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 $600,000. Parks reports net expenses of $100,000. Art museum reports net revenues of $50,000. General government revenues for the year were $800,000 with an overall increase in the city's net position of $150,000. The fund financial statements provide the following for the entire year: The general fund reports a $30,000 increase in its fund balance. The capital projects fund reports a $40,000 increase in its fund balance. The enterprise fund reports a $60,000 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. During 2024, the City of Coyote received $10,000, which was recorded as a general revenue in the general fund. It was actually a program revenue earned by the city's park program. Required: a. What was the correct overall change for 2024 in the net position reported on the government-wide financial statements? b. In the general information, the parks program reported net expenses for the period of $100,000. What was the correct amount of net expenses that should have been reported by the parks program? a. Correct change Increase or Decrease Increase b. Correct amount of net expenses 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 $600,000. Parks reports net expenses of $100,000. Art museum reports net revenues of $50,000. General government revenues for the year were $800,000 with an overall increase in the city's net position of $150,000. The fund financial statements provide the following for the entire year: The general fund reports a $30,000 increase in its fund balance. The capital projects fund reports a $40,000 increase in its fund balance. The enterprise fund reports a $60,000 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. During 2024, the City of Coyote received $10,000, which was recorded as a general revenue in the general fund. It was actually a program revenue earned by the city's park program. Required: a. What was the correct overall change for 2024 in the net position reported on the government-wide financial statements? b. In the general information, the parks program reported net expenses for the period of $100,000. What was the correct amount of net expenses that should have been reported by the parks program? a. Correct change Increase or Decrease Increase b. Correct amount of net expenses
Expert Answer:
Answer rating: 100% (QA)
a Correct change in the net position reported on the governmentwide financial statements Given infor... View the full answer
Related Book For
Advanced Accounting
ISBN: 9781264798483
15th Edition
Authors: Joe Ben Hoyle, Thomas Schaefer And Timothy Doupnik
Posted Date:
Students also viewed these finance questions
-
Question Description RangeFilterTester.java import java.util.ArrayList; class RangeFilterTester { public static void main( String[] args) { ArrayList accounts = new ArrayList(); accounts.add(new...
-
Determine the required thickness t of the tube if its outside diameter d is 200 mm and the desired factor of safety with respect to Euler buckling is n = 3.0. (Assume E = 72 GPa.)
-
Even in everyday life, there are ups and downs of financing. Cost Control and Budgeting is very important to follow in the business world and in your personal life. What technique would you use if...
-
Correlation and \(t\)-Statistics. Use the following steps to establish a relationship between the correlation coefficient and the \(t\)-statistic for the slope. a. Use algebra to check that...
-
The 7FA gas turbine manufactured by General Electric is reported to have an efficiency of 35.9 percent in the simple-cycle mode and to produce 159 MW of net power. The pressure ratio is 14.7 and the...
-
David has borrowed $600 from the bank. The bank is charging him an interest of 18.39% compounded monthly. David would like to pay back the entire loan with a single payment 3 years from today. How...
-
2. Simple distillation is quick and inexpensive, however, it is only recommended for separating compounds with a large difference in boiling point. A good rule of thumb is that it is only effective...
-
What role does technology play in a networked structure?
-
What considerations should managers take into account when designing control systems for global operations?
-
An important part of MNCs demonstrating social responsibility is investing in emerging and frontier markets. What are some examples of social responsibility?
-
What are the strategic incentives for setting up a dual headquarters structure?
-
How do fi nancial intermediaries generate profi ts?
-
Define quality in your own words. Considering your definition and the materials you reviewed this module, why is quality so important to an organization? Find an example of a company that has...
-
Find a polar equation for the curve represented by the given Cartesian equation. 4y 2 = x
-
You're bouncing up and down on a trampoline. After you have left the trampoline and are moving upward, your apparent weight is A. More than your true weight. B. Less than your true weight. C. Equal...
-
A mountain biker is climbing a steep 20 slope at a constant speed. The cyclist and bike have a combined weight of800 N. Referring to Figure 5.11 for guidance, what can you say about the magnitude of...
-
Rank in order, from largest to smallest, the size of the friction forces in the five different situations (one or more friction forces could be zero). The box and the floor are made of the same...
Study smarter with the SolutionInn App