P17-19 Questions on Fund Items [AICPA Adapted] LO 17-7, 17-8

The following information relates to actual results from Central Towns general fund for the year ended December 31, 20X1:

					Expenditures
	Revenues				and Transfers
Property tax collections:
Current year taxes collected	$	650,000
Prior-year taxes due 12/1/X0, collected 2/1/X1		56,000
Current year taxes due 12/1/X1, collection expected by 2/15/X2		76,000
Other cash receipts		200,000
General government expenditures:
Salaries & wages					$	170,000
Other						130,000
Public safety & welfare expenditures:
Salaries & wages						350,000
Other						110,000
Capital outlay						170,000
Transfer out to debt service fund						61,600

• Other cash receipts include a county grant of $155,000 for a specified purpose, of which $80,000 was expended; $35,000 in fines; and $10,000 in fees.
• General Government ExpendituresOther includes employer contributions to the pension plan and $26,000 in annual capital lease payments for computers over three years; the fair value and present value at lease inception are $56,000.
• Capital outlay is for police vehicles.
• Debt service represents annual interest payments due December 15 of each year on $560,000 face value, 11 percent, 20-year term bonds.

Capital Projects Fund Central Towns council approved $800,000 for construction of a fire station to be financed by $660,000 in general obligation bonds and a $210,000 state grant. Construction began during 20X1, but the fire station was not completed until April 20X2. During 20X1, the following transactions were recorded:

State grant	$	210,000
Bond proceeds		670,000
Expenditures		560,000
Unpaid invoices at year-end		61,600
Outstanding encumbrances at year-end, which do not lapse and are to be honored the following year		25,000

The unassigned fund balance in the capital projects fund at January 1, 20X1, was $150,000. Required: For questions (a) through (i), determine the December 31, 20X1, year-end amounts to be recognized in the particular fund. If the item is not reported in a particular fund but is reported on the governmentwide financial statements, specify the amount that would be reported on the financials.

1. What amount was recorded for property tax revenues in the general fund?
2. What amount was recorded for other revenues in the general fund?
3. What amount was reported for capital leases of computers in the governmentwide statement of net position?
4. What amount was reported for the new police vehicles in the governmentwide statement of net position?
5. What amount was reported for the debt service interest payment in the debt service fund?
6. What was the total amount recorded for function expenditures in the general fund?
7. What amount was recorded for revenues in the capital projects fund?
8. What amount was reported for construction in progress in the governmentwide statement of net position?
9. What amount was reported as the Fund BalanceUnassigned at December 31, 20X1, in the capital projects fund?

a. Property tax revenues b. Other revenues c. Capital leases of computers d. New police vehicles e. Debt service interest payment f. Total amount of function expenditures 9. Revenues from capital projects fund h. Amount of construction in progress i. Fund balanceunassigned e a. Property tax revenues b. Other revenues c. Capital leases of computers d. New police vehicles e. Debt service interest payment f. Total amount of function expenditures 9. Revenues from capital projects fund h. Amount of construction in progress i. Fund balanceunassigned e