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ACCT 410 ACCT/410 ACCT410 Week 3 Assignment (UMUC)

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ACCT 410 Week 3 Assignment (UMUC)

Week 3 Assignment

1. Enterprise funds are accounted for like comparable businesses; nevertheless, they have their quirks.

1.  It issued $6,000,000 of revenue bonds.

2.  For $4,500,000, it purchased the plant and equipment of the private water company that previously served the area.

3.  It incurred $500,000 in costs to improve and expand its plant and equipment.

4.  It billed customers for $1.8 million, of which it collected $1.5 million.

5.  It billed and collected $200,000 in tap connection fees from developers. The actual cost of the hookups (paid in cash) was $140,000.

6.  It incurred the following operating costs (all paid in cash):

• Purchases of water, $850,000

• Labor and contract services, $320,000

• Interest, $80,000

• Supplies and miscellaneous, $60,000

 

7.  It recognized depreciation of $350,000 on its capital assets.

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