Question: The City of Coyote mailed property tax bills for 2011

The City of Coyote mailed property tax bills for 2011 to its citizens during August 2010. Payments could be made early to receive a discount. The levy becomes legally enforceable on February 15, 2011. All money received must be spent during 2011 or later. The total assessment is $300,000, and 40 percent of that amount is collected in 2010 less a 10 percent discount. The city expects to receive all the rest of the money during 2011 with no discount. During 2010, the government increased cash and a revenue for the amount received. In addition, a receivable account and a deferred revenue account for $180,000 were recognized.
a. In the general information, an overall increase in the city's net assets of $150,000 was found on the government-wide financial statements. What was the correct overall change in the city's net assets as reported on the government-wide financial statements?
b. In the general information, an overall increase of $30,000 was reported in the General Fund balance. What was the correct change during 2010 in the General Fund's balance?


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  • CreatedOctober 04, 2014
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