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?

Question

Business

Dominick Pena

22 October, 21:40

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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Answers (1)

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Brenton Jackson · Answer 1

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