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Document Preview: General Fund and Leasing in Government Accounting  Submit your responses to the following questions in a 1-2 page summary MSWord document. Label each question clearly. For computations done in an Excel spreadsheet, please copy and paste your work into your MSWord document, For written answers, please make sure your responses are well written, use APA formatting and have the proper citation, if needed.If the General Fund of a certain city needs $6,720,000 of revenue from property taxes to finance estimated expenditures of the next fiscal year and historical experience indicated that 4% of the gross levy will not be collected, what should be the amount of the gross levy for property taxes? Please show all computations in good form.How does one determine whether a particular lease is a capital lease or an operating lease? What entries are required in the general journals of a government fund and governmental activities at the government-wide level to record a capital lease at its inception?

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General Fund and Leasing in Government Accounting  1 

General Fund and Leasing in Government Accounting 
Writer’s name 
Course name and number 
Instructor’s name 
Date
General Fund and Leasing in Government Accounting  2 
 
Abstract 
This paper focuses on General Fund and Leasing in Government Accounting. It goes on to 
determining whether a particular lease is a capital or an operating lease. It also provides the 
journal entries that are required in the general journals of a government fund and governmental 
activities at the government-wide level to record a capital lease at its inception.
General Fund and Leasing in Government Accounting  3 
 
General Fund and Leasing in Government Accounting 
1.  
Requirement of General Fund for financing    = $6,720,000 
Estimated uncollectible based on historical experience  = 4% 
Amount of gross levy = Finance requirement / (1 – estimated uncollectible %) 
 $6,720,000/ (1 - .04) 
 $6,720,000/0.96 
 $7,000,000 
Therefore, the amount of gross levy for property taxes should be $7,000,000.
2. 
Lease is a legal document that outlines the terms under which one party (the lessor) agrees to 
rent his property to another party (the lessee). (www.investopedia.com).

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