The funds of a county government report the following noncurrent asset acquisitions during the year: General fund $4,000,000 Capital projects fund 9,000,000 Special revenue fund 500,000 Internal service fund 1,000,000 Enterprise fund 5,200,000 Fiduciary funds 200,000 On the government-wide statement of net position, what amount of the above acquisition will be capitalized as assets? Select one: A. $14,500,000 B. $ 6,200,000 C. $19. 50O 000

The funds of a county government report the following noncurrent asset acquisitions during the year: General fund $4,000,000 Capital projects fund 9,000,000 Special revenue fund 500,000 Internal service fund 1,000,000 Enterprise fund 5,200,000 Fiduciary funds 200,000 On the government-wide statement of net position, what amount of the above acquisition will be capitalized as assets? Select one: A. $14,500,000 B. $ 6,200,000 C. $19. 50O 000

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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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.
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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
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Shina township's financial transaction during the year as follows, Equipment purchased from restricted fund RO 25 million, Paid salary to government employees RO 5 million, Government grant RO 2 million. The amount that should report as expenditure in its general funds is a. RO 5 million b. RO 30 million c. None of the options d. RO 25 million Shina township's financial transaction during the year as follows, Equipment purchased from restricted fund RO 25 million, Paid salary to government employees RO 5 million, Government grant RO 2 million. The amount that should report as expenditure in its general funds is a. RO 5 million b. RO 30 million c. None of the options d. RO 25 million Shina township's financial transaction during the year as follows, Equipment purchased from restricted fund RO 25 million, Paid salary to government employees RO 5 million, Government grant RO 2 million. The amount that should report as expenditure in its general funds is a. RO 5…
1. Star City leased a bulldozer for use in activities accounted for in the General Fund. The City paid $30,000 and agreed to pay $30,000 per year for 3 years. The bulldozer has a useful life of six years. The lease qualified as a capital lease. Assuming that the city maintains is books and records in a manner that facilitates the preparation of the government-wide financial statements, the appropriate entry at the date of acquisition would be a. Debit Expenditures $120,000; Credit Cash $30,000 and Other Financing Sources $90,000. b. Debit Expenditures $40,000 and Prepaid Lease $80,000; Credit Cash $30,000 and Other Financing Sources $90,000. c. Debit Equipment $120,000; Credit Cash $30,000 and Lease Payable $90,000. d. Debit Expenditures $120,000; Credit Cash $30,000 and Lease Payable $90,000. 2. Star City leased a bulldozer for use in activities accounted for in the General Fund. The City paid $30,000 and agreed to pay $30,000 per year for 3 years. The bulldozer has a useful life of…
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The City of Soheil maintains its books so as to prepare fund accounting statements and prepares worksheet adjustments in order to prepare government-wide financial statements. Required: You are to prepare, in journal form, worksheet adjustments for each of the following situations. General fixed assets, as of the beginning of the year, which had not been recorded, were as follows: Land $ 96,000,000 Buildings 480,000,000 Improvements other than buildings 270,000,000 Equipment 60,000,000 Accumulated depreciation, capital assets 150,000,000 During the year, expenditures for capital outlays amounted to $22,700,000. Of that amount, $10,600,000 was for buildings; $8,300,000 was for improvements other than buildings, $95,000 was capitalized interest and the remainder was for land. The capital outlay expenditures outlined in (B) were completed at the end of the year (no depreciation until next year). For purposes of financial statement…
Accounting The following information is available for Phelan City for the year ended December 31, 2022: Total governmental fund balance was $3,000,000 The City had $1,000,000 of capital assets in place at the beginning of the year. The City acquired $800,000 in capital assets during the current year. Accumulated depreciation including the current year depreciation on capital assets $220,000 The City sold capital assets with a book value of $240,000 for $250,000. The City issued, during the current year, $3,000,000 in general obligation bonds and the bonds are to be used for a construction project. No other bonds were issued in previous periods. At the end of the year accrued interest payable was $180,000, not legally due. Revenue accrued but not available for current period use totaled $160,000. The balance in the government-wide governmental activities net position is equal to: Group of answer choices $1,160,000. $1,310,000. $1, 320,000. $1,330,000.
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…