning balance $249,000 Depreciation expense $82,000 Accumulated depreciation for assets sold? Ending balance $300,000 Finally, the proceeds associated with capital assets sold were $60,000. Depreciation expense $82,000 Accumulated depreciation for assets sold? Ending balance $300,000 Finally, the proceeds associated with capital assets sold were $60,000. Using this information, prepare the four necessary journal entries (beginning, purchases, sales, and depreciation) to adjust the government fund financial statements to the government-wide statements.
The schedule of capital assets has a significant impact on the reconciliations between fund and government‐wide statements. The schedule that follows pertaining to governmental capital assets was excerpted from the annual report of Urbana, Illinois (with changed dates): A related schedule indicates the following: Capital outlays $ 3,358,611 Depreciation (2,268,579) $ 1,090,032 As required by GASB Statement No. 34, the annual report includes reconciliations between: (1) total fund balance, governmental funds (per the funds statements), and net position of governmental activities (per the government‐wide statements); and (2) net change in fund balance, governmental funds (per the funds statements), and change in net position of governmental activities (per the government‐wide statements). In what way would the data provided in the accompanying schedules be incorporated into the two reconciliations? Be specific. The amount deleted from the equipment account ($452,194) exactly…
A governmental fund’s Statement of Revenues, Expenditures, and Changes in Fund Balances reported expenditures for capital outlay in the amount of $5,000,000. Capital assets for that government cost $110,000,000, including $20,000,000 in land. Depreciable assets are amortized over 20 years, on average. The reconciliation from the governmental funds changes in fund balances to the governmental activities change in Net Position would reflect a(an): Multiple Choice A. Increase of $250,000. B. Increase of $500,000. C. Decrease of $250,000. D. Decrease of $500,000.
C. 26. A. B. D. The capital projects fund of Hysham completed construction of a new building. The building should be reported in the: I. government-wide statement of net assets. II. capital projects fund. A) I only B) II only C) Either I or II D) Neither I nor II 27. Which presentation method combines the component unit's results into the primary government's financial results? $ 600,000 Proceeds from general obligation bond issue $ 2,000,000 Transfer from Cherry's general fund $ 150,000 In its 20X1 capital projects fund operating statement, Cherry should report these amounts as: Other financing sources A) Blended presentation B) Discrete presentation C) Combined presentation D) Consolidated presentation 28. Financing for the renovation of Cherry City's municipal park, begun and completed during 20X1, came from the following sources: Grant from state government S 0 600,000 $2,750,000 $2,600,000 Revenues $ A) Option A B) Option B C) Option C D) Option D $ $ $ $ 2,750,000 2,150,000 0…
Boa City had the following fixed assets:Fixed assets used in proprietary fund activities . . . . . . . . . . . . . . . . . $1,000,000Fixed assets used in general government activities . . . . . . . . . . . . . . . 9,000,000What aggregate amount should Boa account for in the general fixed assets account group?a. $9,000,000b. $10,000,000c. $10,800,000d. $11,800,000
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The following information is extracted from a City’s government-wide statement of net position at December 31, 2015: Capital assets $4,500,000 Accumulated depreciation, capital assets $2,400,000 Bonds payable -0- The following information is extracted from the city's governmental funds statement of revenues, expenditures, and changes in fund balances for the year ended December 31, 2015. Expenditures - capital outlay (General Fund) $ 60,000 Expenditures - capital outlay (Capital Projects Fund) $900,000 Depreciation on old and new assets during the year was $546,000. Prepare journal entries so…
The following schedule of capital assets was obtained from the records of the city of Elmcreek:City of Elmcreek Schedule of General Fixed Assets December 31, 2018Governmental activities:Land . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,000,000Buildings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,150,000Machinery and equipment. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 800,000Construction in progress . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 250,000Infrastructure assets . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 1,400,000Total general fixed assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $5,600,000Less accumulated depreciation:Buildings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 400,000Construction in progress . . . . . . . . . . . . . . . . . . . .…
Prepare the journal entries for the following transactions to consolidate financial statements from fund-level statements to government-wide statements. 1....Beginning accumulated depreciation was $500. 2....Depreciation during the year was $169 3....Beginning compensated absences was 500.
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The following General Fund information is available for the preparation of the financial statements for the City of Eastern Shores for the year ended September 30, 2024: Inflow of Financial Resources: Property taxes Sales taxes Fees and fines Licenses and permits Intergovernmental Investment earnings Proceeds from sale of land Outflows of Financial Resources: Current: General government Public safety Public works Health and sanitation Culture and recreation Transfer to capital project fund Fund balance, October 1, 2023 Revenues: Taxes: Total Revenues Required: From the information given above, prepare a General Fund Statement of Revenues, Expenditures, and Changes in Fund Balance for the city of Eastern Shores General Fund for the year ended September 30, 2024. Note: Negative entries should be entered with a minus sign and will appear in parenthesis. CITY OF EASTERN SHORES Statement of Revenues, Expenditures, and Changes in Fund Balance General fund For the Year Ended September 30,…