Question: The Finance Director of the City of Wrong Way has

The Finance Director of the City of Wrong Way has asked for your assistance in reviewing the Statement of Net Position that he has prepared for the year ended June 30, 20X9. The statement is shown below.

Additional Information
1. The city has multiple governmental and proprietary funds. Its only fiduciary fund is a pension plan. It has four component units. All fund and component unit statements were prepared correctly.
2. All amounts disclosed for depreciable and nondepreciable capital assets in the city’s Capital Assets Schedule are considered material, individually and in total.
3. Bonds for $10,000 were issued at the end of the year in a private placement (no premium, discount, or bond issue costs). All bonds have been issued for capital asset acquisition.

Identify the errors in the Statement of Net Position. Explain why each item you find isincorrect.
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  • CreatedOctober 25, 2014
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