Homework answers / question archive / 1) Under GASB standards, which of the following would be considered an example of an intangible asset? 2) Two new copiers were purchased for use by the city clerk’s office using General Fund resources

1) Under GASB standards, which of the following would be considered an example of an intangible asset? 2) Two new copiers were purchased for use by the city clerk’s office using General Fund resources

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1) Under GASB standards, which of the following would be considered an example of an intangible asset?

2) Two new copiers were purchased for use by the city clerk’s office using General Fund resources. The copiers cost $15,000 each; the city’s capitalization threshold is $5,000. Which of the following entries would be required to completely record this transaction?

 

3) Maxim County just completed construction of a new town hall to be used for its governmental 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:

 

4. A capital projects fund would probably not be used for which of the following assets?

 

5. 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?

 

6. Which of the following is a correct statement regarding the use of the modified approach for accounting for eligible infrastructure assets?

 

7. The city of Deauville entered into a service concession arrangement (SCA) with Water Wonders, Inc. to operate the city pool for the next 20 years. Water Wonders has agreed to pay the city $3,000,000 up front as a part of this agreement. According to the agreement, Water Wonders will be responsible for operating the pool, and the city will continue to be responsible for costs related to maintaining it. In addition, Water Wonders has the right to collect fees from the public for their use of the pool, although the rates are subject to approval by the city. The city should:

 

8. Callaway County issued $10,000,000 in bonds at 101 for the purpose of constructing a new County Recreation Center. State law requires that any premium on bond issues be deposited directly in a debt service fund for eventual repayment of bond principal. The journal entry to record issuance of the bonds will require a (an):

 

 

 

9. Centerville enters into a capital lease for new copiers in all its city hall offices. In the General Fund, it should report:

 

 

10.The following balances are included in the subsidiary records of Sinclair:

 

Town hall building	$	5,000,000
Town pool (supported by user fees)		1,000,000
Town pool maintenance equipment		25,000
Police cars		200,000
Equipment		75,000
Office supplies		10,000

 

What is the total amount of general capital assets held by the town?