An art display set up for the community was recorded within the General Fund and generated revenues of $9,000 but had expenditures of $45,000 ($15,000 in expenses and $30,000 to buy land for the display). The CPA firm has determined that this program should have been recorded as an Enterprise Fund activity because it was offered in association with the art museum.
a.What was the correct change in the General Fund’s balance for 2010?
b.What was the correct overall change in the city’s net assets on the government-wide financial statements?
c.What was the correct change in the net assets of the Enterprise Fund on the fund-based financial statements?
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