Cartier Village's Capital Expenditures During the Year Ended December 31

question 78

Multiple Choice

Cartier Village's capital expenditures during the year ended December 31 included: Equipment for village tax collector's office $40,000
Vehicles for village electric utility 60,000
What amounts should have been recorded in the General Fund and enterprise fund for the increase in equipment during the year ended December 31,assuming the electric utility is considered an enterprise fund?

• A) General Fund: $0; Enterprise Fund: $0
• B) General Fund: $0; Enterprise Fund: $60,000
• C) General Fund: $40,000; Enterprise Fund: $60,000
• D) General Fund: $100,000; Enterprise Fund: $0

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Definitions:

Contributions

Money that individuals or entities provide towards a common pool or fund, often for purposes like retirement savings plans or investment funds.

Ordinary Annuity

Equivalent monetary exchanges concluded after each sequential era over a predetermined course.

Compounded Monthly

A method of calculating interest where the accumulated interest is added to the principal sum each month.

Retires

The act of leaving one's job and ceasing to work, typically because of age or health.