In: Accounting
1. A governmental fund Statement of Revenues, Expenditures, and
Changes in Fund Balances reported of $30 million, including capital
outlay expenditures of $9 million. Capital assets for that
government cost $90 million, including land of $10 million.
Depreciable assets are amortized over 20 years, on average. The
reconciliation from governmental changes in fund balances to
governmental activities changes in would reflect a(an):
A) Decrease of $1 million.
B) Increase of $l million.
C) Increase of $5 million.
D) Decrease of $4 million.
2. The City of Charlotte reported property tax revenues in 2017
in the amount of $10 million. The deferred inflow - property taxes
reported in the General Fund's balance sheet was $ 300,000 on
December 31, 2016 and was $ 375,000 on December 31, 2017. During
2017, $9,000,000 was collected. What amount should the city report
for Property Tax Revenue in its year ended December 31, 2017
government-wide Statement of Activities?
A) $ 9,075,000
B) $ 9,975,000
C) $ 10,075,000
D) $ 10,375,000
3. The City of Eugene reported property tax revenues in 2017 in
the amount of $10 million. The deferred inflow - property taxes
reported in the General Fund's balance sheet was $ 475,000 on
December 31, 2016 and was $ 400,000 on December 31, 2017. During
2017, $9,000,000 was collected. What amount should the city report
for Property Tax Revenue in its year ended December 31, 2017
government-wide Statement of Activities?
A) $10,075,000
B) $ 9,925,000
C) $ 9,625,000
D) $ 8,975,000
4. A government reported an "other financing source" in the
amount of $800,000, related to the sale of land in its governmental
funds Statement of Revenues, Expenditures, and Changes in Fund
Balances. The land had a cost of $375,000. The adjustment in the
reconciliation, when moving from the governmental Funds Statement
of Revenues, Expenditures, and Changes in Fund Balances to the
change in net position for governmental activities in the Statement
of Activities would be a(an):
A) Decrease of $425,000.
B) Increase of $425,000.
C) Increase of $375,000.
D) Decrease of $375,000.
5. A government incurred expenses for its infrastructure as
follows: $25 million for general repairs; $20 million to extend the
life for existing infrastructure; and $22 million for additions and
betterments. The infrastructure has a basis of $400 million and
would be depreciated over a 40 year life, if depreciation were
charged. The government chooses to use the modified approach to
record infrastructure. The total amount that would be shown as
expense in the Statement of Activities would be:
A) $32 million.
B) $47 million.
C) $45 million.
D) $42 million.
Please show your work.