The following schedule of capital assets was prepared for Johnson County. All capital asset acquisitions were made in the capital projects fund and paid in cash. An asset was sold by the general fund for $40,000 cash.
Required:
Determine how the above information will be reflected on each of the following statements for the year 2014.
A. The governmental funds' statement of revenues, expenditures, and changes in fund balances. List the governmental fund and then list the dollar amount within the appropriate heading on the statement (such as Revenues, Expenditures, or Other Financing Sources (Uses)).
B. The government-wide statement of net assets.
C. The government-wide statement of activities.

Question

The following schedule of capital assets was prepared for Johnson County.  All capital asset acquisitions were made in the capital projects fund and paid in cash. An asset was sold by the general fund for $40,000 cash.
Required:
Determine how the above information will be reflected on each of the following statements for the year 2014.
A. The governmental funds' statement of revenues, expenditures, and changes in fund balances. List the governmental fund and then list the dollar amount within the appropriate heading on the statement (such as Revenues, Expenditures, or Other Financing Sources (Uses)).
B. The government-wide statement of net assets.
C. The government-wide statement of activities.

Quizplus · Accepted Answer

The Answer of The following schedule of capital assets was prepared for Johnson County.  All capital asset acquisitions were made in the capital projects fund and paid in cash. An asset was sold by the general fund for $40,000 cash.
Required:
Determine how the above information will be reflected on each of the following statements for the year 2014.
A. The governmental funds' statement of revenues, expenditures, and changes in fund balances. List the governmental fund and then list the dollar amount within the appropriate heading on the statement (such as Revenues, Expenditures, or Other Financing Sources (Uses)).
B. The government-wide statement of net assets.
C. The government-wide statement of activities.

The Following Schedule of Capital Assets Was Prepared for Johnson