Answer:
1. Governmental type fund $605,000
Enterprise fund $605,000
2. Governmental type fund $100,000
Enterprise fund $5,000
3.Governmental type fund $13,000
Enterprise Fund $3,000
Explanation:
1a) Calculation to determine the amount the Village would report as expenditures for the year 2019
Governmental type fund=$600,000+$5,000
Governmental type fund=$605,000
1b) Calculation to determine the amount it would report as expenses for the year
Enterprise fund=$600,000+$5,000
Enterprise fund=$605,000
Therefore the amount the Village would report as expenditures for the year 2019 and the amount it would report as expenses for the year will be :
Governmental type fund $605,000
Enterprise fund $605,000
2a) Calculation to determine the amount the Village would report as expenditures for the year 2019
Based on the information the Governmental type fund will be the amount of $100,000 reason been that The truck cost the amount of $100,000
Governmental type fund=$100,000
2b) Calculation to determine the amount it would report as expenses for the year
Enterprise fund=[($100,000/10 years)*6/12]
Enterprise fund=$100,000*6/12
Enterprise fund=$5,000
Note that July 1 to December 31 will give us 6 months
Therefore the amount the Village would report as expenditures for the year 2019 and the amount it would report as expenses for the year will be :
Governmental type fund $100,000
Enterprise fund $5,000
3a. Calculation to determine the amount the Village would report as expenditures for the year 2019
Governmental type fund= $10,000+$3,000
Governmental type fund= $13,000
3b. Calculation to determine Calculation to determine the amount it would report as expenses for the year
Based on the information given we were told that he paid the interest amount of $3,000 as the first installment on the debt which means that the amount it would report as expenses for the year is $3,000
Enterprise fund $3,000
Therefore the amount the Village would report as expenditures for the year 2019 and the amount it would report as expenses for the year will be :
Governmental type fund $13,000
Enterprise Fund $3,000
