The following items were included in the City of Wilson's General Fund expenditures for the year ended June 30, 2009: Personal computer for City Clerk $ \quad $ $ \quad $ $\$ 4,000$
Furniture for Controller's Office $ \quad $ $ \quad $ $\$ 10,000$ How much should be classified as capital assets in Wilson's General Fund balance sheet at June 30, 2009?

Question

The following items were included in the City of Wilson's General Fund expenditures for the year ended June 30, 2009: Personal computer for City Clerk $ \quad $ $ \quad $ $\$ 4,000$
Furniture for Controller's Office  $ \quad $ $ \quad $ $\$ 10,000$ How much should be classified as capital assets in Wilson's General Fund balance sheet at June 30, 2009?

Quizplus · Accepted Answer

In governmental accounting, capital assets are typically not reported in the General Fund balance sheet. Instead, they are reported in the government-wide financial statements. Therefore, the amount classified as capital assets in the General Fund balance sheet would be $0.

The Following Items Were Included in the City of Wilson's \quad

The Following Items Were Included in the City of Wilson's $\quad$