Question
Please show your work. 1. A government reported, in its government-wide Statement of Net Position: assets of $82 million, including $40 million in capital assets
Please show your work.
1. A government reported, in its government-wide Statement of Net Position: assets of $82 million, including $40 million in capital assets (cost), with $12 million in accumulated depreciation, and liabilities of $50 million, including long-term debt of $15 million related to capital asset acquisition. In addition, $4 million of cash was restricted for payment of debt service. The government's Unrestricted Net Position would be reported as: A) $20 million. B) $19 million. C) $15 million. D) $ 4 million.
2.The City of Charlestown levied property taxes in the amount of $10,000,000. The taxes were levied July 1, 2016 for the fiscal year ended June 30, 2017. During the year ended June 30, 2017, $8,900,000 in property taxes were collected from this levy. It is estimated that $620,000 will be collected during the next 60 days, $300,000 will be collected more than 60 days after June 30, 2017, and $180,000 will never be collected. How much will the city report as Deferred Inflow - Property Taxes in its June 30, 2017 government-wide Statement of Net Position?
3.
- The General Fund of the City of Plymouth purchased a police car in the amount of $28,000. Which of the following would be true?
A) The General Fund Statement of Revenues, Expenditures, and Changes in Fund Balances would report an expenditure of $28,000.
B) The government-wide Statement of Activities would report an expense of $28,000.
C) Both of the above.
D. Neither of the above.
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