Reference no: EM132461496
Problem - The general fund reports activities related to county buildings and equipment. Following is information concerning these capital assets, for the year ended June 30, 2021.
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Beginning balance
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Increases
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Decreases
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Ending balance
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Capital assets, original cost
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$10,000,000
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$850,000
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$(200,000)
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$10,650,000
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|
Accumulated depreciation
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(2,100,000)
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(640,000)
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120,000
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(2,620,000)
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Capital assets, net
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$7,900,000
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$210,000
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$(80,000)
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$8,030,000
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Capital assets were acquired for cash, and $240,000 in cash was received from the sale of capital assets during 2021.
Required -
1. Calculate the following amounts:
a. Government-wide statement of activities for the year ended June 30, 2021
General government expense_______
Gain or loss on sale of capital assets_______
b. Government-wide statement of net position at June 30, 2021
Capital assets, at cost_______
Accumulated depreciation_______
Capital assets, net_______
c. Governmental funds statement of revenues, expenditures, and changes in fund balances, year ended June 30, 2021
Expenditures_______
Other financing sources_______