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Melinda Jeffries Week 3 Chapter 2 Exercise 2-1 The following relate to the town of Coupland (dollar amounts in thousands):

I checking my answers with what is uploaded but it says for Spring 2008. Can you tell me what addition this book is that is uploaded? University of Phoenix Acc 460 chapter 2
Melinda Jeffries Week 3 Chapter 2 Exercise 2-1 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 one, more than once, or not at all. 1. Revenue to be recognized in an enterprise fund j. $8,000 2. Revenue to be recognized in special revenue funds g. $2,200 3. Bonds payable to be recognized in the general fund a. $0 4. Bonds payable to be recognized in enterprise funds h. $4,000 5. Depreciation expenditure to be recognized in the general fund a. $0 6. Depreciation expense to be recognized in internal service funds b. $140 7. Revenue to be recognized in an internal service funds a. $0 8. Revenue to be recognized in the general fund i. $6,300 9. Long-lived assets to be recognized in the general fund a. $0 10. Long-lived assets to be recognized in internal service funds f. $1,400 a. $0 b. $140 c. $900 d. $1,260 e. $1,040 f. $1,400 g. $2,200 h. $4,000 i. $6,300 j. $8,000 k. $8,500 l. $10,400
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Chapter 4 Exercise 4-1 1. Under the modified accrual basis of accounting, revenues cannot be recognized a. Until cash has been collected b. Unless they will be collected within sixty days of year-end c. Until they are subject to accrual d. Until they are measurable and available 2. “Available (as in “measurable and available”) means a. Available to finance expenditures of the current period b. Subject to accrual c. Collectible d. Available for appropriation 3. Property taxes are an example of a. An imposed exchange transaction b. An imposed nonexchange transaction c. A derived transaction d. A government-mandated nonexchange transaction 4. To be considered “available,” property taxes must have been collected either during the government’s fiscal year or within a. The time it takes for the government to liquidate its obligations from the prior year b. Thirty days of year-end c. Sixty days of year-end d. The following fiscal year 5. For its fiscal year ending September 30, 2007, Twin City levied $500 million in property taxes. It collected taxes applicable to fiscal 2007 as follows (in millions): June 1, 2006, through September 30, 2006 $20 October 1, 2006, through September 30, 2007 440 October 1, 2007, through November 30, 2007 15 December 2007 4 The city estimates that $10 million of the outstanding balance will be uncollectible. For the fiscal year ending September 30, 2007, how much should Twin City recognize in property tax revenue (in millions) in its general fund? a. $440 b. $460 c. $475 d. $490
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