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28 November, 18:49

A capital projects fund for a new state legislative chamber building recorded a receivable of $600,000 for a state grant and a $900,000 transfer from the general fund. What amount should be reported, by the capital projects fund, as revenue?

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  1. 28 November, 22:14
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    amount should be reported as $600,000

    Explanation:

    given data

    state grant = $600,000

    general fund = $900,000

    solution

    As per given capital projects fund as revenue is no restrictions on grant mention

    so that it is appear here as an unrestricted grant

    and it can be accrue when it is approve in the accordance with the GASB 33

    so amount should be reported as $600,000
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Home » Business » A capital projects fund for a new state legislative chamber building recorded a receivable of $600,000 for a state grant and a $900,000 transfer from the general fund. What amount should be reported, by the capital projects fund, as revenue?
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