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; 40 percent of that amount, less a 10 percent discount, is collected in 2010. The city expects to receive all of the remaining money during 2011 with no discount. During 2010, the government increased cash as well as a revenue for the amount received. No change was made in creating the governmentwide financial statements.
a. What was the correct overall change in the city's net assets as shown on the government-wide financial statements?
b. What was the correct change for 2010 in the fund balance reported in the General Fund?

  • CreatedOctober 04, 2014
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