Question

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, and 40 percent of that amount is collected in 2015 less a 10 percent discount. The city expects to receive all remaining money during 2016 with no discount. During 2015, the government increased cash and a revenue for the amount received. In addition, a receivable account and an unavailable revenue account for $180,000 were recognized.
a. In the general information above, an overall increase in the city’s net position of $150,000 was found on the government-wide financial statements. What was the correct overall change in the city’s net position as reported on the government-wide financial statements?
b. In the general information above, an overall increase of $30,000 was reported in the general fund balance. What was the correct change during 2015 in the general fund’s balance?



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  • CreatedJanuary 08, 2015
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