Assume that the City of Coyote has already produced its financial statements for December 31, 2017, and the year then ended. The city's general fund was only for education and parks. Its capital projects funds worked with each of these functions at times during the current year. The city also had established an enterprise fund to account for its art museum.
The government-wide financial statements indicated the following figures:
The fund financial statements indicated the following for the entire year:
The CPA firm of Abernethy and Chapman has been asked to review several transactions that occurred during 2017 and indicate how to correct any erroneous reporting and the impact of each error. View each of the following situations as independent.
During 2017, the City of Coyote contracted to build a bus stop for schoolchildren costing $11,500 as a special assessments project for which it collected $11,500 from affected citizens. The government had no obligation in connection with this project. Both a $11,500 revenue and a $11,500 expenditure were recorded in the capital projects fund. In preparing government-wide financial statements, an asset and a general revenue were recorded for $11,500.
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Answer :
a)Given data :
reported net expenses = $742,000.
reported net expenses = $140,000.
reported net revenues = $73,250
Total net assets = Reported increase - Deferred revenue
= $ 742,000 - $ 73,250
= $ 668750
Total net assets = $ 668750
b)Given data :
Assessment = 11500
The general fund reported increase in its fund balance = $52,250
Change in amount = Reported increase - Assesment
= $ 52,250 - 11500
= $ 40750
Change in amount = $ 40750
Increase / Decrease | ||
a) | Correct change | Increase |
b) | Correct change | Decrease |
Assume that the City of Coyote has already produced its financial statements for December 31, 201...
Assume that the City of Coyote has already produced its financial statements for December 31, 2017, and the year then ended. The city's general fund was only for education and parks. Its capital projects funds worked with each of these functions at times during the current year. The city also had established an enterprise fund to account for its art museum. The government-wide financial statements indicated the following figures: Education reported net expenses of $732,000. Parks reported net expenses of...
Assume that the City of Coyote has already produced its financial statements for December 31, 2017, and the year then ended. The city's general fund was only for education and parks. Its capital projects funds worked with each of these functions at times during the current year. The city also had established an enterprise fund to account for its art museum. The government-wide financial statements indicated the following figures: Education reported net expenses of $615,000. Parks reported net expenses of...
confused please show work! thanks Assume that the City of Coyote has already produced its financial statements for December 31, 2017 and the year then ended The city's general fund was only for education and parks. Its capital projects funds worked with each of these functions at times during the current year. The city also had established an enterprise fund to account for its art museum The government-wide financial statements indicated the following figures: • Education reported net expenses of...
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confused please help! can you please show work Assume that the City of Coyote has already produced its financial statements for December 31, 2017 and the year then ended. The city's general fund was only for education and parks. Its capital projects funds worked with each of these functions at times during the current year. The city also had established an enterprise fund to account for its art museum. The government-wide financial statements indicated the following figures: • Education reported...
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