Solved: How much should be classified as capital assets in castle, Accounting Basics

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How much should be classified as capital assets in castle

Question - The following items were included in Castle City's General Fund expenditures for the year ended June

Personal computer for the city treasurer - $6,000

Furniture for the mayor's office - $20,000

How much should be classified as capital assets in Castle City's General Fund balance sheet at June 30?

How much should be classified as capital assets in Castle City's government-wide statement of net position at June 30?

Could you explain what is the difference between those two statements?

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