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Author Question: On January 1, 2012, a county's government-wide financial statements shows general fixed assets of ... (Read 44 times)

waynest

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on: Jul 5, 2018
On January 1, 2012, a county's government-wide financial statements shows general fixed assets of 2,400,000 .
 
  For the year ended December 31, 2012, the county's fund financial statement shows an amount of 125,000 next to the caption Expenditures - capital outlay. To prepare its 2012 government-wide financial statements, the preparer makes a worksheet that uses the 2012 fund-level financial statements as the starting point. As a result, the worksheet does not show any capital assets at the beginning of the year. What adjusting entry is needed to report the facts about capital assets on the government-wide statements?
   a. Capital assets 2,525,000
   Expenditures - capital outlay 2,525,000
   b. Capital assets 125,000
   Expenditures - capital outlay 125,000
   c. Capital assets 2,525,000
   Net position 2,400,000
   Expenditures - capital outlay 125,000
   d. Capital assets 2,400,000
   Expenditures - capital outlay 125,000
   Net position 2,525,000

Question 2

A withdrawal of cash made by the owner will be found in the
 a. cash receipts journal
  b. cash payments journal
  c. revenue journal
  d. purchases journal


strudel15

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Reply #1 on: Jul 5, 2018
Answer to Question 1

c

Answer to Question 2

b


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