Question

The following information relates to actual results from Central Town’s general fund for the year ended December 31, 20X1:


• Other cash receipts include a county grant of $100,000 for a specified purpose, of which
$80,000 was expended; $50,000 in fines; and $40,000 in fees.
• General Government Expenditures—Other includes employer contributions to the pension plan and $20,000 in annual capital lease payments for computers over three years; the fair value and present value at lease inception are $50,000.
• Capital outlay is for police vehicles.
• Debt service represents annual interest payments due December 15 of each year on $500,000 face value, 6 percent, 20-year term bonds.
Capital Projects Fund
Central Town’s council approved $750,000 for construction of a fire station to be financed by $600,000 in general obligation bonds and a $150,000 state grant. Construction began during 20X1,
but the fire station was not completed until April 20X2. During 20X1, the following transactions were recorded:
State grant .......... $150,000
Bond proceeds ......... 610,000
Expenditures .......... 500,000
Unpaid invoices at year-end .... 30,000
Outstanding encumbrances at year-end,
which do not lapse and are to be honored
the following year ........ 25,000

The unassigned fund balance in the capital projects fund at January 1, 20X1, was $110,000.

Required
For questions (a) through (i), determine the December 31, 20X1, year-end amounts to be recognized in the particular fund. If the item is not reported in a particular fund but is reported on the governmentwide financial statements, specify the amount that would be reported on the financials. Select your answer from the list of amounts following the questions. An amount may be selected once, more than once, or not at all.
a. What amount was recorded for property tax revenues in the general fund?
b. What amount was recorded for other revenues in the general fund?
c. What amount was reported for capital leases of computers in the government-wide statement of net assets?
d. What amount was reported for the new police vehicles in the government-wide statement of net assets?
e. What amount was reported for the debt service interest payment in the debt service fund?
f. What was the total amount recorded for function expenditures in the general fund?
g. What amount was recorded for revenues in the capital projects fund?
h. What amount was reported for construction in progress in the government-wide statement of net assets?
i. What amount was reported as the Fund Balance—Unassigned at December 31, 20X1, in the capital projects fund?

Amounts
1..... $0
2. ..... $30,000
3. ..... $50,000
4. ..... $55,000
5. ..... $60,000
6. ..... $140,000
7. ..... $150,000
8. ..... $170,000
9. ..... $190,000
10. ..... $315,000
11. ..... $345,000
12. ..... $370,000
13. ..... $500,000
14. ..... $525,000
15. ..... $630,000
16. ..... $700,000
17. ..... $710,000
18...... $760,000


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  • CreatedMay 23, 2014
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