Question
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
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