Accounting Exercise – The Town of Coupland
Accounting Exercise The Town of Coupland
The following relate to the town of Coupland (dollar amounts in thousands):
Equipment used in a vehicle repair service that provides service to other departments on a cost-reimbursement basis; the equipment has a ten-year life with no salvage value $1,400
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 finance construction of a new city hall; the building, which was completed during the year, has a useful life of thirty years with no salvage value $9,000
Proceeds of a federal grant to hire additional police officers $1,000
Fees charged to, and collected from, customers by the electric utility $8,000
Match the fund items below with the amounts that follow. An amount may be selected once, more than once, or not at all.
1. Revenue to be recognized in an enterprise fund - $8,000
2. Revenue to be recognized in special revenue funds - $2,200
3. Bonds payable to be recognized in the general fund - $10,400
4. Bonds payable to be recognized in enterprise funds - $4,000
5. Depreciation expenditure to be recognized in the general fund - $1,040
6. Depreciation expense to be recognized in internal service funds - $140
7. Revenue to be recognized in an internal service funds - $6,300
8. Revenue to be recognized in the general fund - $8,500
9. Long-lived assets to be recognized in the general fund - $900
10. Long-lived assets to be recognized in internal service funds - $0
Accounting Facts:
1. Under the modified accrual basis of accounting, revenues cannot be recognized until they are measurable and available.
2. Available'' (as in measurable and available'') means available to finance expenditures of the current period.
3. Property taxes are an example of an imposed nonexchange transaction.
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