Answer: A $30000
Fund financial statements are not affected by gift. Only government wide statements are affected by the asset and depreciation. The increase of $30000 is appropriate and should be changed. Therefore, the correct increase in fund balance = $30000
Answer: B $ 144,500
Increase in net position = Revenue – depreciation recognized for the first year
= 15000-(15000/30) = 14500
Net expense = 130000+14500 = 144500
Answer: C $ 140,000
If expense is recorded along with revenue of $15000, then there would be no change in the net position it will be remain same that is $140000
Therefore,
a. |
The correct increase in fund balance |
$30000 |
b. |
Net expense |
$ 144,500 |
c. |
The correct increase in net asset is |
$ 140,000 |
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