overnmental activities for the fiscal year ended June 30, 2 ginning capital assets balance ? rchases of capital assets $225,000 storical cost of capital assets sold $85,000 ding capital assets balance $1,190,000
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- 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 acquisitions will be capitalized as assets? Select one: A. $14,500,00O B. $ 6,200,000 C. $19,500,000 D. $19,700,000Accounting 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 following transactions relate to the General Fund of the city of Lost Angels for the year ending December 31, 2017. Prepare a statement of revenues, expenditures, and other changes in fund balance for the general fund for the period to be included in the fund financial statements. Assume that the fund balance at the beginning of the year was $180,000. Assume also that the purchases method is applied to the supplies and that receipt within 60 days is used as the definition of available resources. Collected property tax revenue of $700,000. A remaining assessment of $100,000 will be collected in the subsequent period. Half of that amount should be collected within 30 days, and the remainder will be received in about five months after the end of the year. Spent $200,000 on four new police cars with 10-year lives. A price of $207,000 had been anticipated when the cars were ordered. The city calculates all depreciation using the straight-line method with no salvage value. The half-year…
- 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…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.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 . . . . . . . . . . . . . . . . . . . .…
- Monroe Company is engaged in a number of research and development projects. Its accounting policy with regards to research and development is to capitalize expenditure as far as allowed by PAS 38 Intangible Assets. At June 30, 2024, the following balances existed in the company's accounting records: Project A : Development completed June 30, 2022. Total expenditure P200.000. Being amortized over five years on the straight-line basis in accordance with the company's standard policy. Balance at June 30, 2024: P120,000. Project B: A development project commenced July 1, 2019. Total expenditures in the years ended June 30, 2023 and June 30, 2024 totaled P175,000. During the year ended June 30, 2025, it became clear that a competitor had launched a superior product and the project was abandoned. Further development expenditure in the year ended June 30, 2025 amounted to P55,000. Project C: Development commenced October 1, 2020. Expenditures per year: Year ended June 30, 2025,…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 & M Securities made several expenditures during the current fiscal year, including the following:(a)For each of the items listed below, indicate whether the cost should be debited to land, buildings, equipment, land improvements, or an expense account. Amount Description of Expenditure 1. $150,000 Acquisition of a piece of land to be used as a building site No effectEquipmentBuildingExpense or Land improvementsLandExpenseExpense or BuildingsLand improvements 2. 3,000 Demolition of a small building on the land, to make way for the new building Expense or BuildingsNo effectLand improvementsBuildingExpenseEquipmentLandExpense or Land improvements 3. 7,500 Levelling of the land to prepare it for construction of the new building No effectLand improvementsExpense or Land…
- On January 2, Basketville City purchased equipment with a useful life of three years to be used by its capital project fund. Which of the following is the correct treatment for the asset? A.) Capitalize; depreciation is optional B.) Capitalize; depreciation is required C.) Capitalize; depreciation is not permitted. D.) Record the purchase of the equipment as an expenditureExamine the excerpt of a footnote from Red Sand Corporation's September 30, 2021, annual report to follow. (Click the icon to view the excerpt.) Read the requirements. 1. What are Red Sand's largest two categories of property and equipment as of September 30, 2021? Describe in general terms the types of expenditures included in these categories. Red Sand's largest category of assets is Its second largest category of assets is1. 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…