The City of Richardson reported a change in fund balances of $2,002,000 in its governmental funds Statement of Revenues, Expenditures, and Changes in Fund Balances for the year ended December 31, Year 1. Additional information:. 1. Capital outlay expenditures amounted to $10,000,000 in the modified accrual statement. General government fixed assets amounted to $160,000,000 excluding land and had an average life of 20 years.
2. The modified accrual statement reported proceeds from the sale of land in the amount of $1,000,000. The land had a basis of $800,000.
3. Property taxes had been levied in the amount of $20,000,000. It was estimated that 3% would be uncollected, that $1,000,000 would be collected within 60 days of year-end, and that $400,000 would be collected more than 60 days from year-end. The City had recognized the maximum permitted under modified accrual accounting.
4. $370,000 of property taxes had been deferred at the end of the previous year and was recognized under modified accrual as revenue in the current year.
5. The modified accrual statement reflected debt service expenditures in the amount of $1,000,000 for interest and $1,500,000 for principal. No adjustment was necessary for interest accruals at year-end.
6. Compensated absences charges, on the full accrual basis, amounted to $100,000 more than under the modified accrual basis.
The change in net position in the governmental column in the government-wide Statement of Activities for the year ended December 31, Year 1 is:.

Selected t-account balances for bloomfield company are shown below as of january 31, which reflect its accounting adjustments. the firm uses a calendar-year accounting period, but prepares monthly accounting adjustments. suppliesjan. 31 bal. 1,800 1,800 jan. 31 bal. supplies expensejan. 31 bal. 1,920 1,148 jan. 31 bal. prepaid insurancejan. 31 bal. 1,148 1,148 jan. 31 bal. insurance expensejan. 31 bal. 164 164 jan. 31 bal. wages payablejan. 31 bal. 1,400 1,400 jan. 31 bal. wages expensejan. 31 bal. 6,400 6,400 jan. 31 bal. truckjan. 31 bal. 17,376 17,376 jan. 31 bal. accumulated depreciation -truckjan. 31 bal. 5,068 5,068 jan. 31 bal. a. if the amount in supplies expense represents the january 31 adjustment for the supplies used in january, and $1,240 worth of supplies were purchased during january, what was the january 1 beginning balance of supplies? $answerb. the amount in the insurance expense account represents the adjustment made at january 31 for january insurance expense. if the original insurance premium was for one year, what was the amount of the premium, and on what date did the insurance policy start? amount of the premium $answerthe policy began on answerjune 1july 1august 1september 1october 1november 1 of the previous year. c. if we assume that no beginning balance existed in either in either wage payable or wage expense on january 1, how much cash was paid as wages during january? $answerd. if the truck has a useful life of four years (or 48 months), what is the monthly amount of depreciation expense, and how many months has bloomfield owned the truck? answermonths

Present values. the 2-year discount factor is .92. what is the present value of $1 to be received in year 2? what is the present value of $2,000? (lo5-2)

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