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1
1. Three new copiers were purchased for use by the city clerk’s office using General Fund resources. The copiers cost $14,400 each; the city’s capitalization threshold is $4,400. Which of the following entries would be required to completely record this transaction?
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|
General Journal |
Debits |
|
Credits |
|
a. |
General Fund |
|
|
|
|
|
Expenditures |
43,200 |
|
|
|
|
Vouchers Payable |
|
|
43,200 |
|
|
|
|
|
|
|
b. |
Governmental Activities |
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|
|
|
|
Expenses |
43,200 |
|
|
|
|
Vouchers Payable |
|
|
43,200 |
|
|
|
|
|
|
|
c. |
General Fund |
|
|
|
|
|
Expenditures |
43,200 |
|
|
|
|
Vouchers Payable |
|
|
43,200 |
|
|
|
|
|
|
|
|
Governmental Activities |
|
|
|
|
|
Equipment |
43,200 |
|
|
|
|
Vouchers Payable |
|
|
43,200 |
|
|
|
|
|
|
|
d. |
General Fund |
|
|
|
|
|
Expenditures |
43,200 |
|
|
|
|
Vouchers Payable |
|
|
43,200 |
|
|
|
|
|
|
|
|
Governmental Activities |
|
|
|
|
|
Expenses |
43,200 |
|
|
|
|
Vouchers Payable |
|
|
43,200 |
2. The following balances are included in the subsidiary records of Sinclair:
|
|
|
|
|
|
Town hall building |
$ |
4,400,000 |
|
|
Town pool (supported by user fees) |
|
1,400,000 |
|
|
Town pool maintenance equipment |
|
19,000 |
|
|
Police cars |
|
140,000 |
|
|
Equipment |
|
69,000 |
|
|
Office supplies |
|
11,000 |
|
|
|
|||
What is the total amount of general capital assets held by the town?
3. Under GASB standards, which of the following would be considered an example of an intangible asset?
4. Maxim County just completed construction of a new town hall to be used for its government offices. The employees have moved in and the new building is officially in use. The county used a capital projects fund to account for the construction of the building, and the building came in under budget. There is a fund balance of $12,000. The county should:
5. A capital projects fund would probably not be used for which of the following assets?
6. Machinery and equipment depreciation expense for general capital assets totaled $163,000 for the reporting period. Which of the following correctly defines the recording of depreciation for general capital assets?
7. The year-end pre-closing trial balance for the Chance County Woodland Park Capital Projects Fund is provided below.
|
|
|
Debits |
|
Credits |
||
|
Cash |
$ |
779,000 |
|
|
|
|
|
Grant Receivables |
|
520,000 |
|
|
|
|
|
Investments |
|
1,000,000 |
|
|
|
|
|
Contract Payable |
|
|
|
$ |
1,059,500 |
|
|
Contract Payable – Retained Percentage |
|
|
|
|
62,500 |
|
|
Encumbrances Outstanding |
|
|
|
|
1,425,000 |
|
|
Revenues |
|
|
|
|
627,000 |
|
|
Encumbrances |
|
1,425,000 |
|
|
|
|
|
Construction Expenditures |
|
3,750,000 |
|
|
|
|
|
Other Financing Sources – Proceeds of Bonds |
|
|
|
|
4,300,000 |
|
|
|
$ |
7,474,000 |
|
$ |
7,474,000 |
|
|
|
||||||
Required
- Prepare the year-end statement of revenues, expenditures, and changes in fund balances for the capital projects fund.
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b. Has the capital project been completed?
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