Items 1 through 4 are based on the following:

The City of Vicksburg adopted the provisions of GASB 34, Basic Financial Statementsand Managements Discussion and Analysisfor State and Local Governments, for its financial statements issued for the year ended December 31, 2005. During the year ended December 31, 2005, the general fund of Vicksburg has the following selected transactions:

• Acquired police cars for $75,000 in January 2005. The cars have an estimated five-year useful life and a $15,000 salvage value. The City uses the straight-line method to depreciate all of its capital assets.
• Transferred $30,000 to the pension trust fund. The amount represented the employers contribution.
• Levied property taxes in the amount of $800,000. Two percent of the levy was not expected to be collected. At December 31, 2005, $750,000 of the property taxes were collected, but the remainder was not expected to be collected within sixty days after the end of 2005.
• Received $100,000 of sales tax revenues from the state and was owed another $25,000 by the state for sales taxes collected in 2005 that will not be remitted to Vicksburg until mid-March 2006. The sales taxes expected to be received in March will be used to pay for expenditures incurred in 2006.

On the statement of revenues, expenditures, and changes in fund balances prepared for the governmental funds for the year ended December 31, 2005, what amount should be reported for expenditures in Vicksburgs general fund related to the acquisition of police cars and to the pension transfer?

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On the statement of revenues, expenditures, and changes in fund balances prepared for the governmental funds for the year ended December 31, 2005, what amount should be reported for revenues in Vicksburgs general fund related to property taxes and sales taxes?

2. 
   

On the government-wide statement of activities prepared for the year ended December 31, 2005, what amount should be reported for expenses for governmental activities related to the acquisition of the police cars and to the pension transfer?

2. 
   

On the government-wide statement of activities prepared for the year ended December 31, 2005, what amount should be reported for revenues from governmental activities related to the property taxes and the sales taxes?

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Answer rating: 100% (QA)

To address the inquiries we should break down every exchange Gained squad cars The expense of squad cars is 75000 The helpful life is five years Rescu... View the full answer