QUESTION 1 1 points The following contains account balances from Commerce County

Question

QUESTION 1 1 points The following contains account balances from Commerce County's governmental activities column of the government-wide financial statements $2 560,000 Accounts payable Cash Restricted Cash-Sinking Fund Restricted cash- Federal highhway safety grant Property taxes receivable $642.000 800,000 Salaries and wages payable $890.000 $100,000 Due to Other Funds $820.000 $150.000 $4,600.000 $11,168.000 $760.000 Curment portion- general obligation bonds payable Land 2.300,000 Long-term portion- general obligation bonds payable Buildings $15,900,000 Net position Machinery and Equipment $3.500.000 $7 650,000 The proceeds from the general obligation bonds were all used to construct a new city hall. Determine the amount of net position to be reported as "Net Investment in Capital Assets." (Do not use S) QUESTION 2 1 points Copy of The following contains account balances from Commerce County's governmental activities column of the government-wide financial statements $642.000 Accounts payable Salaries and wages payable Cash $2 560,000 Restricted Cash-Sinking 5800,000 $100,000 Due to Other Funds $820,000 Restricted cash-Federal highway safety grant Property taxes receivable $760.000 Current portion- general $150.000 obligation bonds payable Land $2.300,000 Long-term portion- general $4,600,000 obligation bonds payable Building Machinery and Equipment Accumulated Degreciation $15900.000 Net postion $11,168.000 $3.500.000 $7 650,000 The proceeds from the general obligation bonds were all used to construct a new city hall. Determine the amount of net position to be reported as "Restricted." (Do not use S)

Explanation / Answer

Net investment in Capital Assets = Capital Assets - Capital Debt

Capital Assets =

Land+ Building+ Machinery & Equipments - Accumulated Depreciation

=2300000+15900000+3500000-7650000

=14050000

Capital Debt = Debt for building Capital Assets

=150000+4600000 = 4750000

Net Investment in Capital Assets =

14050000-4750000

=9300000

Net Position to be reported as Restricted

= Restrictions Assets - Liabilities

=(800000+100000)-(642000+890000+820000)

=(1452000)

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