Reference no: EM13777039
Governmental and Nonprofit Accounting (freeman, 10th edition)
P14-1 (worksheet adjustments for selected accounts) Presented here is a partial list of accounts for the total governmental funds of the City of X. What worksheet adjustments would be required to convert this information to information that the city needs for preparing its government-wide financial statements for 2003? The city uses the consumption method to account for materials and supplies.
Inventory of materials and supplies, January 1 $300,000
Inventory of Materials and supplies, December 31 $278,000
Expenditures - Capital Outlay - Buildings $4,000,000
Expenditures - Capital Outlay - Streets and roads $8,300,000
Expenditures - Capital Outlay - Leased Equipment $800,000
Other Financing sources - Bond anticipation notes $12,000,000
Other Financing sources - Capital leases $740,000
Buildings, January 1 $30,000,000
Streets and Roads, January 1 $80,000,000
Equipment, January 1 $10,800,000
Useful life - All buildings 15 years
Useful life - streets and roads 30 years
Useful life - All equipment 5 years
No capital assets were sold during the year. No depreciation expense is reported on capital assets acquired in the current year. Accrued interest payable on the capital lease at December 31 was $22,000. Accrued interest payable on the bond anticipation notes was $480,000. (Prepare the worksheet conversion entries required for this information using the one-worksheet approach in Appendix 14-1)
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