On January 1, Year 4, the government leased a police car for five years at $20,000 per
Question:
a. According to the information provided, the overall increase in net assets reported was $140,000. What was the correct overall change in the net assets in the government-wide financial statements?
b. According to the information provided, the General Fund reported an increase of $30,000 in its fund balance. What was the correct change in the fund balance for the General Fund?
The government-wide financial statements indicated the following Year 4 totals:
Education had net expenses of $710,000.
Parks had net expenses of $130,000.
Art museum had net revenues of $80,000.
General revenues were $900,000; the overall increase in net assets was $140,000.
The fund-based financial statements issued for Year 4 indicated the following:
The General Fund had an increase of $30,000 in its fund balance.
The Capital Projects Fund had an increase of $40,000 in its fund balance.
The Enterprise Fund had an increase of $60,000 in its net assets.
Officials for Wolfe define “available” as current financial resources to be paid or collected within 60 days.
Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial... Annuity
An annuity is a series of equal payment made at equal intervals during a period of time. In other words annuity is a contract between insurer and insurance company in which insurer make a lump-sum payment or a series of payment and, in return,...
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Related Book For
Advanced Accounting
ISBN: 978-0077431808
10th edition
Authors: Joe Hoyle, Thomas Schaefer, Timothy Doupnik
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