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Determine revenue to be recognized in special revenue funds

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Question - The following is related to the town of Coupland (dollar amounts in thousands):

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 ?nance construction of a new city hall; the building, which was completed during the year, has a useful life of 30 years with no salvage value $9,000

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

Fees charged to, and collected from, customers by the electric utility $8,000

Determine revenue to be recognized in special revenue funds.

a. $2,200 

b. $1,200 

c. $1,000 

d. $2,400

Reference no: EM132686987

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