On December 30, 2010, the City of Coyote borrowed $20,000 for the General Fund on a 60-day note. In that fund, both Cash and Other Financing Sources were recorded. In the general information, a $30,000 overall increase was reported in the General Fund balance. What was the correct change in the General Fund's balance for 2010?
Answer to relevant QuestionsAn 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 ...A local government has the following transactions during the current fiscal period. Prepare journal entries without dollar amounts, first for fund-based financial statements and then for government wide financial ...Search the Internet for the official Web site of one or more state or local governments. After reviewing this Web site, determine whether the latest comprehensive annual financial report (CAFR) is available on the site. For ...On December 31, 2010, the city in question 2 makes its first annual lease payment. How does the city report the payment on government-wide financial statements? On fund-based financial statements?A primary government can be either a general purpose government or a special purpose government. What is the difference in these two? How does an activity qualify as a special purpose government?
Post your question