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The following relate to the town of Coupland (dollar amounts in thousands)

The following relate to the town of Coupland (dollar amounts in thousands)
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Solution Guide / Answer Key:

Government and Not-for-Profit Accounting
Granof, Wardlow, Khumawala, Government and Not-for-Profit Accounting: Concepts & Practices (5th edition)
MULTIPLE CHOICE

Exercise 2-1 (E. 2-1)  The following relate to the town of Coupland (dollar amounts in thousands):

Equipment used in a vehicle repair service that provides service to other departments on a cost-reimbursement basis; the equipment has a 10-year life with no salvage value $1,400
Property taxes levied and collected $6,300
Hotel taxes (restricted to promotion of tourism) collected $1,200
Proceeds of bonds to build a parking garage that must be repaid from user charges $4,000
Proceeds of general obligation bonds to finance construction of a new city hall; the building, which was completed during the year, has a useful life of thirty years with no salvage value $9,000
Proceeds of a federal grant to hire additional police officers $1,000
Fees charged to, and collected from, customers by the electric utility $8,000

Match the fund items below with the amounts that follow. An amount may be selected once, more than once, or not at all.
1. Revenue to be recognized in an enterprise fund
2. Revenue to be recognized in special revenue funds
3. Bonds payable to be recognized in the general fund
4. Bonds payable to be recognized in enterprise funds
5. Depreciation expenditure to be recognized in the general fund
6. Depreciation expense to be recognized in internal service funds
7. Revenue to be recognized in an internal service fund
8. Revenue to be recognized in the general fund
9. Long-lived assets to be recognized in the general fund
10. Long-lived assets to be recognized in internal service funds


a. $0
b. $140
c. $900
d. $1,260
e. $1,040
f. $1,400
g. $2,200
h. $4,000
i. $6,300
j. $8,000
k. $8,500
l. $10,400

 

FILE: MS WORD

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