Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

can someone help me w/ these multiple choice? im really stuck right now Long term debt (bonds payable), the proceeds of which were used by

image text in transcribedcan someone help me w/ these multiple choice? im really stuck right now

Long term debt (bonds payable), the proceeds of which were used by a capital projects fund to construct an addition to city hall, are the responsibility of spring city. The debt should be reported in the a. Debt service Fund's Balance sheets. b. Statement of Net position. C. General Fund's balance sheet. d. Capital project Fund's Balance sheet. Davis city reported a net increase in fund balance for the year of $500,000. During the year, the city had issued bonds payable totaling $200,000 for a general capital project building addition and had acquired new equipment for $300,000. The city recorded depreciation expense of $50,000 during the year. the internal service fund had net revenues for the year of $100,000. What is the increase in net position of government activities? a. $650,000 b. $700,000 c. $450,000 d. $550,000 Wayne city has chosen to use the modified approach to report its infrastructure assets. The city must: a. Show price level adjusted valuations of infrastructure fixed assets. b. Describe the methods used to allocate depreciation expense on infrastructure fixture assets to programs. c. Not report infrastructure fixed assets and related accumulated depreciation in the statement of Net Position. d. Describe the assessed condition of infrastructure fixed assets (updated every 3 years) provide the estimate cost to preserve the infrastructure fixed assets

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

Students also viewed these Accounting questions

Question

6. Have you used solid reasoning in your argument?

Answered: 1 week ago