Advanced Financial Accounting
12th Edition
ISBN: 9781259916977
Author: Christensen, Theodore E., COTTRELL, David M., Budd, Cassy
Publisher: Mcgraw-hill Education,
expand_more
expand_more
format_list_bulleted
Question
Chapter 18, Problem 18.11.2E
To determine
Introduction: Capital assets are those assets which are acquired for long term use and are not for intended sale within a year. Capital assets are such as property, stocks, bonds, cars, plant & machinery, etc.
To choose: The correct option.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solutionStudents have asked these similar questions
The following General Fund information is available for the preparation of the financial statements for the City of Eastern Shores for the
year ended September 30, 2024:
Inflow of Financial Resources:
Property taxes
Sales taxes
Fees and fines
Licenses and permits
Intergovernmental
Investment earnings
Proceeds from sale of land
Outflows of Financial Resources:
Current:
General government
Public safety
Public works
Health and sanitation
Culture and recreation
Transfer to capital project fund
Fund balance, October 1, 2023
Revenues:
Taxes:
Total Revenues
Required:
From the information given above, prepare a General Fund Statement of Revenues, Expenditures, and Changes in Fund Balance for
the city of Eastern Shores General Fund for the year ended September 30, 2024.
Note: Negative entries should be entered with a minus sign and will appear in parenthesis.
CITY OF EASTERN SHORES
Statement of Revenues, Expenditures, and Changes in Fund Balance
General fund
For the Year Ended September 30,…
Here is information on a town government's governmental funds at the end of the current year:
Fund balances, governmental funds
Accumulated depreciation, capital assets
Principal of long-term debt
Noncurrent accrued compensated absences
Capital assets, at cost
Net pension and OPEB obligation
The net position of governmental activities at the end of the current year is:
Select one:
O a. $(20,000,000)
$14,000,000
22,000,000
45,000,000
2,000,000
65,000,000
30,000,000
Ob. $(16,000,000)
O c. $32,000,000
O d. $2,000,000
Assume that the City of Coyote has produced its financial statements for December 31, 2024, 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 $646,000.
• Parks reports net expenses of $180,000.
• Art museum reports net revenues of $61,000.
General government revenues for the year were $941,000 with an overall increase in the city's net position of $176,000.
The fund financial statements provide the following for the entire year:
• The general fund reports a $51,500 increase in its fund balance.
• The capital projects fund reports a $52,250 increase in its fund balance.
The enterprise fund reports a $69,500 increase in its net position.
The city asks the…
Chapter 18 Solutions
Advanced Financial Accounting
Ch. 18 - In what circumstances would a governmental unit...Ch. 18 - Prob. 18.2QCh. 18 - Prob. 18.3QCh. 18 - Prob. 18.4QCh. 18 - What is the basis of accounting in the proprietary...Ch. 18 - Prob. 18.6QCh. 18 - Prob. 18.7QCh. 18 - What are the primary differences between a...Ch. 18 - Prob. 18.9QCh. 18 - Prob. 18.10Q
Ch. 18 - Prob. 18.11QCh. 18 - Prob. 18.12QCh. 18 - Prob. 18.13QCh. 18 - GASB 34 required a budgetary comparison schedule...Ch. 18 - Prob. 18.15QCh. 18 - Prob. 18.1CCh. 18 - Capital Projects, Debt Service, and Internal...Ch. 18 - Prob. 18.1.1ECh. 18 - Prob. 18.1.2ECh. 18 - Prob. 18.1.3ECh. 18 - Prob. 18.1.4ECh. 18 - Prob. 18.1.5ECh. 18 - Prob. 18.1.6ECh. 18 - Prob. 18.1.7ECh. 18 - Prob. 18.1.8ECh. 18 - Prob. 18.1.9ECh. 18 - Prob. 18.1.10ECh. 18 - Prob. 18.1.11ECh. 18 - Prob. 18.1.12ECh. 18 - Multiple-Choice Items on Governmental Funds [AICPA...Ch. 18 - Prob. 18.2.2ECh. 18 - Prob. 18.2.3ECh. 18 - Multiple-Choice Items on Governmental Funds [AICPA...Ch. 18 - Prob. 18.2.5ECh. 18 - Multiple-Choice Items on Governmental Funds [AICPA...Ch. 18 - Multiple-Choice Items on Proprietary Funds [AICPA...Ch. 18 - Prob. 18.3.2ECh. 18 - Prob. 18.3.3ECh. 18 - Prob. 18.3.4ECh. 18 - Prob. 18.3.5ECh. 18 - Prob. 18.3.6ECh. 18 - Prob. 18.3.7ECh. 18 - Prob. 18.3.8ECh. 18 - Prob. 18.3.9ECh. 18 - Prob. 18.4.1ECh. 18 - Prob. 18.4.2ECh. 18 - Prob. 18.4.3ECh. 18 - Prob. 18.4.4ECh. 18 - Prob. 18.4.5ECh. 18 - Prob. 18.4.6ECh. 18 - Prob. 18.4.7ECh. 18 - Prob. 18.4.8ECh. 18 - Prob. 18.5.1ECh. 18 - Prob. 18.5.2ECh. 18 - Prob. 18.5.3ECh. 18 - Prob. 18.5.4ECh. 18 - Prob. 18.5.5ECh. 18 - Prob. 18.5.6ECh. 18 - Prob. 18.5.7ECh. 18 - Prob. 18.5.8ECh. 18 - Capital Projects Fund Entries and Statements The...Ch. 18 - Debt Service Fund Entries and Statements The City...Ch. 18 - Enterprise Fund Entries and Statements Augusta has...Ch. 18 - Interfund Transfers and Transactions During 20X8,...Ch. 18 - Internal Service Fund Entries and Statements...Ch. 18 - Prob. 18.11.1ECh. 18 - Prob. 18.11.2ECh. 18 - Prob. 18.11.3ECh. 18 - Prob. 18.11.4ECh. 18 - Prob. 18.11.5ECh. 18 - Prob. 18.11.6ECh. 18 - Prob. 18.11.7ECh. 18 - Prob. 18.11.8ECh. 18 - Prob. 18.11.9ECh. 18 - Prob. 18.11.10ECh. 18 - Adjusting Entries for General Fund [AICPA Adapted]...Ch. 18 - Entries for Funds [AICPA Adapted] Olivia Village...Ch. 18 - Prob. 18.14PCh. 18 - Prob. 18.15PCh. 18 - Prob. 18.16PCh. 18 - Matching Items Involving Various Funds The...Ch. 18 - Prob. 18.18.1PCh. 18 - Prob. 18.18.2PCh. 18 - Prob. 18.18.3PCh. 18 - Prob. 18.18.4PCh. 18 - Prob. 18.18.5PCh. 18 - Prob. 18.18.6PCh. 18 - Prob. 18.18.7PCh. 18 - Prob. 18.18.8PCh. 18 - Prob. 18.18.9PCh. 18 - Prob. 18.18.10PCh. 18 - Matching Items Involving the Statement of Cash...Ch. 18 - Prob. 18.20PCh. 18 - Matching Items on Fund Transactions [AICPA...Ch. 18 - Major Fund Tests The City of Somerset has the...Ch. 18 - Prob. 18.23PCh. 18 - Prob. 18.24.1PCh. 18 - Prob. 18.24.2PCh. 18 - Prob. 18.24.3PCh. 18 - Prob. 18.24.4PCh. 18 - Prob. 18.24.5PCh. 18 - Prob. 18.24.6PCh. 18 - Prob. 18.24.7PCh. 18 - Prob. 18.24.8PCh. 18 - Prob. 18.24.9PCh. 18 - Prob. 18.24.10PCh. 18 - Prob. 18.24.11PCh. 18 - Prob. 18.24.12PCh. 18 - Prob. 18.24.13PCh. 18 - Prob. 18.24.14PCh. 18 - Prob. 18.24.15PCh. 18 - Prob. 18.25PCh. 18 - Prob. 18.26P
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- The following information is available for the preparation of the government-wide financial statements for the City of Northren Pines fot the year ended June 30,2020: Expenses: General government $11,960,000; Public Safety $23,900.000; Public Works $11,290,000 Health and sanitation $6,010,000, Culture and recreation $4,198,000; Interest on long term debt, governmental type $721,000; Water and Sewer system $10,710,000 Parking system $409,000 Revenues: Charges for service, general governemnt $1,510,000; Charges for services, public safety $210,000; Operating grant, public safety $798,000; Charges for services health and sanitation $2,335,000; Operating grant, health and sanitation $1,210,000; Charges for service, culture and recreation $1,998,000; Charges for services, water and sewer $11,588,000; Changes for services, parking system $388,000; Property Taxes $27,112,000; Sales Taxes $20,698,000 investment earnings, business-type $325,000; Special Item - gain on sale of unused land,…arrow_forwardAssume 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…arrow_forward3. The following information is available for the preparation of the government-wide financial statements for the City of Northern Pines for the year ended June 30, 2024: Expenses: General government $ 10,712,000 Public safety 22,500,000 Public works 11,290,000 Health and sanitation 6,010,000 Culture and recreation 4,198,000 Interest on long-term debt, governmental type 450,000 Water and sewer system 10,710,000 Parking system 412,000 Revenues: Charges for services, general government 1,206,000 Charges for services, public safety 210,000 Operating grant, public safety 800,000 Charges for services, health, and sanitation 2,580,000 Operating grant, health, and sanitation 1,210,000 Charges for services, culture, and recreation 1,998,000 Charges for services, water, and sewer 11,588,000 Charges for services, parking system 388,000 Property taxes 27,900,000 Sales taxes 17,600,000 Investment earnings, business-type 325,000 Special item—gain on…arrow_forward
- 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 $766,000. Parks reports net expenses of $163,000. Art museum reports net revenues of $58,250. General government revenues for the year were $1,069,750 with an overall increase in the city's net position of $199,000. The fund financial statements provide the following for the entire year: The general fund reports a $35,750 increase in its fund balance. The capital projects fund reports a $45,750 increase in its fund balance. The enterprise fund reports a $72,750 increase in its net position. The city asks…arrow_forwardAssume 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 $766,000. Parks reports net expenses of $163,000. Art museum reports net revenues of $58,250. General government revenues for the year were $1,069,750 with an overall increase in the city's net position of $199,000. The fund financial statements provide the following for the entire year: The general fund reports a $35,750 increase in its fund balance. The capital projects fund reports a $45,750 increase in its fund balance. The enterprise fund reports a $72,750 increase in its net position. The city asks…arrow_forwardAssume 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…arrow_forward
- 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…arrow_forwardAssume 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 $702,000. Parks reports net expenses of $144,000. Art museum reports net revenues of $50,250. General government revenues for the year were $966,750 with an overall increase in the city's net position of $171,000. The fund financial statements provide the following for the entire year: The general fund reports a $45,250 increase in its fund balance. The capital projects fund reports a $53,750 increase in its fund balance. The enterprise fund reports a $69,000 increase in its net position. The city asks the…arrow_forwardAssume 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 $600,000. Parks reports net expenses of $100,000. Art museum reports net revenues of $50,000. General government revenues for the year were $800,000 with an overall increase in the city's net position of $150,000. The fund financial statements provide the following for the entire year: The general fund reports a $30,000 increase in its fund balance. The capital projects fund reports a $40,000 increase in its fund balance. The enterprise fund reports a $60,000 increase in its net position. The city asks the…arrow_forward
- 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.arrow_forwardAssume 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 $610,000. Parks reports net expenses of $107,000. Art museum reports net revenues of $57,750. General government revenues for the year were $813,250 with an overall increase in the city's net position of $154,000. The fund financial statements provide the following for the entire year: The general fund reports a $32,250 increase in its fund balance. The capital projects fund reports a $44,000 increase in its fund balance. The enterprise fund reports a $70,500 increase in its net position. The city asks the CPA firm…arrow_forwardHi, I am in advanced accounting and doing a balance sheet for state and local government. Can you help me create a balance sheet for the capital projects fund? The following unadjusted trial balances are for the governmental funds of the city of Copeland prepared from the current accounting records: Capital projects fund debit credit cash $70,000 special assessments receivable 90,000 contracts payable $50,000 unavailable revenues 90,000 encumbrances outstanding 16,000 fund balance-unassigned 0 other financing sources 150,000 expenditures…arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
- AccountingAccountingISBN:9781337272094Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.Publisher:Cengage Learning,Accounting Information SystemsAccountingISBN:9781337619202Author:Hall, James A.Publisher:Cengage Learning,
- Horngren's Cost Accounting: A Managerial Emphasis...AccountingISBN:9780134475585Author:Srikant M. Datar, Madhav V. RajanPublisher:PEARSONIntermediate AccountingAccountingISBN:9781259722660Author:J. David Spiceland, Mark W. Nelson, Wayne M ThomasPublisher:McGraw-Hill EducationFinancial and Managerial AccountingAccountingISBN:9781259726705Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting PrinciplesPublisher:McGraw-Hill Education
Accounting
Accounting
ISBN:9781337272094
Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:Cengage Learning,
Accounting Information Systems
Accounting
ISBN:9781337619202
Author:Hall, James A.
Publisher:Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis...
Accounting
ISBN:9780134475585
Author:Srikant M. Datar, Madhav V. Rajan
Publisher:PEARSON
Intermediate Accounting
Accounting
ISBN:9781259722660
Author:J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:9781259726705
Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:McGraw-Hill Education
What is Fund Accounting?; Author: Aplos;https://www.youtube.com/watch?v=W5D5Dr0j9j4;License: Standard Youtube License