The general fund of Reston acquired computer equipment costing $70,000 during the fiscal year ended June 30,20X9.Machinery and Equipment should be reported in Reston's General Fund Balance Sheet and government-wide Statement of Net Assets at June 30,20X9,as follows:

Question

Quizplus · Accepted Answer

In the General Fund Balance Sheet, the computer equipment is not reported as an asset because it is considered an expenditure. However, in the government-wide Statement of Net Assets, it is reported as capital assets, thus included in the net assets.

The General Fund of Reston Acquired Computer Equipment Costing $70,000