A city orders a new computer for its General Fund at an anticipated cost of $88,000. Its actual cost when received is $89,400. Payment is subsequently made. Give all required journal entries for fundbased and government-wide financial statements. What information do the government-wide financial statements present? What information do the fund-based financial statements present?
Answer to relevant QuestionsCash of $90,000 is transferred from a city’s General Fund to start construction on a police station. The city issues a bond at its $1.8 million face value. The police station is built for $1.89 million. Prepare all ...Use the transactions in problem 40 but prepare a statement of net assets for the government-wide financial statements. Assume that the General Fund had $180,000 in cash on the first day of the year and no other assets or ...An art display set up for the community was recorded within the General Fund and generated revenues of $9,000 but had expenditures of $45,000 ($15,000 in expenses and $30,000 to buy land for the display). The CPA firm has ...Chesterfield County had the following transactions. Prepare the entries first for fund-based financial statements and then for government-wide financial statements.a. A budget is passed for all ongoing activities. Revenue is ...Obtain a copy of GASB Statement 34. Read paragraphs 239 through 277.RequiredWrite a report describing alternatives that the GASB considered when it created Statement 34. Indicate the alternative that you would have viewed as ...
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