Indicate the best answer for each of the following:
1. Joshua Village issued the following bonds during the year ended June 30, 20X5:
Revenue bonds to be repaid from admission fees Collected by the
Joshua Zoo Enterprise Fund .................... $ 200,000
General obligation bonds issued for the Joshua Water and
Sewer Enterprise Fund, which will service the debt ............. 300,000
How much of these bonds should be accounted for as Joshua's General Long-Term Liabilities?
a. $500,000
b. $200,000
c. $300,000
d. $0
2. The following assets are among those owned by the city of Heidi: Apartment building (part of the principal of a
Private Purpose Trust Fund) ................... $ 200,000
City hall ........................................... 800,000
Three fire stations .............................. 1,000,000
City streets and sidewalks ..................... 5,000,000
How much should be included in Heidi's General Capital Assets accounts?
a. $2,000,000
b. $1,800,000
c. $6,800,000
d. $7,000,000
3. Stephen Latzka donated a building to Elizabeth City in 20X3. His original cost of the property was $100,000. Accumulated depreciation at the date of the gift amounted to $60,000. Acquisition value at the date of the gift was $300,000. At what amount should Elizabeth City record this donated capital asset in its General Capital Assets accounts?
a. $300,000
b. $100,000
c. $40,000
d. $0
4. The following items were among Payne Township's General Fund expenditures during the year ended July 31, 20X3:
Computer for tax collector's office .......... $ 44,000
Equipment for Township Hall ................ 80,000
How much should be classified as capital assets in Payne's General Fund balance sheet at July 31, 20X3?
a. $124,000
b. $80,000
c. $44,000
d. $0
5. Other Financing Sources-Bonds is an account of A Governmental Unit that would most likely be included in the
a. Enterprise Fund.
b. Capital Projects Fund.
c. Debt Service Fund.
d. General Long-Term Liabilities accounts.