Question

What typically are main adjustments relating to capital assets and long-term obligations required to convert the...

What typically are main adjustments relating to capital assets and long-term obligations required to convert the government funds statement of revenues and expenditures to the government-wide statement of activities?

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

ANS

1. MAIN ADJUSTMENTS RELATING TO CAPITAL ASSETS

  1) ADJUST PROCEEDS FROM SALE OF FIXED ASSETS TO GAINS FROM SALE OF FIXED ASSETS AND RECORD THE DISPOSAL OF THE ASSET

2) RECORDING GENERAL FIXED ASSETS AND RELATED ACCUMULATED DEPRECIATION.

3) RECORDING DEPRECIATION EXPENSES FOR GENERAL FIXED ASSETS.

4) ELIMINATING CONSTRUCTION EXPENDITURES AND RECORDING THOSE AS CAPITAL ASSETS.

2. MAIN ADJUSTMENTS RELATING TO LONG TERM OBLIGATIONS

  1) ELIMINATING PROCEEDS OF BONDS SOLD AND RECORDING THE LIABILITIES INCURRED.

2) RECORD THE BEGINNING BALANCES OF GENERAL LONG-TERM DEBT.

3) MAKING ADJUSTMENTS FOR INTEREST EXPENSE ACCRUALS, INCLUDING AMORTIZATION OF BOND DISCOUNTS AND PREMIUMS.

4) ELIMINATING EXPENDITURES FOR BOND PRINCIPAL AND REDUCING THE ASSOCIATED LIABILITY.

  
  

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
‘A temporary difference relating to employee benefits obligations for long-service leave creates a deferred tax.’. Required...
‘A temporary difference relating to employee benefits obligations for long-service leave creates a deferred tax.’. Required Critically evaluate the above statement.
The comprehensive annual financial report (CAFR) is prepared by every governmental entity. Below is a listing...
The comprehensive annual financial report (CAFR) is prepared by every governmental entity. Below is a listing of the items in the CAFR. Place them in the proper order by numbering them in the space provided. (Assign a numeral from 1 to 12 (i.e., "1", "2") in each indicated cell.) Balance sheet - governmental funds Management’s discussion and analysis (MD&A) Required supplementary information (other than MD&A) Government-wide statement of activities Statement of revenues, expenses, and changes in net position - proprietary...
Prepare the reconciliation of total fund balance to net assets for governmental activities for the following...
Prepare the reconciliation of total fund balance to net assets for governmental activities for the following City, given the following information. All governmental funds' fund balances $13,000,000 Deferred revenue related to property taxes 2,000,000 Accrued interest on long-term liabilities 1,200,000 General capital assets 10,800,000 Accumulated depreciation on capital assets 4,100,000 General long-term liabilities: Bonds payable for capital assets 5,700,000 Liability for compensated absences 3,200,000 Internal service fund serving governmental activities Net assets 3,000,000 Capital assets net of accumulated depreciation 1,700,000...
Which of the following types of adjustments to the government fund financial statements are necessary to...
Which of the following types of adjustments to the government fund financial statements are necessary to prepare the governmental activities portion of the government-wide financial statements? A)Capital assets and related depreciation must be recorded B) Proceeds from issuing long-term debt must be recorded as liabilities C) Expenses must be recognized when incurred so noncurrent liabilities from current transactions and events must be reported D) Revenues must be recognized on the accrual basis of accounting so the governmental fund “measurable and...
5. Why are there generally no capital projects (work in progress or other long-lived assets) in...
5. Why are there generally no capital projects (work in progress or other long-lived assets) in government’ capital project funds? Why are there generally no long term debts in debt services funds?
1. At the beginning of its 2019 fiscal year, Sawyer city has general capital assets of...
1. At the beginning of its 2019 fiscal year, Sawyer city has general capital assets of $1,200,000 and accumulated depreciation on these assets of $400,000. What worksheet journal entry does Sawyer City need to make to prepare its fiscal year ending 2019 government-wide financial statements? A) Capital Assets                                                                             1,200,000               Expenditures 1,200,000 B) Capital Assets                                                                              1,200,000               Accumulated Depreciation 400,000               Expenditures- capital outlay 800,000 C)Capital Assets                                                                               1,200,000               Accumulated Depreciation 400,000               Net position 800,000 D)...
Capital budgeting decisions often involve huge expenditures in long-term assets. Such assets are subject to depreciation....
Capital budgeting decisions often involve huge expenditures in long-term assets. Such assets are subject to depreciation. How does this depreciation affect the calculations involved to reach a capital budgeting decision?  Or does it affect it at all?  How do we account for depreciation in these calculations?
Find the 2016 Basic Financial Report for the City of Maumee before you begin this assignment....
Find the 2016 Basic Financial Report for the City of Maumee before you begin this assignment. Go to www.maumee.org Click on the "City Departments" green button on the left side of the page. Select "Finance" from the list on the left and then “Annual Report” from the drop down box. Click on "2016 Basic Financial Report" under the Current Reports Heading on the right. QUESTION 1 Fiscal accountability can best be assessed by which of these financial statements? Statement of...
What are the main reason for maintaining a debt service fund for capital projects? a. Major...
What are the main reason for maintaining a debt service fund for capital projects? a. Major capital projects are usually funded by long-term debt. b. Special tax revenues can be restricted for the purpose of building the capital project.  c. Lenders want to make sure that there are funds available if the capital project is funded by third-parties. d. All answers are correct.
The following information has been provided for the City of Elizabeth for its fiscal year ended...
The following information has been provided for the City of Elizabeth for its fiscal year ended June 30, 2017. The information provided relates to financial information reported on the city’s statement of net position and its total governmental funds balance. Revenues accrued but unavailable to pay the current period expenditures$364,600 Capital assets 641,600   Accumulated depreciation on capital assets 356,800    Accrued interest on bonds and long-term notes payable 2,900   Bonds and long-term notes payable 177,600    Unamortized premium on bonds payable 2,400   Compensated...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT