Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

1. The following relate to the town of Coupland (dollar amounts in thousands): Historical cost of equipment held in a vehicle repair service that provides

1. The following relate to the town of Coupland (dollar amounts in thousands): Historical cost of equipment held in a vehicle repair service that provides service to other departments on a cost reimbursement basis; the equipment has a 10-year life with no salvage value $1,400 Property taxes levied and collected $6,300 Hotel taxes (restricted to promotion of tourism) collected $1,200 Proceeds of bonds to build a parking garage that must be repaid from user charges $4,000 Proceeds of general obligation bonds to finance construction of a new city hall; the building, which was completed during the year, has a useful life of 30 years with no salvage value $9,000 Proceeds of a federal grant to hire additional police officers $1,000 Fees charged to, and collected from, customers by the electric utility $8,000 Refer to the two lists below. Select the appropriate amounts from the lettered list for each item in the numbered list. An amount may be selected once, more than once, or not at all.

Explain the response of each one!

_J_1. Revenue to be recognized in an enterprise fund.

_G_2.Revenue to be recognized in special revenue funds

_A_3. Bonds payable to be recognized in the general fund.

_H_4. Bonds payable to be recognized in enterprise funds

_A_5. Depreciation expenditure to be recognized in the general fund

_B_6. Depreciation expense to be recognized in internal service funds

_A_7. Revenue to be recognized in an internal service fund

_I_8. Revenue to be recognized in the general fund

_A_9.Long-lived assets to be recognized in the general fund.

_F_10. Long-lived assets to be recognized in internal service funds

a. $0

b. $140

c. $900

d. $1,260

e. $1,040

f. $1,400

g. $2,200

h. $4,000

i. $6,300

j. $8,000

k. $8,500

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Night Comes To The Cumberlands A Biography Of A Depressed Area

Authors: Harry M. Caudill

1st Edition

1334682070, 978-1334682070

Students also viewed these Accounting questions