You have been provided with the following information for the city of Athena: General Fund: Cash:...

  

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You have been provided with the following information for the city of Athena: General Fund: Cash: $500,000 . . Property Tax Receivable: $200,000 Accounts Payable: $100,000 Fund Balance: $600,000 Land Enterprise Fund: Cash: $200,000 Accounts Receivable: $50,000 Accounts Payable: $30,000 Fund Balance: $220,000 . Revenues: $1,000,000 Expenditures: $900,000 Revenues: $300,000 Operating Expenses: $250,000 Tasks: a) Prepare the statement of revenues, expenditures, and changes in fund balance for the General Fund. b) Prepare the balance sheet for the Land Enterprise Fund. Task 2: Government-Wide Financial Statements Using the same information provided in Task 1, prepare the following government-wide financial statements for the city of XYZ: a. Statement of Net Position (Balance Sheet) b) Statement of Activities b. In both statements, present the information for both the General Fund and the Water Enterprise Fund. Keep in mind: a. Prepare the fund financial statements (Task 1) and government-wide financial statements (Task 2) on separate sheets or in a separate document. b. Clearly label each statement and indicate the fund(s) included. c. Show all calculations and provide explanations where necessary. d. Use appropriate headings and formatting to present the financial statements. Note: you can assume that there are no other funds or financial activities besides the General Fund and Land Enterprise Fund. You have been provided with the following information for the city of Athena: General Fund: Cash: $500,000 . . Property Tax Receivable: $200,000 Accounts Payable: $100,000 Fund Balance: $600,000 Land Enterprise Fund: Cash: $200,000 Accounts Receivable: $50,000 Accounts Payable: $30,000 Fund Balance: $220,000 . Revenues: $1,000,000 Expenditures: $900,000 Revenues: $300,000 Operating Expenses: $250,000 Tasks: a) Prepare the statement of revenues, expenditures, and changes in fund balance for the General Fund. b) Prepare the balance sheet for the Land Enterprise Fund. Task 2: Government-Wide Financial Statements Using the same information provided in Task 1, prepare the following government-wide financial statements for the city of XYZ: a. Statement of Net Position (Balance Sheet) b) Statement of Activities b. In both statements, present the information for both the General Fund and the Water Enterprise Fund. Keep in mind: a. Prepare the fund financial statements (Task 1) and government-wide financial statements (Task 2) on separate sheets or in a separate document. b. Clearly label each statement and indicate the fund(s) included. c. Show all calculations and provide explanations where necessary. d. Use appropriate headings and formatting to present the financial statements. Note: you can assume that there are no other funds or financial activities besides the General Fund and Land Enterprise Fund.

Answer rating: 100% (QA)

Task 1 a Statement of Revenues Expenditures and Changes in Fund Balance General Fund Revenues Proper... View the full answer