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.
On December 30, 2017, the City of Coyote borrowed $31,000 for the general fund on a 60-day note. In that fund, both Cash and Other Financing Sources were recorded. In the general information above for this city, a $36,000 overall increase was reported in the general fund balance. What was the correct change in the general fund's balance for 2017?
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 $742,000. 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...
Assume that the City of Coyote has already produced its financial statements for December 31, 2015, 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 $698,000. • Parks reported net...
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...
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...
The City of Wolfe has issued its financial statements for Year 4 (assume that the city uses a calendar year). The city's general fund is made up of two functions: (1) education and (2) parks. The city also utilizes capital projects funds for ongoing construction and an enterprise fund to account for an art museum. It also has one discretely presented component unit. The government-wide financial statements indicated the following Year 4 totals: Education had net expenses of $710,000. Parks...
The City of Wolfe has issued its financial statements for Year 4 (assume that the city uses a calendar year). The city's general fund is made up of two functions: (1) education and (2) parks. The city also utilizes capital projects funds for ongoing construction and an enterprise fund to account for an art museum. It also has one discretely presented component unit. The government-wide financial statements indicated the following Year 4 totals: Education had net expenses of $710,000. Parks...
The City of Wolfe has issued its financial statements for Year 4 (assume that the city uses a calendar year). The city's general fund is made up of two functions: (1) education and (2) parks. The city also utilizes capital projects funds for ongoing construction and an enterprise fund to account for an art museum. It also has one discretely presented component unit. The government-wide financial statements indicated the following Year 4 totals: Education had net expenses of $710,000. Parks...
The City of Wolfe has issued its financial statements for Year 4 (assume that the city uses a calendar year). The city's general fund is made up of two functions: (1) education and (2) parks. The city also utilizes capital projects funds for ongoing construction and an enterprise fund to account for an art museum. It also has one discretely presented component unit. The government-wide financial statements indicated the following Year 4 totals: Education had net expenses of $710,000. Parks...
The City of Wolfe has issued its financial statements for Year 4 (assume that the city uses a calendar year). The city's general fund is made up of two functions:(1) education and (2) parks. The city also utilizes capital projects funds for ongoing construction and an enterprise fund to account for an art museum. It also has one discretely presented component unit. The government-wide financial statements indicated the following Year 4 totals: Education had net expenses of $710,000. Parks had...