The following data are available from the City of Boulder's financial records on September 30, 2014: a.

Question:

The following data are available from the City of Boulder's financial records on September 30, 2014:

a. The net change in fund balance-total governmental funds for the city is $1,408,950.

b. The city purchased general fixed assets at a historical cost of $225,000 during the year. No depreciation is recorded in the year of purchase.

c. Grants receivable in the amount of $165,000 are recorded as revenue collected in advance in the fund statements but would be recognized as revenue under accrual accounting.

d. A capital lease payable in the amount of $75,000 has been recorded as expenditure in the general fund. The related long-term debt at year-end is $55,000.

e. General long-term debt in the amount of $350,000 has been issued and recorded in the general fund.

REQUIRED:

Determine the city's change in net position of governmental activities that will appear in the government-wide statements.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  book-img-for-question

Advanced Accounting

ISBN: 978-0133451863

12th edition

Authors: Floyd A. Beams, Joseph H. Anthony, Bruce Bettinghaus, Kenneth Smith

Question Posted: