Use the information in problem (40) to prepare the 2015 fund financial statements for the governmental funds
Question:
Use the information in problem (40) to prepare the 2015 fund financial statements for the governmental funds and the proprietary funds. A statement of cash flows is not required. Assume that “available” is defined as within 60 days and that all funds are major. The general fund is used for debt repayment. Assume that major funds are labeled as “Special Revenue Fund” and “Capital Projects Fund.”
Financial Statements Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial...
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One way to accumulate the information for the fund financial statements is to prepare journal entries for the listed transactions a General Fund Other Financing UsesTransfer 70000 Cash 70000 Capital P...View the full answer
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