Sign In Sign Up Ask an AI advisor
monstax6
monstax6
25.06.2019 • 
Business

Wartrace city’s communications enterprise fund, which has a december 31 year end, was awarded a $400,000 federal grant for a system hardware upgrade to meet fcc requirements. the grant was awarded in june 20x7. work began immediately on the project and qualifying costs of $200,000 were incurred prior to december 31, 20x7, however, the capital project is not expected to be completed until june 20x8. the grantor does not reimburse grantees until a project is complete. as of december 31, 20x7, the communications enterprise fund should (a) report nonoperating revenues of $400,000. (b) report nonoperating revenues of $200,000. (c) report a capital contribution of $400,000. (d) report a capital contribution of $200,000.

Solved
Show answers

Ask an AI advisor a question

I want advice