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 Additions Retirements $493,000 (201,000) $292,000 Ending Balance (76,000) $517,000 100,000 (32,000) 23.000 (210,000) 68,000 (53,000) $307,000 All capital acquisitions were made in a capital projects fund (and paid for with cash). An asset was sold by the general fund for $61,000 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)). Governmental Funds Statement of Revenues, Expenditures, and Changes in Fund Balance For the year ended December 31, 2025 General Fund Capital Projects Fund Debt Service Fund Total Governmental Funds

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 Additions Retirements $493,000 (201,000) $292,000 Ending Balance (76,000) $517,000 100,000 (32,000) 23.000 (210,000) 68,000 (53,000) $307,000 All capital acquisitions were made in a capital projects fund (and paid for with cash). An asset was sold by the general fund for $61,000 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)). Governmental Funds Statement of Revenues, Expenditures, and Changes in Fund Balance For the year ended December 31, 2025 General Fund Capital Projects Fund Debt Service Fund Total Governmental Funds

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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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.
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