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  3. the following facts pertain to citys enterprise fu

The following facts pertain to citys Enterprise Fund at its fiscal year-end: 1) Outstanding...

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Accounting

  1. The following facts pertain to citys Enterprise Fund at its fiscal year-end:

1) Outstanding bonds issued to provide funding for capital projects $6,000.000

2) Customer service revenue for utility services provided this year $22,000,000

3) Annual transfer to General Fund $50,000

4) Capital bond proceeds not yet spent for capital projects $4,300,000

5) Current year payroll expenditures $5,450,000

6) Interest earnings on investments $120,000

7) Acquisition value of capital assets donated by a contractor $700,000

8) Net book value of all remaining fund capital assets $1,900,000

9) Outstanding bonds issued to pay for clean energy research $1,000,000

Based on this information, the total of this funds Net Investment in Capital Assets is

  1. ($900,000)
  2. $6,900,000
  3. $900,000
  4. 16,520,000

  1. True or False: The principal or corpus of Permanent Funds is required to be maintained intact (i.e. non-spendable)

  1. Which of the following categories of general government capital assets may be subject to the modified approach in relation to depreciation?
  1. Buildings
  2. Construction in progress
  3. Infrastructure
  4. Works of art or historical treasures

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