Assume that the City of Coyote has produced its financial statements for December 31, 2024, and...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Assume that the City of Coyote has produced its financial statements for December 31, 2024, and the year then ended. The city's general fund was only used to monitor education and parks. Its capital projects funds worked in connection with each of these functions at times during the current year. The city also maintained an enterprise fund to account for its art museum. The government-wide financial statements provide the following figures: Education reports net expenses of $614,000. Parks reports net expenses of $108,000. Art museum reports net revenues of $71,750. General government revenues for the year were $855,250 with an overall increase in the city's net position of $205,000. The fund financial statements provide the following for the entire year: The general fund reports a $41,250 increase in its fund balance. The capital projects fund reports a $52,750 increase in its fund balance. The enterprise fund reports a $72,500 increase in its net position. The city asks the CPA firm of Abernethy and Chapman to examine several transactions that occurred during 2024 and indicate how to correct any erroneous reporting. Officials also want to know the effect of each error. View each of the following situations as Independent. The City of Coyote records an art display within its general fund. The display generates revenues of $10,000 this year as well as expenditures of $48,950 ($17,350 in expenses and $31,600 to buy land for the display). The CPA firm determines that the city should report this program as an enterprise fund activity because of its association with the city's art museum. Required: Required: a. Based on the information provided, what was the correct change in the fund balance for the general fund for 2024? b. What was the correct overall change in the city's net position on government-wide financial statements? c. What was the correct change in the net position of the enterprise fund on the fund financial statements? Increase or Decrease a. Correct change b. Correct change Increase c. Correct change Decrease Assume that the City of Coyote has produced its financial statements for December 31, 2024, and the year then ended. The city's general fund was only used to monitor education and parks. Its capital projects funds worked in connection with each of these functions at times during the current year. The city also maintained an enterprise fund to account for its art museum. The government-wide financial statements provide the following figures: Education reports net expenses of $614,000. Parks reports net expenses of $108,000. Art museum reports net revenues of $71,750. General government revenues for the year were $855,250 with an overall increase in the city's net position of $205,000. The fund financial statements provide the following for the entire year: The general fund reports a $41,250 increase in its fund balance. The capital projects fund reports a $52,750 increase in its fund balance. The enterprise fund reports a $72,500 increase in its net position. The city asks the CPA firm of Abernethy and Chapman to examine several transactions that occurred during 2024 and indicate how to correct any erroneous reporting. Officials also want to know the effect of each error. View each of the following situations as Independent. The City of Coyote records an art display within its general fund. The display generates revenues of $10,000 this year as well as expenditures of $48,950 ($17,350 in expenses and $31,600 to buy land for the display). The CPA firm determines that the city should report this program as an enterprise fund activity because of its association with the city's art museum. Required: Required: a. Based on the information provided, what was the correct change in the fund balance for the general fund for 2024? b. What was the correct overall change in the city's net position on government-wide financial statements? c. What was the correct change in the net position of the enterprise fund on the fund financial statements? Increase or Decrease a. Correct change b. Correct change Increase c. Correct change Decrease
Expert Answer:
Posted Date:
Students also viewed these accounting questions
-
Create two different unique demonstrations of Porous Defenses such as: Missing Encryption of Sensitive Data, Use of Hard-coded Credentials, Missing Authorization, Missing Authentication for Critical...
-
Identify the errors in the following trial balance. All accounts have normalbalances. Hybrid Co. Unadjusted Trial Balance For the Month Ending October 31, 2008 Credit Balances Debit Balances 22,500...
-
A campus bookstore sells the Palm m505 handheld for $399. The wholesale price is $250 per unit. The store estimates that weekly demand averages 0.5 unit and has a Poisson distribution. The...
-
Recently you read an article regarding a new product introduced late last year by 5G Inc., a consumer products company. The article's author, although praising \(5 \mathrm{G}\) Inc. for providing the...
-
An inexperienced accountant for Stahr Company made the following errors in recording merchandising transactions. 1. A $210 refund to a customer for faulty merchandise was debited to Sales Revenue...
-
maturity risk premium: An investor in Treasury securities expects inflation to be 2 . 3 % in Year 1 , 2 . 8 % in Year 2 , and 3 . 5 5 % each year thereafter. Assume that the real risk - free rate is...
-
The following table represents the probability of the number of cars owned by a college student. Give your answer to at least 3 decimal places. X P(x) 0 0.49 1 0.35 2 0.13 3 0.03 a) Is this a valid...
-
You have been meeting with a potential new customer regularly for three months. She likes the product but finally admits a loyalty to the existing supplier. The buyer says, I have known Judith...
-
What is a contra-asset? Give an example of one.
-
Who can conduct cost audit under the Companies Act, 2013?
-
What is the difference between bivariate regression and multiple regression?
-
Suppose that the price of an asset follows a Brownian motion : \[d S=\mu S d t+\sigma S d z\] (a) What is the stochastic process for \(S^{n}\) ? (b) What is the expected value for \(S^{n}\) ?
-
(Lump-sum acquisition) The Allred Shipping Co. acquired land, buildings, and equipment at a lump-sum price of $920,000. An appraisal of the assets at the time of acquisition disclosed the following...
-
A police officer pulls you over and asks to search your vehicle because he suspects you have illegal drugs inside your car. Since he doesn't have reasonable suspicion to search your car, legally he...
-
The following selected data were obtained from the financial statements for the Hartford Corporation: Required Calculate the following ratios for Hartford Corporation: a. Debt-to-equity ratio b....
-
The following selected data were obtained from financial statements for Baylor Corporation: Required Calculate the following ratios for Baylor Corporation: a. Dividend yield b. Dividend payout ratio...
-
Provide journal entries for the following transactions for the Turner Company: May 2Sold \($40,000\) of merchandise on account May 17 Collected \($35,000\) of the May 2nd sale May 31 Estimated...
Study smarter with the SolutionInn App