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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
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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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 $499,000 101,000 (203,000) (33,000) $296,000 68,000 Additions Ending Balance (76,000) $524,000 24,000 (212,000) (52,000) $312,000 Retirements 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)).
Transcribed Image Text: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 $499,000 101,000 (203,000) (33,000) $296,000 68,000 Additions Ending Balance (76,000) $524,000 24,000 (212,000) (52,000) $312,000 Retirements 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)).
3 Revenues Revenc from Asset Sale Expenditures Capital Acts Other Financing Sources (Uses! Special Items Furd Balance 2. The government-wide statement of net position. Net Capital Position Governmental Funds Statement of Revenues, Expenditures, and Changes in Fund Balance For the year ended December 31, 2025 Government-wide Statement of Net Position December 31, 2025 $ $ General Fund 71.000 3. The government-wide statement of activities. Capital Projects Fund Government-wide Statement of Activities For the Year Ended December 31, 2025 $ Debt Service Fund Total Governmental Funds
Transcribed Image Text:3 Revenues Revenc from Asset Sale Expenditures Capital Acts Other Financing Sources (Uses! Special Items Furd Balance 2. The government-wide statement of net position. Net Capital Position Governmental Funds Statement of Revenues, Expenditures, and Changes in Fund Balance For the year ended December 31, 2025 Government-wide Statement of Net Position December 31, 2025 $ $ General Fund 71.000 3. The government-wide statement of activities. Capital Projects Fund Government-wide Statement of Activities For the Year Ended December 31, 2025 $ Debt Service Fund Total Governmental Funds
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