The City of Coyote mailed property tax bills for 2016 to its citizens during August 2015. Payments could be made early to receive a discount. The levy becomes legally enforceable on February 15, 2016. All money received must be spent during 2016 or later. The total assessment is $300,000; 40 percent of that amount, less a 10 percent discount, is collected in 2015. The city expects to receive all of the remaining money during 2016 with no discount. During 2015, the government increased cash as well as a revenue for the amount received. No change was made in creating the government-wide financial statements.
a. What was the correct overall change in the city’s net position as shown on the government-wide financial statements?
b. What was the correct change for 2015 in the fund balance reported in the general fund?

  • CreatedJanuary 08, 2015
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