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.”
Answer to relevant QuestionsFranklin purchases 40 percent of Johnson Company on January 1 for $500,000. Although Franklin did not use it, this acquisition gave Franklin the ability to apply significant influence to Johnson’s operating and financing ...For each of the following, indicate whether the statement is true or false and include a brief explanation for your answer. a. A pension trust fund appears in the government-wide financial statements but not in the fund ...Read the following journal article: “25 Years of State and Local Governmental Financial Reporting—An Accounting Standards Perspective,” The Government Accountants Journal, Fall 1992. Or, as a second possibility, do a ...What does the term noncontrolling interest mean? What information do the capital accounts found in partnership accounting convey?
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