1. Sage County is a calendar-year governmental organization that has governmental-type funds and reports both fund financial...
Question:
1. Sage County is a calendar-year governmental organization that has governmental-type funds and reports both fund financial statements and government-wide financial statements. Below is selected information taken from Sage County’s 20X5 financial records: Capital Projects Fund 20X5 proceeds from bonds issued at 95 $2,850,000 20X5 expenditures (construction of new fire station, started in 20X5, to be completed in 20X6) 1,600,000 In the capital projects fund, what amount would be reported as Restricted Fund Balance at December 31, 20X5?
2. Sage County is a calendar-year governmental organization that has governmental-type funds and reports both fund financial statements and government-wide financial statements. Below is selected information taken from Sage County’s 20X5 financial records:
Capital Projects Fund
20X5 proceeds from bonds issued at 95 $2,850,000
20X5 expenditures (construction of new fire station, started in 20X5,
to be completed in 20X6) 1,600,000
What amount would be reported as a capital asset in the county’s government-wide statement of net position at December 31, 20X5 relative to the construction of the new fire station?
Governmental and Nonprofit Accounting
ISBN: 978-0132751261
10th edition
Authors: Robert Freeman, Craig Shoulders, Gregory Allison, Robert Smi