Question

maning Marked out of 7.00 Major Funds Lenox County provides the following information on its governmental and enterprise funds: Expenditures Expenses Fund Assets Liabilities Revenues General fund 1680.000 s80.000 $72.000 $783000 Grants special revenue fund 55.000 43500 200,000 97,000 Parks and recreation spedal revenue fund 2.000 1,300 40,000 42,000 Licensed gaming special revenue fund 65,000 62,000 8,000 7,000 Roads capital projects fund 200,000 203.000 14.000- 12,000 120.000 Bridges capital projects fund 30.000 115,000 35.000 Buildings capital projects fund 40,000 30,000 100,000 98.000 Water enterprise fund 780,000 210.000 200,000 890,000- Airport enterprise fund 620,000 950,000 953.000- 650.000 In the governmental funds financial statements, which of these funds are reported separately as major funds? Calculate the thresholds. Total for Governmental and Total for Element Enterprise Funds Governmental Funds 5% Test 10% Test Assets 0 Liabilities 0 Revenues 0 Expenses/expenditures Which funds would be reported separately as a major fund? Bridges: capital projects fund and Buildings: capital projects fund Grants special revenue fund and Roads: capital projects fund Grants special revenue fund, Roads: capital projects fund, Bridges: capital projects fund and Buildings: capital projects fund Grants special revenue fund and Bridges: capital projects fund Grants special revenue fund, Roads: capital projects fund and Buildings: capital projects fund Check P12.8 Major Funds Lenox County provides the following information on its governmental and enterptis ending Expenditures funds: Liabilities Revenues Expenses Assets $680,000 Fund 72,000 $783,000 $80,000 55,000 200,000 43,500 General fund... Grants special revenue fund . . Parks and recreation special revenue fund. Licensed gaming special revenue fund Roads capital projects fund... Bridges capital projects fund.. Buildings capital projects fund. . Water enterprise fund.. Airport enterprise fund. 97,000 40,000 1,300 2,000 8,000 42,000 62,000 203,000 65,000 7,000 200,000 12,000 14,000 120,000 30,000 115,000 35,000 100,000 30,000 98,000 780,000 40,000 210,000 650,000 200,000 890,000 950,000 953,000 620,000 Required In the governmental funds financial statements, which of these funds are reported separately funds? Show calculations. as m

Answer 1

Calculation of Thresholds Total Govermental and Enterprise Funds 10,94,000 $ 10,15,800 $ 32,45,000 $ 31,33,000 $ Total Government Funds Element 5% Test 10% Test 2,34,000 $ 1,95,800 $ 14,05,000 $ 14,00,000 $ 23,400 $ 19,580 $ Assets 54,700 Liabilities 50,790 1,40,500 $ 1,40,000 $ Revenues 1,62,250 Expenses 1,56,650 Following are the Enterprise Funds Water Enterprise Fund Airport Enterprise fund Total Liabilities 2,00,000 $ 6,20,000 $ 8,20,000 $ Revenues Expenditures Assets 2,10,000 $ 6,50,000 $ 8,60,000 $ 8,90,000 $ 9,50,000 $ 18,40,000 $ $ 7,80,000 $ 9,53,000 $ 17,33,000 Liabilities 80,000 $ 55,000 $ 2,000 $ 8,000$ 14,000 $ 35,000 $ 40,000 $ 2,34,000 $ Following are the Government Funds Assets General Fund Grants Special Fund Parks and recreation special fund Licensed Gaming special revenue fund | $ Roads Capital Projects Fund Bridges Capital Projects funds Buildings Capital Projects funds Total Expenditures Revenues 72,000 $ 43,500 $ 1,300 $ 7,000 $ 12,000 $ 30,000 $ 30,000 $ 1,95,800 $ 6,80,000 $ 2,00,000 $ 40,000 $ 65,000 $ 2,00,000 $ 1,20,000 $ 1,00,000 $ 14,05,000 $ 14,00,000 $ 7,83,000 97,000 42,000 62,000 2,03,000 1,15,000 98,000 $ The cells marked as yellow represents the elements that has ssatisfied the limits of major fund test. Hence the Answer is Option 3. Following are the major funds Grants Special Fund Roads Capital Projects Fund Bridges Capital Projects funds Buildings Capital Projects funds