Question: The City of Coyote mailed property tax bills for 2016

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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