|
ORANGE COUNTY ALCOHOLIC BEVERAGE CONTROL BOARD
<br /> (a component unit of orange County Government)
<br /> NOTES TO FINANCIAL STATEMENTS
<br /> June 30,2023 and 2022
<br /> 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES[cont'd]
<br /> Capital Assets
<br /> Capital assets are stated at cost and are being depreciated over their useful lives, on a straight-line
<br /> basis,as follows:
<br /> Buildings 25-50 years
<br /> Building improvements 10-15 years
<br /> Autos and trucks 5-7 years
<br /> Furniture,fixtures,and equipment 5-7 years
<br /> Leasehold improvements are depreciated over the term of the lease agreement.
<br /> Upon disposition of an asset, the cost of the asset and the related accumulated depreciation are
<br /> removed from the books.Any gain or loss on disposition is reflected in the earnings for the period.
<br /> Capital asset activity for the year ended June 30,2023,was as follows:
<br /> Beginning Ending
<br /> Balances Increases Decreases Balances
<br /> Capital Assets Not Being Depreciated
<br /> Land $ 1,951,041 $ $ --- $ 1,951,041
<br /> Construction in progress 1,769,975 1,769,975 ---
<br /> Total Capital Assets Not Being
<br /> Depreciated 3,721,016 $ $ 1,769,975 1,951,041
<br /> Capital Assets Being Depreciated
<br /> Buildings and improvements 7,965,939 $ 3,185,257 $ 221,996 10,929,200
<br /> Store fixtures and equipment 1,244,061 334,994 75,887 1,503,168
<br /> Warehouse fixtures and equipment 135,946 --- --- 135,946
<br /> Office furniture,fixtures,and equipment 296,381 5,949 --- 302,330
<br /> Leasehold improvements 232,407 15,474 --- 247,881
<br /> Motor vehicles 205,630 --- --- 205,630
<br /> Total Capital Assets Being
<br /> Depreciated 10,080,364 $ 3,541,675 $ 297,883 13,324,155
<br /> Less Accumulated Depreciation for:
<br /> Buildings and improvements 2,189,474 $ 45,125 $ 221,922 2,212,677
<br /> Store fixtures and equipment 1,098,758 110,681 74,133 1,135,306
<br /> Warehouse fixtures and equipment 120,811 16,011 --- 136,822
<br /> Office furniture,fixtures,and equipment 238,461 17,667 --- 256,128
<br /> Leasehold improvements 114,685 24,959 --- 139,644
<br /> Motor vehicles 181,888 9,074 190,962
<br /> Total Accumulated Depreciation 3,944,077 $ 423,517 $ 296,055 4,071,539
<br /> Total Capital Assets Being
<br /> Depreciated(Net) 6,136,287 9,252,616
<br /> Capital Assets,Net $ 9,857,303 $ 11,203,657
<br /> -18-
<br /> I
<br />
|