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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Assume that the City of Coyote has produced its financial statements for December 31, 2020, and the year then ended. The city’s general fund was only used to monitor education and parks. Its capital projects funds worked in connection with each of these functions at times during the current year. The city also maintained an enterprise fund to account for its art museum. The government-wide financial statements provide the following figures: Education reports net expenses of $615,000. Parks reports net expenses of $102,000. Art museum reports net revenues of $51,000. General government revenues for the year were $894,000 with an overall increase in the city's net position of $228,000. The fund financial statements provide the following for the entire year: The general fund reports a $44,000 increase in its fund balance. The capital projects fund reports a $64,500 increase in its fund balance. The enterprise fund reports a $62,250 increase in its net position. The city asks the…
Assume that the City of Coyote has produced its financial statements for December 31, 2020, and the year then ended. The city's general fund was only used to monitor education and parks. Its capital projects funds worked in connection with each of these functions at times during the current year. The city also maintained an enterprise fund to account for its art museum. The government-wide financial statements provide the following figures: • Education reports net expenses of $742,000. • Parks reports net expenses of $140,000. • Art museum reports net revenues of $73,250. • General government revenues for the year were $987,750 with an overall increase in the city's net position of $179,000. The fund financial statements provide the following for the entire year: • The general fund reports a $52,250 increase in its fund balance. • The capital projects fund reports a $62,500 increase in its fund balance. • The enterprise fund reports a $73,500 increase in its net position. The city asks…
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