ACC 460 Week 3 Individual Exercises Ch. 2,4,5&6

May 8th, 2015
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ACC 460 Week 3 Individual Exercises Ch. 2,4,5&6

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Week 3 Individual ExercisesE2-1Prob. AnswerReason1J8,000 Electricity fees collected2G1000 + 1200 = 2200, Hotel and Police Grant3ABonds are restricted4H4000, Parking garage paid by users5ADepreciation not recognized in general fund6B1400/10 = 1407ANo revenue recognized8I6300 Property taxes9O ALong-lived asset not in general funds10F1400 Equipment earnings cost revenueE4-11D2A3B4C5C6D7B8B9C A10C AE4-7400 million for December paid January 15th280 million for January paid February 15th150 million for October-December, paid January 15th550 million * 10% = 55 million1. Sales Taxes Receivable 550* Sales Taxes Revenue 550* (to record sales taxes for year 2011) *in millions2.Sales Tax Receivable 55* Sales Tax Revenue 55* (to record sales tax at 10% collected) *in millionsChapter 5Question 1.Both expenditures and expenses deal with assets, but the difference is how they relate to the asset. Expenditures are the use of resources to acquire an asset. Expenditures are used in modified accrual, but are recorded as expenses when using full accrual accounting.Expenditures are decreases in net financial resources; expenses are reductions in overall net assets.Question 2.Yes, the expenditure should be recorded in the current

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