On December 30, 2015, 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 above for this city, a $30,000 overall increase was reported in the general fund balance. What was the correct change in the general fund’s balance for 2015?
Answer to relevant QuestionsAn art display set up for the City of Coyote 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 ...Search the Internet for the official website of one or more state or local governments. After reviewing this website, determine whether the latest comprehensive annual financial report (CAFR) is available on the site. For ...What impact does the use of the modified approach have on reporting within the government-wide financial statements?On January 1, 2015, a city entered into the following leases for equipment items. Each of the leases qualifies as a capital lease. Initial payments are on December 31, 2015. An interest rate of 12 percent is viewed as ...Use the information in problem (40) to prepare the 2015 fund financial statements for the governmental funds and the proprietary funds. A statement of cash flows is not required. Assume that “available” is defined as ...
Post your question