Answer 26

(Pay attention to fund statements versus government wide statements) 26. Catlett County reported the following transactions during its fiscal year ended December 31, 2011: On February 16, 2011, the County purchased a 15 year $100,000 bond for $99,800 cash held in a debt sinking fund. During the year, the County received $3,000 in interest. At year-end, the market value of the bond was $99,950. In December 2010, the Kiplinger Foundation pledged up to $3 million to support the County's Art Museum. The Foundation will contribute $1 for every $2 in admissions revenue generated by the Art Museum. During 2011, the Art Museum reported $4.0 million in admissions revenue. During January and February 2012, it reported an additional $1.0 million. The County received the matching contributions for both admissions amounts. During the year, the County agreed to impose a license fee on all tanning salons operated in the County. Licenses cover the period July 1, 2011 to June 30, 2012. The County received license revenues of $150,000. The County sold 2 police cars for salvage totaling $7,500. It had purchased the cars 5 years earlier at $30,000 each. The County had fully depreciated the police cars in its government-wide financial statements, and a total salvage value of $5,000 had been anticipated. The County received a $1.5 million grant from the state to reimburse the cost of its DARE program. The County incurred DARE program costs of $1.0 million during 2011 and an additional $.5 million in January and February 2012. Match the items below with the amounts that follow. All amounts are for the year ended December 31, 2011. An amount may be selected once, more than once, or never. a. Amount of investment income interest, dividends, realized and unrealized gains and losses) recognized by the County in its debt service fund. I b. Amount of investment income (interest, dividends, realized and unrealized gains and losses) recognized by the County in its government-wide financial statements. c. Amount recognized in the County's general fund on the sale of its police cars. d. Gain/loss recognized on the sale of police cars in the County's government-wide financial statements. e.DARE grant revenues recognized in the County's government-wide financial statements. f.DARE grant revenues recognized in the County's special revenue fund. g. Contributions from the Kiplinger Foundation in the County's Museum Fund (a specia revenue fund) h. Contributions from the Kiplinger Foundation reported in the County's government-wide financial statements. i. License fee revenue reported in the County's general fund. j. License fee revenue reported in the County's government-wide financial statements, k. Reported value at 12/31/2011 of the County's investment. (amounts listed below) 1. $0 2. $3,150 3. $3,000 4. $150,000 5. $2,000,000 6. $1,000,000 7. $3,000,000 8. $500,000 9. $100,000 10. $99,950 11. $99,800 12. $2,500,000 13. $7,500 14. $2.500 (Pay attention to fund statements versus government wide statements) 26. Catlett County reported the following transactions during its fiscal year ended December 31, 2011: On February 16, 2011, the County purchased a 15 year $100,000 bond for $99,800 cash held in a debt sinking fund. During the year, the County received $3,000 in interest. At year-end, the market value of the bond was $99,950. In December 2010, the Kiplinger Foundation pledged up to $3 million to support the County's Art Museum. The Foundation will contribute $1 for every $2 in admissions revenue generated by the Art Museum. During 2011, the Art Museum reported $4.0 million in admissions revenue. During January and February 2012, it reported an additional $1.0 million. The County received the matching contributions for both admissions amounts. During the year, the County agreed to impose a license fee on all tanning salons operated in the County. Licenses cover the period July 1, 2011 to June 30, 2012. The County received license revenues of $150,000. The County sold 2 police cars for salvage totaling $7,500. It had purchased the cars 5 years earlier at $30,000 each. The County had fully depreciated the police cars in its government-wide financial statements, and a total salvage value of $5,000 had been anticipated. The County received a $1.5 million grant from the state to reimburse the cost of its DARE program. The County incurred DARE program costs of $1.0 million during 2011 and an additional $.5 million in January and February 2012. Match the items below with the amounts that follow. All amounts are for the year ended December 31, 2011. An amount may be selected once, more than once, or never. a. Amount of investment income interest, dividends, realized and unrealized gains and losses) recognized by the County in its debt service fund. I b. Amount of investment income (interest, dividends, realized and unrealized gains and losses) recognized by the County in its government-wide financial statements. c. Amount recognized in the County's general fund on the sale of its police cars. d. Gain/loss recognized on the sale of police cars in the County's government-wide financial statements. e.DARE grant revenues recognized in the County's government-wide financial statements. f.DARE grant revenues recognized in the County's special revenue fund. g. Contributions from the Kiplinger Foundation in the County's Museum Fund (a specia revenue fund) h. Contributions from the Kiplinger Foundation reported in the County's government-wide financial statements. i. License fee revenue reported in the County's general fund. j. License fee revenue reported in the County's government-wide financial statements, k. Reported value at 12/31/2011 of the County's investment. (amounts listed below) 1. $0 2. $3,150 3. $3,000 4. $150,000 5. $2,000,000 6. $1,000,000 7. $3,000,000 8. $500,000 9. $100,000 10. $99,950 11. $99,800 12. $2,500,000 13. $7,500 14. $2.500