Question
Lenox County provides the following information on its governmental and enterprise funds: Fund Assets Liabilities Revenues Expenditures/ Expenses General fund $40,000 $36,000 $340,000 $391,500 Grants
Lenox County provides the following information on its governmental and enterprise funds:
| Fund | Assets | Liabilities | Revenues | Expenditures/ Expenses |
|---|---|---|---|---|
| General fund | $40,000 | $36,000 | $340,000 | $391,500 |
| Grants special revenue fund | 27,500 | 21,750 | 100,000 | 48,500 |
| Parks and recreation special revenue fund | 1,000 | 650 | 20,000 | 21,000 |
| Licensed gaming special revenue fund | 4,000 | 3,500 | 32,500 | 31,000 |
| Roads capital projects fund | 7,000 | 6,000 | 100,000 | 101,500 |
| Bridges capital projects fund | 17,500 | 15,000 | 60,000 | 57,500 |
| Buildings capital projects fund | 20,000 | 15,000 | 50,000 | 49,000 |
| Water enterprise fund | 105,000 | 100,000 | 445,000 | 390,000 |
| Airport enterprise fund | 325,000 | 310,000 | 475,000 | 476,500 |
In the governmental funds financial statements, which of these funds are reported separately as major funds?
Calculate the thresholds:
| Element | Total for Governmental Funds | 10% Test | Total for Governmental and Enterprise Funds | 5% Test |
|---|---|---|---|---|
| Assets | ||||
| Liabilities | ||||
| Revenues | ||||
| Expenses/expenditures |
Which funds would be reported separately as a major fund?
Bridges: capital projects fund and Buildings: capital projects fund
Grants special revenue fund and Roads: capital projects fund
Grants special revenue fund, Roads: capital projects fund, Bridges: capital projects fund and Buildings: capital projects fund
Grants special revenue fund and Bridges: capital projects fund
Grants special revenue fund, Roads: capital projects fund and Buildings: capital projects fund
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Intermediate Accounting
Authors: Donald E. Kieso, Jerry J. Weygandt, And Terry D. Warfield
13th Edition
9780470374948, 470423684, 470374942, 978-0470423684
