Simon County realized $ 2,500 in cash when it auctioned off three automobiles previously used by its inspectors. It deposited the proceeds in its General Fund. According to its capital asset records, Simon had originally purchased these automobiles for $ 70,000. Accumulated depreciation on the automobiles as of the date of the auction was $ 66,000. Prepare the journal entry needed to adjust Simon’s 2013 fund financial statements so government- wide statements can be prepared.
Answer to relevant QuestionsSaiTu Village reported outstanding long- term bonds payable of $ 6,000,000 in the governmental activities column of its government- wide statement of net position for the year ended December 31, 2013. During 2014, SaiTu ...When Oscar City prepared its fund balance sheet for the year ended December 31, 2012, the General Fund column contained the following items: Property taxes receivable— delinquent: $ 18,000; Allowance for uncollectible ...The terms appropriation, apportionment, and allotment are used in the federal budget process. Describe what each is and which unit of the government makes it. What is the nature of the account Fund balance with Treasury? When is that account debited, and when is it credited? On November 1, 2013, a federal agency had the following balances in two of its accounts: The budgetary account Allotments— realized resources had a credit balance of $ 250,000, and the proprietary account Fund balance with ...
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