Accounting For Governmental & Nonprofit Entities
18th Edition
ISBN: 9781259917059
Author: RECK, Jacqueline L., Lowensohn, Suzanne L., NEELY, Daniel G.
Publisher: Mcgraw-hill Education,
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Question
Chapter 5, Problem 17.11EP
To determine
Identify the amount of general capital assets held by the town.
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Chapter 5 Solutions
Accounting For Governmental & Nonprofit Entities
Ch. 5 - What are general capital assets? How are they...Ch. 5 - Explain what disclosures the GASB requires for...Ch. 5 - Prob. 3QCh. 5 - Prob. 4QCh. 5 - Prob. 5QCh. 5 - What is the accounting difference between using...Ch. 5 - Prob. 7QCh. 5 - Prob. 8QCh. 5 - Prob. 9QCh. 5 - What is a service concession arrangement, and why...
Ch. 5 - Prob. 13CCh. 5 - Prob. 14CCh. 5 - Prob. 15CCh. 5 - Under GASB standards, which of the following would...Ch. 5 - Two new copiers were purchased for use by the city...Ch. 5 - Maxim County just completed construction of a new...Ch. 5 - A capital projects fund would probably not be used...Ch. 5 - Machinery and equipment depreciation expense for...Ch. 5 - Prob. 17.6EPCh. 5 - Prob. 17.7EPCh. 5 - Callaway County issued 10,000,000 in bonds at 101...Ch. 5 - Neighborville enters into a lease agreement for...Ch. 5 - Neighborville enters into a lease agreement for...Ch. 5 - Prob. 17.11EPCh. 5 - Prob. 17.12EPCh. 5 - Prob. 17.13EPCh. 5 - Arbitrage rules under the Internal Revenue Code a....Ch. 5 - Prob. 17.15EPCh. 5 - Make all necessary entries in the appropriate...Ch. 5 - Prob. 19EPCh. 5 - Prob. 20EPCh. 5 - In the current year, the building occupied by...Ch. 5 - Prob. 22EPCh. 5 - Make all necessary entries in a capital projects...Ch. 5 - The year-end pre-closing trial balance for the...Ch. 5 - Prob. 25EPCh. 5 - This year Riverside began work on an outdoor...
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- The following information is available for the preperation of the Government- wide financial statements for the City of Southren Springs as of April 30, 2020: Cash and cash equivalents, governmental activities $480,000; Cash and cash equivalents, business- type activities $700,000; Receivables, Governemntal activities $450,000; Receivables, business-type activites $1,330,000; Inventories, business - type activities $520,000; Capitol assets, net governmental activities $12,500,000; Capitol Assets, net, business-type activities $7,200,000; Accounts payable, Governmental activites $650,000; Accounts payable, business - type activities $559,000; General obligation bonds, governmental activities $7,800,00; Revenue binds, business -type activities$3,210,000 Long term liability for compensated absences, governmental activities $359,000 From the preceeding information, prepare (in good form) a statement of Net Position for the City of Southern Springs as of April 30,2020. Assume that…arrow_forwardHere is information on a town government's governmental funds at the end of the current year: Fund balances, governmental funds Accumulated depreciation, capital assets Principal of long-term debt Noncurrent accrued compensated absences Capital assets, at cost Net pension and OPEB obligation The net position of governmental activities at the end of the current year is: Select one: O a. $(20,000,000) $14,000,000 22,000,000 45,000,000 2,000,000 65,000,000 30,000,000 Ob. $(16,000,000) O c. $32,000,000 O d. $2,000,000arrow_forward2. The following information is available for the preparation of the government-wide financial statements for the City of Southern Springs as of April 30, 2024: Cash and cash equivalents, governmental activities $ 440,000 Cash and cash equivalents, business-type activities 926,000 Receivables, governmental activities 522,000 Receivables, business-type activities 1,542,000 Inventories, business-type activities 604,000 Capital assets, net, governmental activities 15,680,000 Capital assets, net, business-type activities 8,246,000 Accounts payable, governmental activities 754,000 Accounts payable, business-type activities 649,000 General obligation bonds, governmental activities 6,080,000 Revenue bonds, business-type activities 3,726,000 Long-term liability for compensated absences, governmental activities 417,000 Required: From the preceding information, prepare a Statement of Net Position for the City of Southern Springs as of April 30, 2024. Assume that…arrow_forward
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